1. Topic: Causes of Great Depression
Aim: Was the Great Depression inevitable?

2. GREAT DEPRESSION
Government Policies
Lack of Gov’t Regulation
Overexpansion

4. “Rugged Individualism”
People must work themselves to get out of their financial problems
“Pull yourself up by your bootstraps”
Rejected Government action
Called for volunteerism among charities, local government and business

5. II. Hoover’s Response to GD “Prosperity is just around the corner.”
A. Hawley Smoot Tariff – 1930
B. Debt Moratorium

6. Domestic Programs
1. Federal Farm Board – hold surplus grain and cotton in storage.
2. Reconstruction Finance Corp (RFC)
a. Lend $ to RR’s, Mortgage, and Ins. Co. and banks on verge of bankruptcy
b. Trickle Down
c. Federal Works Project
d. Promise from business to not raise prices or lower wages

7. D. Failure of Hoover Plan
1. Refusal to provide direct relief
2. Bonus Army March on Wash. 1932

9. E. Summary
“Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body – the producers and consumers themselves.”
Herbert Hoover
Laissez Faire ineffectual in an economic disaster of this size.