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Hoover struggles with the depression

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  • 1. Hoover Struggles with the Depression
  • 2. Hoover Tries to Reassure the Nation
    • Tells nation that the economy is on a sound footing.
    • Believes that the economy would correct itself.
    • Believed Government should play a limited role in the economy.
  • 3. Rugged Individualism
    • Americans believe that people should succeed through their own efforts.
    • People should take care of themselves, not the government
  • 4. Hoover takes Action
    • Federal Home Loan Bank Act – Lowered mortgage rates and allowed farmers to refinance their loans
    • Reconstruction Finance Corporation – emergency financing for banks, insurance companies, railroads, and big business.
  • 5. Gassing the Bonus Army
    • In 1932 10 – 20K veterans of WWI march on Washington to demand that a $500 that was due in 1945
    • Bill to move pay the Veterans fails
    • Hoover gets nervous and send the army in to disband the protesters.
    • 3 People die and 1000 gassed.
    • Hurts Hoovers image, right before the 1932 election
  • 6. Hoover Takes Cautious Steps
    • Urged business, bank, and labor leaders to find solutions to the economic problems.
    • Asked employers not to lay off workers
    • Create special organization to help private charities
  • 7. Boulder Dam
    • Part of a 700 million public works project
    • Provided electricity
    • Provided water for California irrigation
  • 8. 1930 Congressional Elections
    • People angry with Hoover and Republicans
    • Farmers destroy crops.
    • Shantytowns called Hoovervilles
    • Newspapers called Hoover Blankets
    • Empty Pockets called Hoover Flags