From The Great Crash to The Great Depression: The Tragic Presidency of Herbert Hoover.
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Transcript of From The Great Crash to The Great Depression: The Tragic Presidency of Herbert Hoover.
From The Great Crash to The Great From The Great Crash to The Great Depression: The Tragic Presidency Depression: The Tragic Presidency
of Herbert Hooverof Herbert Hoover
President Hoover’s PhilosophyPresident Hoover’s Philosophy
• “Every time we find solutions outside of government, we have not only strengthened character, but we have preserved our sense of real self-government.”
• “Federal aid would be a disservice to the unemployed.”• “The government should not support the people.”
• “Rugged individualism.”
Hoover’s StrategyHoover’s Strategy
President Herbert Hoover’s approach (cont.)
President Herbert Hoover’s approach (cont.)
• Federal Farm Board (1929):
• Emergency Committee for Employment (1930):
• Hawley-Smoot Tariff (1930):
• National Credit Corporation (1931):
• Boulder Dam (1931):
• Revenue Act of 1932:
• By 1932, his volunteer approach had totally failed; he faced a rising tide of discontent and protest.
Hoover in 1932: too little, too lateHoover in 1932: too little, too late
• Reconstruction Finance Corporation: • Glass-Steagall Act: • Home Loan Bank Act (1932):
• Hoover became withdrawn and isolated; communicated through press releases urging self-help and local initiative, denounced proposals for an expanded federal role.
The 1932 Election: Hoover vs. FDRThe 1932 Election: Hoover vs. FDR
• Hoover renominated by Republicans• Democrats pledge to end Prohibition, help farmers with
agricultural aid programs, and balance the federal budget by cutting spending by 25%
• Franklin Delano Roosevelt, Democratic Governor of NY• Hyde Park, NY• Distant cousin of Teddy Roosevelt; married to Teddy’s
niece Eleanor• A “New Deal” for the “the forgotten man;” “bold
persistent experimentation,” “try something.”
The resultsThe results
• And the Democrats take both houses of Congress by heavy margins.