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Hoover Responds to the Depression

Hoover Responds to the Depression. Chapter 11, Section 3. Promoting Recovery. Hoover Speaks. Trying to maintain optimism Met with strong criticism Wanted to minimize fear Avoid bank runs Avoid layoffs Didn’t work, economy got worse. “Rugged individualism”

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Hoover Responds to the Depression

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  1. Hoover Responds to the Depression Chapter 11, Section 3

  2. Promoting Recovery

  3. Hoover Speaks • Trying to maintain optimism • Met with strong criticism • Wanted to minimize fear • Avoid bank runs • Avoid layoffs • Didn’t work, economy got worse • “Rugged individualism” • Government not responsible to help individuals • Disagreed with European socialism • American Individualism

  4. Public Works • Despite assurances, Hoover was worried • Set up conferences • Industry leaders made promises • Promises broken in 1931 • Hoover increased funding for public works

  5. Impact of Public Works • Created some jobs to replace loss in private sector • Government needed to spend more to make a difference • Hoover refused • Result: Republicans blamed for problems

  6. Trying to Rescue the Banks • Hoover focused on expanding money supply • Banks could make loans to businesses • Businesses expand production, rehire workers • Federal Reserve Board refused to add more currency • National Credit Corporation (NCC) • October 1931 • $500,000,000 private pool • Banks could draw from, continue to make loans • Didn’t work

  7. Reconstruction Finance Corporation • 1932, Hoover requests RFC from Congress • Designed to make loans to businesses • Lent $238 million • Didn’t loan enough

  8. Direct Help for Citizens • Hoover against relief from federal government • Programs running out of money and resources • Emergency Relief and Construction Act (1932) • $1.5 bil for public works • $300 mil loans to states for direct relief

  9. In an Angry Mood

  10. Hunger Marches

  11. The Bonus Marchers • Congress enacted $1,000 bonus for veterans • 1945 payment date • Wright Patman bill authorizing early payment (1932) • March on Washington to lobby for passage

  12. Result of the Bonus March • Hoover refused to meet with veterans camping out in Washington • Senate voted down the bill • Some marchers left, others stayed • Hoover ordered buildings cleared • Police tried, but met resistance, Army called in • Douglas MacArthur ignored Hoover’s orders • Attack launched on veterans

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