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11.3 Hoover Responds to the Depression

11.3 Hoover Responds to the Depression.

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11.3 Hoover Responds to the Depression

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  1. 11.3 Hoover Responds to the Depression

  2. WITHIN EIGHT MONTHS OF TAKING OFFICE HOOVER HAD TO DEAL WITH THE GREATEST ECONOMIC DECLINE IN U.S. HISTORY. HE WAS NOT PREPARED TO DEAL WITH THE SUFFERING THE GREAT DEPRESSION BROUGHT TO AMERICANS. THE FEDERAL GOVERNMENT, UNDER THE LEADERSHIP OF HOOVER, MADE ONLY MINIMAL ATTEMPTS TO END THE ECONOMIC CRISIS. “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

  3. I. Promoting Recovery • Hoover didn’t believe the federal govt. should help individuals or provide relief • He hoped voluntary actions by business leaders & local govt. would help the economy "I do not believe that the power and duty of the General Government ought to be extended to the relief of individual suffering. . . . The lesson should be constantly enforced that though the people support the Government the Government should not support the people." -Herbert Hoover, 1930

  4. I. Promoting Recovery… • As more factories closed, he increased funding for public works projects • This only created a small number of jobs • Debate raged over how public works projects should be paid for – raise taxes or borrow money “OUR GOVERNMENT IS FOUNDED ON A CONCEPTION THAT IN TIMES OF GREAT EMERGENCY, THE GREAT RESERVE POWERS OF THE FEDERAL GOVERNMENT SHOULD BE BROUGHT INTO ACTION TO PROTECT THE PEOPLE. BUT WHEN THESE FORCES HAVE CEASED THERE MUST BE A RETURN TO STATE, LOCAL AND INDIVIDUAL RESPONSIBILITY.” HERBERT HOOVER, SPEECH IN OCTOBER 1932 EXPRESSING HIS PHILOSOPHY

  5. I. Promoting Recovery… • Hoover focused on expanding the money supply • Set up the National Credit Corporation (NCC) that allowed troubled banks to continue lending money in their communities • Set up the Reconstruction Finance Corp. (RFC) which provided loans to banks, railroads, & building-and-loan organizations

  6. II. In an Angry Mood • Farmers began destroying their crops in an effort to raise prices by reducing supply

  7. II. In an Angry Mood… B. Members of the Bonus Army (WWI veterans) marched to Washington D.C. demanding aid BONUS MARCHERS RALLY AT THE CAPITOL STEPS

  8. II. In an Angry Mood… C. Upset with Hoover’s actions (or lack of), the people voted for Franklin Roosevelt in the 1932 election POPULAR VOTES FOR EACH CANDIDATE ELECTORAL VOTES FOR EACH CANDIDATE

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