1. Hoover & The Depression

2. Hoover’s Philosophy Government’s chief function Rugged individualism
Foster cooperation between competing groups and interests in society
Encourage / facilitate cooperation, not control it
Rugged individualism
People should succeed through their own efforts
Opposed direct relief to the needy
Would weaken people’s strength of character

3. Criticism of Hoover
As the country’s economic difficulties increased, people turned against Hoover
Farmers acted out
“Hooverisms”
“Hoovervilles”
“Hoover Blankets”
“Hoover Flags
1930 – Republicans lost control of the House of Representatives and lost their majority in the Senate

4. Taking Action Boulder Dam (Hoover Dam)
$700 million public works program
726 ft high / 1,244 ft long
World’s tallest dam / second largest (at the time)
Provided
Electricity
Flood control
Water supply
Water rights are divided

5. To little, too late Taking Action Backing cooperatives
Federal Farm Board
Helped farmers to raise crop prices
National Credit Corporation
Loaned $ to smaller banks
Direct Intervention (1932)
Federal Home Loan Bank Act
Lowered mortgage rates
Farmers allowed to refinance loans
Reconstruction Finance Corporation (RIC)
Authorized up to $2 billion in emergency financing
To little, too late