Election of 1932 President Herbert Hoover –Trickle Down Vs Franklin Delano Roosevelt –Pump-Priming.

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Election of 1932 President Herbert Hoover –Trickle Down Vs Franklin Delano Roosevelt –Pump-Priming

Election 1932 Herbert Hoover- –Trickle Down Franklin Deleano Roosevelt- –Pump-Priming Who would you vote for?

Setting the stage for Depression Mass production Assembly line (jobs) Consumerism Land speculation Buying on margin Overproduction Unemployment no $$$ to buy Property values ↓ Stock market collapses

Depression Massive unemployment causes many people out of homes, leaves them hungry, and with no options “Hoovervilles”- shanty-towns found across the nation Young people didn’t marry/go to college

Economy during the 1920s Economic prosperity –Inflation barely occurred –Per capita income rose 30% –Americans were buying more –Gross National Product increased 40%

Business Cycle

Stock Market Crash Black Thursday (Oct. 24, 1929) Black Tuesday (Oct. 29, 1929) –Lost $14 billion in value ($30 billion in all) Examples- –U.S. Steel -Sept. 3, $262 a share Nov. 13, $138 a share –General Motors -$73 to $8

Hoover’s Responses Rugged Individualism Encouraged businesses to maintain high wages Promote Charity Reconstruction Finance Corporation –Loans to the states for public works and unemployment relief

Bonus Army March

Bonus Army Who? What did they want? Did they get it? What was the outcome?

Hoover’s Controversial Response

Franklin Deleano Roosevelt

Early Political Career New York State Senate –Reelected for second term in 1912 –Resigns March 17, 1913 Appointed Assistant Secretary of the Navy –By Woodrow Wilson (1913) –Developed longtime affection for the navy Ran for Vice President in 1920 –Lost and retired to a New York law practice

Governor of New York Reform governor- –New social programs Created relief programs –Gathered advisors

1932 Presidential Election America was in the midst of the Great Depression –Unemployment raises to 25% (1 out of 4) “I pledge you, I pledge myself, to a new deal for the American people” –Creates “New Deal” concept of getting America out of depression through social programs

Is Obama the next FDR?

Or the next Hoover? Can’t fix unemployment.