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Hoover & The Depression

Hoover & The Depression. 1929-1933. Hoover’s Philosophy . Government’s chief function Foster cooperation between competing groups and interests in society Encourage / facilitate cooperation, not control it Rugged individualism People should succeed through their own efforts

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Hoover & The Depression

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  1. Hoover & The Depression 1929-1933

  2. Hoover’s Philosophy • Government’s chief function • Foster cooperation between competing groups and interests in society • Encourage / facilitate cooperation, not control it • Rugged individualism • People should succeed through their own efforts • Opposed direct relief to the needy • Would weaken people’s strength of character

  3. Criticism of Hoover • As the country’s economic difficulties increased, people turned against Hoover • Farmers acted out • “Hooverisms” • “Hoovervilles” • “Hoover Blankets” • “Hoover Flags • 1930 – Republicans lost control of the House of Representatives and lost their majority in the Senate

  4. Taking Action • Boulder Dam (Hoover Dam) • $700 million public works program • 726 ft high / 1,244 ft long • World’s tallest dam / second largest (at the time) • Provided • Electricity • Flood control • Water supply • Water rights are divided

  5. Taking Action • Backing cooperatives • Federal Farm Board • Helped farmers to raise crop prices • National Credit Corporation • Loaned $ to smaller banks • Direct Intervention (1932) • Federal Home Loan Bank Act • Lowered mortgage rates • Farmers allowed to refinance loans • Reconstruction Finance Corporation (RIC) • Authorized up to $2 billion in emergency financing To little, too late

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