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1930s Herbert Hoover   Lecture 4
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1930s Herbert Hoover Lecture 4

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Transcript

  • 1. The Great Depression
  • 2.
    • What are the two key features of President Hoover’s main beliefs about government?
    • How was the associative state supposed to work?
    • What do you think Hoover meant by “rugged individualism”?
    • What actions did Hoover take in response to the Great Depression?
    • How were cooperatives supposed to help farmers and why did they backfire in the face of economic disaster?
    • Why did Hoover have a problem with credibility?
    • Do you think that Hoover should have been more concerned about a balanced federal budget or about overspending and expanding government to help people?
  • 3.
    • Entered the presidency knowing how he wanted to run the country
    • His core beliefs guided his action when the crisis of the Great Depression hit
  • 4.
    • Served under Harding and Coolidge
    • Shared their pro-business, limited government belief
    • Thought too much government threatened prosperity and American people’s belief in their own power and responsibility
    The philosophy that people can make it on their own and that government shouldn’t help
  • 5.
    • Hoover believed businesses should form voluntary associations
    • Associations would then work w/ government experts to accomplish public initiatives
    • Hoover called meetings of business leaders and government experts to figure out how to achieve public goals
    Voluntary partnership between business associations and government
  • 6.
    • One main project of Hoover’s associative state was the construction of the Hoover Dam
    • Gov. funded the project and six companies worked together to design and build it
    • GOAL: harness Colorado river, provide electricity and water to 7 states
    • Dam showed success of partnerships between business and government
  • 7.
    • Believed government should NOT provide direct aid to people
    • Wanted to help struggling farmers
    • Pushed for loans to create and strengthen farm cooperatives
    • Farmer cooperatives (large group of farmers) could buy materials (like seeds) at lower prices than individual farmers
    • Hoover thought this would help farmers market crops and prices might rise
      • Increasing farmers income
    Cooperative: an organization that is owned and controlled by its members, who work together for a common goal
  • 8.
    • Worsening economy led Hoover to alter his beliefs
    • 1932 – Hoover urged Congress to create Reconstruction Finance Corporation (RFC)
      • Gave $2 billion in direct government loans to failing banks, insurance companies, etc.
    • Also created Federal Home Loan Bank
      • Encouraged home building
      • Reduced number of home foreclosures
    • Huge increase in governments role
    • But the help came too late
  • 9.
    • 1930 – signed the Smooth-Hawley Tariff Act
      • Raised cost of imported goods
      • Hoped they would buy cheaper American goods
    • Europeans responded by placing tariffs on U.S. goods and trade plunged
      • Dropped ¾ between 1929 and 1934
    • TOTALLY BACKFIRED
  • 10.  
  • 11.  
  • 12.
    • Claimed the economy was better than it was
    • Overestimated efforts being made to deal with the Depression
    • As things got worse, people couldn’t understand why Hoover:
      • Didn’t offer them direct relief
      • Gave banks and businesses billions and zero to individuals
  • 13.
    • May 1932 – 15,000 WWI Veterans set up camp near the nation’s capital
    • Trying to pressure the federal government to pay them a veteran’s bonus
      • Cash promised to them for their service in WWI
      • Money not supposed to be paid to them until 1945
    • Congress denied their demands
    • Many left, others remained leading to violence between police and Bonus Marchers
    • Camps were burned, two killed, hundreds injured
  • 14.  
  • 15.
    • Hoover’s opposition to the Bonus March worsened his reputation
      • Reason for his opposition was he wanted a balanced budget
      • Gov. didn’t have money to pay out the bonuses
    • To achieve a balanced budget, Hoover pushed for a large tax increase in 1932
      • Larger tax burden = highly unpopular when people are struggling
  • 16.
    • 1930 – Democrats won majority in U.S. House of Representatives – nearly even in Senate
    • By 1932, Hoover’s ability to influence the public had disappeared – didn’t even campaign
  • 17.
    • Vocabulary Quiz