From The Great Crash to The Great Depression

What caused the crash? Take out your video notes and last night’s homework and turn to your neighbors. Generate a list here: Take out your video notes and last night’s homework and turn to your neighbors. Generate a list here:

Hoover and the crisis

President Hoover’s approach “Every time we find solutions outside of government, we have not only strengthened character, but we have preserved our sense of real self-government.” “Federal aid would be a disservice to the unemployed.”

President Herbert Hoover’s approach (cont.) Emergency Committee for Employment (1930): Hawley-Smoot Tariff (1930): National Credit Corporation (1931): Revenue Act of 1932: By 1932, his volunteer approach had totally failed; he faced a rising tide of discontent and protest.

Hoover in 1932: too little, too late Reconstruction Finance Corporation: Glass-Steagall Act: Home Loan Bank Act (1932): Hoover became withdrawn and isolated; communicated through press releases urging self-help and local initiative, denounced proposals for an expanded federal role.

The 1932 Election: Hoover vs. FDR Hoover renominated by Republicans Democrats pledge to end Prohibition, help farmers with agricultural aid programs, and balance the federal budget by cutting spending by 25% Franklin Delano Roosevelt, Democratic Governor of NY Hyde Park, NY Distant cousin of Teddy Roosevelt; married to Teddy’s niece Eleanor A “New Deal” for the “the forgotten man;” “bold persistent experimentation,” “try something.”

The results And the Democrats take both houses of Congress by heavy margins.