Download
1 / 6
60 likes | 222 Vues
Herbert Hoover. Rugged Individualism- laissez faire doctrine Opposed federal welfare and handouts Trickle-Down Economics. Hoover’s Plan. Proposed a Tariff bill which Senator Smoot presented called the Smoot-Hawley Tariff Promised increased tariffs on imports
E N D
Herbert Hoover • Rugged Individualism- laissez faire doctrine • Opposed federal welfare and handouts • Trickle-Down Economics
Hoover’s Plan • Proposed a Tariff bill which Senator Smoot presented called the Smoot-Hawley Tariff • Promised increased tariffs on imports • Planned to allow more productivity for US manufacturers • Help ease unemployment
Investors marvel at This Proposal • Investors believed profits from stocks would increase if the tariff bill was passed • Sparked intense speculation • Dow Jones Industrial Average increased by almost 35% because expected election of Hoover and his bill
Hoover’s Plan to combat Crash • Extracted promises from manufacturers to maintain production. • Signed legislation providing generous additional funds to pubic works • Smoot-Hawley Tariff 1930 (finally passed): to raise duties 50%
Hoover’s last Attempts • Hoover proposes one year moratorium on war debt payments • Too little too late • Financial panic: European Government goes off their gold standard and devalues currencies, destroying exchange system (hurts trade) • Europe withdraws gold from US banks
