Hoover’s Handling of the Hardship

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Presentation transcript:

Hoover’s Handling of the Hardship How does Hoover’s policies worsen the depression?

Hoover’s tries to reassure the country Hoover says economic downturn is a normal cycle in capitalism & businesses will fix the problem, not the govt Charities should help the needy, not the govt Why? Govt should not over-spend during a financial crisis Discuss: What is the cartoonist opinion of Hoover’s policies?

1) employers, please don’t cut wages or lay off workers Hoover’s Voluteerism ● Works with leaders of business, banking, & labor asking: 1) employers, please don’t cut wages or lay off workers 2) bankers, please help charities generate money 3) unions, please do not go on strike, since many businesses are suffering & going bankrupt

Hawley-Smoot Tariff To protect American businesses, Congress decides to raise tariff rate Despite being urged to veto, Hoover signs the bill Tariff causes worldwide trade to drop 40%, worsens depression

Hoover takes some action Since business isn’t creating jobs, Hoover authorizes construction of Boulder Dam (renamed Hoover Dam) - Dam provided electricity, water supply, flood control, & construction jobs

More Government action 1. Fed. Farm Board: a cooperative (private entities working together) backed by Hoover trying to raise crop prices 2. National Credit Corporation - loaned $ to smaller banks to prevent failures 3. Federal Home Loan Bank Act (1932) Allowed people to refinance mortgages at lower rates 4. Reconstruction Finance Corporation (1932) Additional $2 billion for emergency financing for larger banks & insurance companies Although these actions helped it was too little, too late

Hoover vs. WWI Bonus Army Bonus Army (WWI Vets), wanted their $500 WW I bonuses (approved in 1924 but to be paid in 1940s) ● Patman Bill (giving bonuses early) is voted down by Congress Massive protest, Hoover sends Gen. MacArthur to control crowd 1,000 ppl tear gassed, 3 killed, several blinded