USH 11:3 Hoover Responds to the Depression – He believed in “rugged individualism” People need to help themselves – Increased funding for Public Works Government-funded building projects – Focused on expanding the money supply Help banks make loans

11:3 Hoover Responds to the Depression – Created National Credit Corporation (NCC) (1931) Created a pool of money for banks to loan to businesses – Created Reconstruction Finance Corporation (RFC) Make loans directly to businesses – Both failed to stop economy from declining

11:3 The Bonus Marchers (“Bonus Army”) – Military veterans were promised $1,000 bonus To be paid in 1945 – Thousands of vets march on Washington Demand bonus pay immediately Hoover denies

11:3 Legacy of Hoover – Failed to resolve economic crisis – Did more than any other president to expand federal government’s role in economy – Handling of Bonus Army and the lingering Depression tarnished his image