Hoover’s Handling of the Hardship Laissez-Faire in a time of crisis = problems!

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Presentation transcript:

Hoover’s Handling of the Hardship Laissez-Faire in a time of crisis = problems!

Hoover’s Philosophy on Gov’t Econ. downturn is part of the cycle of capitalism ● Opposes federal welfare, or any form of direct relief to the needy -individuals, charities, & local org’s should help the needy -Keeps the cost of gov’t from growing out of control

A Little Help Between Friends ● Hoover “works” with leaders of business, banking, & labor - employers, please don’t cut wages or lay off workers - bankers, please help charities generate $ for the poor - unions, please do not go on strike ● Unfortunately, these things do not help

Hoover Helps A Bit More ● Construction of Boulder Dam (Hoover - provided electricity, water supply, & flood control - construction jobs = income Dam) does help

Hoover Gradually Allows for Gov’t Intervention ● Cooperatives: Private entities work together - Fed. Farm Board: aimed at raising crop prices ● Federal Home Loan Bank Act (1932) - Nat’l Credit Corporation: loaned $ to small banks -Lowered mortgage rates & allowed farmers to refinance ● Reconstruction Finance Corporation (1932) -Authorized up to $2 billion for emergency financing to banks & ins. companies * For many, this was too little, too late

Hoover Hurts the WWI Bonus Army 1932, Bonus Expeditionary Force (Bonus Army) -protesting/ arguing for their monetary bonus* of $500 should be paid NOW! * Approved in 1924, but to be paid out in 1945 ● Violence erupts - Patman Bill (to give their bonuses) voted down by Congress -Gen. MacArthur & Maj. Eisenhower leads current Army against Bonus Army * Two shot, hundreds injured

Please Answer the Following Questions 1. How did Hoover feel about the Government’s role? 2. Why do you think people blamed Hoover for the nation’s difficulties? 3. What were some of the solutions proposed by Hoover? How effective were they? 4. What did the Bonus Army want? Do you think they were entitled to it?