1. Hoover Struggles with the Depression
Chapter 14 Section 3

2. Herbert Hoover -Elected president in 1928
His beliefs for the government:
-Laissez faire
-Foster cooperation between business and labor
-Individuals, charities, and private organizations should help the poor and suffering out (not direct relief from the government)

3. Hoover’s Cautious Steps
-Asked employers not to cut wages -Asked employers not to lay off workers -Asked workers not to go on strike -In the end, none of these steps were working

4. Boulder Dam Later renamed Hoover Dam
Construction began in 1930 and was completed in 1936
Located 30 miles away from Las Vegas
Provided jobs & water/electricity to the American South West

5. “Hoovervilles”
Americans started calling all the shantytowns that had popped up “Hoovervilles”
Directed at the president for not doing enough for the poor during the depression

6. Federal Home Loan Bank Act
Law enacted in 1931
Lowered home mortgage rates
Allowed farmers to refinance their loans and avoid foreclosures

7. Reconstruction Finance Corporation (RFC)
Agency established in 1932
Provided emergency financing to banks, life insurance companies, railroads, and other large businesses

8. Bonus Army
-Between 10,000 and 20,000 WWI veterans (1932) gathered in Washington to demand their pay promised to them and their families for time served in WWI
-Most dispersed in peace
-The ones that stayed are gassed and pushed away with force
-This incident made Americans dislike Hoover even more