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

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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

Hoover to Business: We Need Help ● 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, doesn’t help, since many businesses are suffering & going bankrupt

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

More Government action 1. Fed. Farm Board: a cooperative (private entities working together) backed by Hoover trying to raise crop prices 3. Federal Home Loan Bank Act (1932) 2. National Credit Corporation -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 - loaned $ to smaller banks to prevent failures

Hoover vs. WWI Bonus Army 1932: Bonus Army (WWI Vets), protest they did not get their $500 WW I bonuses yet (approved 1924, vetoed by Coolidge) ● Patman Bill (giving bonuses now) is voted down by Congress Rioting begins, Hoover sends in Gen. MacArthur to stop rioting 1,000 ppl tear gassed, 3 killed (incl 11 month old), several blinded