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The Federal Govt should direct agencies and states to give relief. Hoover's blamed for the Depression The Democratic National Committee hired a public relations expert to damage Hoover. They linked Hoover to the Depression. Hoovervilles - shacks for the homeless outside the cities

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the federal govt should direct agencies and states to give relief
The Federal Govt should direct agencies and states to give relief
  • Hoover's blamed for the Depression
  • The Democratic National Committee hired a public relations expert to damage Hoover. They linked Hoover to the Depression.
  • Hoovervilles - shacks for the homeless outside the cities
  • Hoover blankets- old newspapers worn under the clothing
  • Hoover Hog - a jackrabbit
  • Hoover flags - empty pockets inside out
hoover s flaws the great engineer could not adapt
Hoover's FlawsThe great engineer could not adapt

UNFLEXIBLE

  • A] Congress wanted 40 billion to spend - He spent only 2 He would not listen to them - In tough times a bad move
  • B] Bonus Army - 1932 VETERANS from WW 1 wanted bonuses promised them for 1945 -earlier.
  • In mid July - there were 15,000 marchers camped out on the white house lawn - they had been there for 2 months
  • C] Refused to cancel foreign war debts
  • D] Hoover could be seen at fine restaurants, living well while most of America suffered
bonus army
Bonus Army
  • The Patman Bill voted down the bill to give them their bonus early. They did agree to pay for their way home but deducted it from their 500 dollar bonus they were to receive in 1945
slide6

Bonus Army

  • Congress voted not to grant them the bonus early
  • Hoover sided with Congress and sent in Gen Douglass

Macarthur to remove the marchers with tanks and tear gas.

bonus march
Bonus March
  • A 3 month old baby Benard Myers was killed
  • The BEF News suggested an epitaph
  • "Here lies Benard Myers, aged 3 months, gassed to death by order of President Hoover"
hoover boulder dam
HooverBoulder Dam
  • Hoover set aside 800 million dollars for public works like the Hoover Dam.
  • Built in Nevada
slide11
Harold Ickes – sec. Of Interior believed Hoover had nothing to do with the dam and along with FDR at the dedication he promoted it as the Boulder Dam . The name stuck for a dozen years
blame
Blame
  • Who is to for the Great Depression?
  • A} President Hoover
  • B} Warren Harding
  • C} All of America
  • D} Empty Cow ( no milk)
slide14
B ANKS
  • L EGISLATURE
  • A MERICAN SHOPPERS
  • M ANUFACTURERS
  • E UROPE
  • M ARGIN ACCOUNTS
  • T ARIFFS
  • C REDIT
  • O OVERPRODUCTION
  • W ORLD WAR 1

That cow has got no milk

an empty cow caused the great depression
AN (EMPTY)COW CAUSED THE GREAT DEPRESSION
  • Banks and Margin Accounts
  • Federal Banks were forbidden to loan money for stock market speculation
  • Private Banks did not - they used Margin Accounts
slide16
Margin Accounts - a buyer wants to purchase stock and puts down part of the money (25%)
  • - His broker or agent puts down the rest for him, but charges interest on a Margin Account
  • The broker gets the rest of the money by borrowing it from a bank and he uses the stock as collateral
slide17
Inexperienced investors ( a large number from the middle class who had never invested before) panic when the stock falls which leads to a "a gambler's type panic"
  • The Banks were ruined from the loans
slide18
Legislature and the Tariff
  • Hawley Smoot Tariff -1930 - was the highest protective tariff in U.S History - it created an unbalanced foreign trade
  • Foreign Nations were unable to sell their goods in the American market and thus could not afford American products
slide19
This led to Economic Warfare - which is not a good business practice

BAD BUSINESS PRACTICE

Raffle Ticket theory - if many people sell raffles to you and you refuse all the time-when it comes time for you to

sell some - look out

slide20
Credit and the American Shopper
  • The Installment Plan - Americans built up huge debts on credit

They couldn't afford to pay back their loans

slide21
Manufacturers and Overproduction
  • Mechanization - New plants built the latest technology -increased output of goods but needed less workers to do it
  • Uneven distribution of income - lack of balance between consumption and production
slide22
Profits from production went to the stockholders or were put back into the business - at first; in the early 20's stocks were great
  • PROBLEM: Workers under low wages couldn't afford to buy the products. The farmers had the same problem. They were

not receiving enough money for their crops

slide23
Europe and World War 1
  • European nations were in debt, had property destroyed which reduced their purchase of American goods
  • The insistence that Germany pay war debts of 33 billion caused Europe to go off of the Gold Standard (paper money could no

longer be exchanged for gold) - the gold value dropped which meant that Europe bought American products with a cheaper

currency

franklin delano roosevelt governor of ny
Franklin Delano Roosevelt Governor of NY
  • New Deal – program OF RELEIF
  • Brain Trust -Trusted advisors
  • Polio (1921)
  • Eleanor Roosevelt (distant cousin to FDR) – she championed the Poor and comforted FDR during his illness
fdr policy
FDR Policy
  • Bank Holiday
  • EBRA
  • Straight Talk
  • Fireside Chats
bank holiday
Bank Holiday
  • March 6, 1933 2 days into office –FDR closed every bank in the nation until each was sound enough to re – open
  • EBRA –Emergency Banking Relief Act
straight talk
Straight Talk
  • Explains to the people about Banks – on march 12th
  • Banks invest your money and do not have it all on hand
  • Fireside Chats – FDR explained the New Deal measures on radio – he spoke of friendly encouragement
side note in history
Side note in History
  • Hindenburg Disaster 1937 – New Jersey