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22-3 Notes

22-3 Notes. Hoover Responds. I. Promoting Recovery. A. Voluntary Efforts & Public Works. Hoover believed that the Fed. Gov’t should be small & uninvolved in people’s lives Hoover gets business leaders to promise to keep factories open & wages frozen Industry breaks promise in 1931

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22-3 Notes

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  1. 22-3 Notes Hoover Responds

  2. I. Promoting Recovery

  3. A. Voluntary Efforts & Public Works • Hoover believed that the Fed. Gov’t should be small & uninvolved in people’s lives • Hoover gets business leaders to promise to keep factories open & wages frozen • Industry breaks promise in 1931 • Hoover increases public works projects to employ workers

  4. A. (continued) • Hoover opposes raising taxes & deficit spending: a. Taxes hurt business & consumers b. Deficit Spending would hurt economic recovery

  5. B. Midterm Elections (1930) • Republicans lose majority in the House • Reps barely hang on to majority in Senate

  6. II. Pumping Money into the Economy

  7. A. Trying to Rescue the Banks • Too little money in circulation • Fed Reserve refuses to put more money in circulation • National Credit Corp. (1931) created to help banks loan money & stay open • Reconstruction Finance Corp. (1932) a. Lent $$ to banks & large industry b. They used $$ to pay debts c. Wasn’t enough to help economy recover

  8. B. Direct Help for People • Hoover opposed direct relief by Gov’t • Felt state & local gov’ts should do this • State & local gov’t ran out of $$ • Emergency Relief & Construction Act ’32 a. $1.5 billion for public works projects b. $300 million to states for direct relief c. Too little, too late

  9. III. In an Angry Mood

  10. A. Hunger Marches • Marchers loot in OK City (1931) • American Communist Party takes advantage of situation: a. Membership increases b. Hunger March in Wash. DC (Dec. ’32) c. Police stop them & deny food/doctors d. Congress pressure police to allow march to continue (right to petition gov’t)

  11. B. Farmers Revolt 1. 1930-34: 1 million farms foreclosed on 2. Farmers destroy crops to raise prices

  12. C. The Bonus Army • Pension bonus for WWI vets to be paid in 1945 • 1,000 WWI vets march in Wash DC to get bonus early (1932) • Numbers grow to 15,000 living in Hoovervilles in Washington. Some take over abandoned gov’t buildings • Hoover orders the marchers out of buildings

  13. C. (continued) • Gen. Douglas MacArthur clears out the buildings and the camps: a. Uses infantry, cavalry, tanks, & tear gas b. Many hurt, tear gas kills a baby boy 6. Press coverage makes Hoover look evil and uncaring

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