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Hoover Struggles with the Depression

Hoover Struggles with the Depression

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Hoover Struggles with the Depression

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  1. Hoover Struggles with the Depression Chapter 22 Section 3

  2. I Hoover Tries to Reassure the Nation • Americans believed depressions werenormal part of business cycle • Some believed the best thing to do was NOTHING and let the economy fix itself • Hoover believed gov’t could play a limited role in helping solve econ. Prob.

  3. A. Hoover’s Philosophy of Government • Believed gov’ts chief function was to foster cooperation between competing groups and interest in society • Gov’ts proper role was to encourage coop not control it • Believed in “rugged individualism”= idea that ppl should succeed through their own efforts • Should not depend on gov’t or direct relief • Gov’t should direct and guide relief not control it

  4. B. Hoover Takes Cautious Steps • Beliefs led Hoover to take cautious approach to depression • Org. group of key leaders in diff. industries • Org. special org. to help private charities • None of these made a big diff.

  5. C. Democrats Win in 1930 Congressional Election • Econ. Worsenedpolitical tide turned against Hoover & Rep. party • Helped democrats win seats in Congress • Farmers went as far to refuse to sell their crops in hope that food shortage would raise prices • Ppl begin to call shantytowns=Hoovervilles • Hooverflags/hooverblankets

  6. II Hoover Takes Action • As depression worsened Hoover softened his position and directed fed. Funds into gov’t projects

  7. A. Boulder Dam & Other Gov’t Projects • Hoovers 1stmaj. Initiative is public works prog. To build roads & dams meant to stimulate the econ. • Fed. Farm Board attempted to raise crop prices • Nat’l credit Corp. loaned $ to smaller banks to help them from going bankrupt • Glass-Steagall Act= increased bank reserves & made laons easier to getr • Fed. Home Loan Act= lowered mortgage rates for homeowners and allowed farmers to refinance to avoid forclosure • Reconstruction Finance Corporation (RFC)= provided emergency financing to banks and other large businesses in order fuel business expansion and kick start the econ • Hoover believed $ would trickle down to citizens via job growth

  8. B. Gassing the Bonus Army • Bonus Expeditionary Force= WWI vet. Who demonstrated support of Patman Bill • Patman bill would disperse money imediatley • Patman Bill did not pass and the Bonus Army was askedto leave • Hoover sent soldiers to disband the veterans • Ppl were gassed, a baby died, boy partially blinded • This incident together with failing econ. Sealed Hoovers political fateDem. FDR wins election