Hoover Struggles with the Depression – 22.3

Herbert Hoover
31st president; felt is was important for citizens to remain optimistic about economy; believed that individuals, charities, and local organizations should pitch in to help (government could help direct these measures but not with large bureaucracy); he believed the government should play a limited role in helping solve the problems caused by the crash and Depression

Boulder Dam
constructed on the Colorado River; provided electricity and flood control, along with a regular water to Los Angeles and Las Vegas; was 726 ft. high and 1,244 ft. long; later called “Hoover Dam”

Federal Home Loan Bank Act
signed into law by Hoover in 1932; it lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure

Reconstruction Finance Corporation (RFC)
approved by Congress in January 1932; it authorized up to $2 billion for emergency financing for banks, life insurance companies, railroads, and other large businesses – Hoover believed money would trickle down to the average citizen through job growth and higher wages – but it was too little too late

Bonus Army
in spring of 1932, between 10,000 and 20,000 World War I veterans and their families arrived in Washington, D.C. to support the Patman Bill which authorized the government to pay bonus to WWI veterans; Hoover thought they were Communists and criminals and opposed the legislation

Hoover’s Philosophy
cautious approach to depression; government should foster cooperation between competing groups and interests in society (example: labor and business); opposed any form of federal welfare or direct relief to the needy – thinking this would weaken people’s self-respect and ‘moral fiber’;

Criticism of the Reconstruction Finance Corporation
would benefit the corporations and the poor would still need relief – hungry people could not wait for benefits to ‘trickle down’ to their tables

Refinance
to provide new financing; to discharge a mortgage with a new mortgage obtained at t slower interest rate

Ways in which Americans showed their frustration
because of low prices farmers burned their corn and wheat and dumped milk rather than take a loss, also blocked deliveries; Americans called shantytown “Hoovervilles”, newspapers used to keep warm “Hooverblankets”, empty pockets turned inside out “Hoover flags”

Federal Farm Board
organization of farm cooperatives intended to raise crop prices by helping members to buy crops keep them off the market temporarily until prices rose

Patman Bill
voted down by Congress even though it authorized the government to pay a bonus to WWI veterans $500 on average without delay

Disbanding the Bonus Army
12th infantry with tear gas and fixed bayonets moved in; one baby died; 8 year old boy partially blinded; 2 shot; many injured; Americans outraged at treatment of veterans

When was the U.S. nearing the low point of the depression? 1932 What did 15,000 WWI veterans do? set up camp near the nation’s capital – May 1932 – this can’t be good WE WILL WRITE A CUSTOM ESSAY SAMPLE …

Key Republican Party Policies during the 1920s Laissez-faire- lack of involvement in the economy. Small state. Deregulation of business and the stock markets Hoover’s Response to the Depression At the start – very little. Believed that it was simply a …

Localism policy relied on by President Hoover in the early years of the great depression whereby local and state government acts as primary agents of economic relief Little orphan Annie The famous comic strip that entertained children during the Great …

Public Works set up state a local building projects to help employ people Reconstruction Finance Coorporation gave federal loans to businesses, in exchange, the businness would hire workers; supported Hoover’s “Trickle Down Theory”. Didn’t work WE WILL WRITE A CUSTOM …

Some Americans blamed the Great Depression on Capitalism. The unemployment rate among African Americans was nearly double the national rate WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR ONLY $13.90/PAGE Write my sample In …

President Hoover and the Great Depression told Americans to work hard; cut federal taxes to boost private spending; told local gov’ts to provide jobs thru public projects; no direct aid; stayed true to limited gov’t action rugged individualism each individual …

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