1. Hoover Struggles with the Depression
Chapter 14 Section 3
Hoover Struggles
with the Depression

2. Objectives: 1. Explain Hoover’s initial response to the Depression
2. Summarize the actions Hoover took to help the economy
Describe what happened to the Bonus Army

3. #1 Reassure the nation and Hoover's philosophy (pages 478 & 479)
People should remain optimistic
Depressions are natural
Government should foster cooperation between competing groups
Rugged Individualism or government should not give direct relief

4. #1 Hoover was cautious (page479)
Please do not cut wages & jobs
Please do not strike and ask for higher wages
Charities should help the poor

5. # & 1930 (page 480)
Boulder/Hoover dam paid by electric power from 7 states
More democrats in Senate and House
Farmers destroy crops

6. #2 Hoover Takes Action (page 481)
Backing Cooperatives
Federal Farm Bd. raises crop prices by helping members to buy crops and keep them of the market

7. #2 Hoover Takes Action (page 481)
Direct Intervention
Federal Home Loan Bank Act lowers mortgage rates for homeowners and farmers
Reconstruction Finance Corp issued $2billion to finance banks, insurance co., RR & large businesses

8. #3 Bonus Army (pages 482 & 483)
WWI veterans wanted their bonus early so they march on Wash. D.C.
Patman thought each soldier should get their $500 immediately instead of 1945
Hoover thought Army was communists & criminals but provided housing
MacArthur & Eisenhower get rid of Army