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Hoover’s Handling of the Hardship

Hoover’s Handling of the Hardship. How does Hoover’s policies increase the depression?. Hoover tries to reassure the country. ● Says businesses will fix the problem, no need for government assistance . Charities should help the needy, not the govt (Laissez-Faire).

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Hoover’s Handling of the Hardship

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  1. Hoover’s Handling of the Hardship How does Hoover’s policies increase the depression?

  2. Hoover tries to reassure the country ● Says businesses will fix the problem, no need for government assistance • Charities should help the needy, not the govt (Laissez-Faire) • Hoover says economic downturn is a normal part of the cycle of capitalism • Says his job is to keep govt from over-spending during crisis

  3. Hoover to Business: We Need Help 1) employers, please don’t cut wages or lay off workers 2) bankers, please help charities generate $ for the poor 3) unions, please do not go on strike ●Works with leaders of business, banking, & laborasking: ●Doesn’t help, since many businesses are also suffering and going bankrupt

  4. Hoover takes some action • Since business isn’t creating jobs, Hoover authorizes construction on Boulder Dam (renamed Hoover Dam) - Dam provided electricity, water supply, & flood control, but most importantly construction jobs (temporary relief)

  5. ●Cooperatives: Private entities work together including, Fed. Farm Board: a cooperative aimed at raising crop prices More Government action • National Credit Corporation: loaned $ to smaller banks • Federal Home Loan Bank Act (1932) • Lowered mortgage rates & allowed farmers to refinance • Reconstruction Finance Corporation (1932) • Authorized up to $2 billion for emergency financing • to banks & ins. companies • Although these actions helped, for many, this was too little, too late

  6. Hoover vs. WWI Bonus Army • They argue that the money was approved in 1924, before the crash and they deserve their funds • 1932: Bonus Expeditionary Force (Bonus Army), protests that they did not get their $500 WW I bonuses yet! ● Violence erupts as Patman Bill (giving bonuses) is voted down by Congress • Army sends in Gen. MacArthur & Maj. Eisenhower to stop rioting - 1,000 ppl tear gassed - 11-mo. old baby dies, 8-yr. old boy blinded - Two killed, hundreds injured

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