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Warm-up:

Warm-up:. How would you have tried to solve the Great Depression?. Hoover’s Response. Hoover & the Depression. After crash, insisted key to recovery was confidence; the nation’s business is “on a sound and prosperous basis” Insisted things would improve soon

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Warm-up:

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  1. Warm-up: How would you have tried to solve the Great Depression?

  2. Hoover’s Response

  3. Hoover & the Depression After crash, insisted key to recovery was confidence; the nation’s business is “on a sound and prosperous basis” Insisted things would improve soon Had government spend more on new public buildings, roads, parks, & dams Got business leaders to promise to maintain wages ;did for a short time but started dropping wages Got Congress to pass Hawley-Smoot Tariff backfired when European nations raised their tariffs slowing down international trade

  4. Hoover & the Depression • Claimed state & local government responsible to provide relief • Set up Reconstruction Finance Corporation • gave government credit to industries, railroads and insurance companies, etc. • Hoover believed in laissez-faire • Believed that prosperity at the top would help the economy as a whole---"trickle-down theory"

  5. Trickle-down Theory *******Business******** Production Jobs

  6. Bonus Army WWI veterans promised a pension for fighting in war but would not receive it until 1945; $1,000 bonus 20,000 jobless veterans and their families, "bonus army," marched on Washington DC & camped until they receive the bonus Most went home but a few thousand stayed and Hoover called out the Army, under General Douglas MacArthur, who used force to drive marchers out of Washington

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