Hoover's Response To The Great Depression

Herbert "They Like Me" Hoover Self made man Seen as optimistic, efficient, and intelligent - Continued conservative policies of Harding and Coolidge

Herbert "They Like Me" Hoover “Trickle Down” (Supply Side) Economics Government supports big business Theoretically, businesses will see improvement That increased profitability will “trickle down” through the economy Life will improve for everyone

Like most people, Hoover believed the depression Hoover's Initial Response To The Great Depression Don’t worry guys! Like most people, Hoover believed the depression would be short

I relied on business leaders to keep wages and production the same! Hoover's Initial Response To The Great Depression I relied on business leaders to keep wages and production the same!

Hoover's Initial Response To The Great Depression Unemployment reached 23.9% in 1932

Charity is the obligation of local governments and individuals! Hoover's Initial Response To The Great Depression Hoover did not believe in relief for individuals Charity is the obligation of local governments and individuals!

Everyone shares equipment Agricultural Marketing Act (1929) Set up farming co-operatives (co-ops) Everyone shares equipment Reduces costs

Agricultural Marketing Act (1929) Set up farming co-operatives (co-ops) Members helped regulate prices Aid was given to co-ops but not to individuals Farms were foreclosed throughout the 1930s

Authorized $2 Billion in loans to banks, Reconstruction Finance Corporation (Feb. 1932) Authorized $2 Billion in loans to banks, insurance companies, and railroads

Emergency Relief Act (July 1932) Reconstruction Finance Corporation (Feb. 1932) Emergency Relief Act (July 1932) The RFC could loan money to aid the unemployed in counties close to bankruptcy Very difficult to qualify

Hoover was blamed for not doing enough Public Response Hoover was blamed for not doing enough

Public Response Terms like: Hoovervilles Hoover Blankets Hoover Flags Mocked the president

The Bonus Army (1932) WWI Veterans marched on Washington DC to protest that their enlistment bonuses had gone unpaid

Congress refused to pay their bonuses The Bonus Army (1932) Congress refused to pay their bonuses

Regular army was used against the veterans The Bonus Army (1932) Regular army was used against the veterans

Became a public relations disaster for Hoover The Bonus Army (1932) Became a public relations disaster for Hoover 