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Hoover struggles with the depression


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Hoover struggles with the depression

  1. 1. Hoover Struggles with the Depression
  2. 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. 3. Rugged Individualism • Americans believe that people should succeed through their own efforts. • People should take care of themselves, not the government
  4. 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. 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. 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. 7. Boulder Dam • Part of a 700 million public works project • Provided electricity • Provided water for California irrigation
  8. 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