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Hoover Struggles with the Depression

Hoover Struggles with the Depression. Chapter 22 Section 3 Pg 684. Hoover’s Philosophy. Tried to reassure Americans that the economy was on strong footing. Felt the gov. should play a limited role in helping to solve the economy’s problems. Gov. role to encourage & facilitate cooperation.

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Hoover Struggles with the Depression

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  1. Hoover Struggles with the Depression Chapter 22 Section 3 Pg 684

  2. Hoover’s Philosophy • Tried to reassure Americans that the economy was on strong footing. • Felt the gov. should play a limited role in helping to solve the economy’s problems. • Gov. role to encourage & facilitate cooperation. • Direct relief efforts not support them finacially.

  3. Hoover takes Cautious Steps • Cautious approach to the depression • Asked employers not to cut wages or layoff workers • Asked labor leaders not to demand higher wages or go on strike. • Created a special organization to help private charities generate contributions for the poor. • None of these steps made much of a difference.

  4. Boulder Dam • Hoover dam was approved to be built in 1928. Boulder Dam • World’s tallest dam & second largest dam

  5. Democrats Win in 1930 Congressional Elections • Political tide turned • Republicans lost control of the House of Representatives & only remained in control by only 1 vote in Senate. • Farmers burned crops rather than sell at a loss. • Declared a “farm holiday” – refused to work in fields. • Calling Shantytowns “Hoovervilles” • Hoover blankets • Hoover Flags

  6. Hoover Backs Cooperatives • Attempts to relieve the depression involved negotiating agreements among private entities reflecting his belief in small gov. • Tried to prop up banking system by establishing the National Credit Corporation. • Loaned money to smaller banks

  7. Direct Intervention • Appealed to Congress to pass a series of measures to reform banking. • Provide mortgage relief • Funnel more money into business investment • Federal Home Loan Bank Act – lowered mortgage rates & allowed farmers credit • Glass – Steagall Act – separated investment from commercial banking • Reconstruction Finance Corporation – authorized $2 billion for emergency financing for banks

  8. Patman Bill Denied • 10,000-20,000 WWI veterans went to Washington D.C. – Bonus Army • Patman Bill authorized the gov. to pay a bonus to WWI veterans. • Was supposed to be paid out in 1945 • Wright Patman believed money should be paid immediately. • Hoover opposed legislation • Called on Bonus Army to leave - refused

  9. Hoover Disbands the Bonus Army • Hoover called for the infantry to gas 1,000 people who were injured. • Most Americans were stunned & outraged at the government’s treatment of veterans.

  10. Hoover’s Response

  11. Critical Thinking Questions • Why was Hoover reluctant to help people during the Depression? • What types of action did Hoover take to remedy the effects of the Depression? • What measures did Hoover take and what results did he achieve to help the economy? • Why did Hoover use to force against World War I veterans? • What was the Patman Bill and what happened when it failed in the Senate? • What happened to the Bonus Army? • How did the treatment of the Bonus Army affect President Hoover?

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