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22.3 Hoover Struggles with the Depression

22.3 Hoover Struggles with the Depression . Hoover’s belief in the “rugged individual” leads his team to react slowly to crisis Saw it as a temporary and necessary downswing O pposed direct relief, felt intervention by federal government would destroy free enterprise

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22.3 Hoover Struggles with the Depression

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  1. 22.3 Hoover Struggles with the Depression Hoover’s belief in the “rugged individual” leads his team to react slowly tocrisis Saw it as a temporary and necessary downswing Opposed direct relief, felt intervention by federal government woulddestroy free enterprise Resentment towards Hoover and Republicans grows daily 1930 mid-term elections, Democrats take control of House

  2. Attempts at Helping • Programs started by Hoover: • Public Works Projects (Hoover Dam) • Federal Farm Board-control prices • Glass Steagall Banking Act (FDIC)-protects banks • Federal Home Loan Bank Act-keep people in homes • Reconstruction Finance Corporation (trickle-down economics)

  3. Hoover and Bonus Army • Group of WWI vets led by Waters march to DC to get $1,000 bonus • Hoover allowed them to create Hooverville while issue was debated • Senate and Hoover deny money and say go home • About 2,000-5,000 stayed • Police shot 2 vets • Army tear gassed families, 2 babies die • Hoover’s reluctance to act and gassing of Bonus Army costs him any chance of re-election

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