What problems need to be What problems need to be addressed? addressed? Should the government be Should the government be involved in fixing these involved in fixing these problems? Which ones? problems? Which ones?
What problems need to be What problems need to be addressed?addressed?
Should the government be involved Should the government be involved in fixing these problems? Which in fixing these problems? Which
ones? ones?
Herbert HooverHerbert Hoover
1874-1964 – b. Iowa1874-1964 – b. Iowa U.S. Food Administration U.S. Food Administration
"Ten Most Important Living "Ten Most Important Living Americans“ 1920, Americans“ 1920, NYTNYT
Decided to become a Decided to become a Republican – political career Republican – political career beganbegan
Secr. of Commerce Secr. of Commerce Floods 27’ Floods 27’
Beat D, Al Smith (Catholic) - Beat D, Al Smith (Catholic) - 19281928
1929-1933: President 1929-1933: President
"Twenty million people are starving. Whatever their politics, they shall be fed!" 1921
Early DaysEarly Days ““We in America today are We in America today are
nearer to the final triumph over nearer to the final triumph over poverty than ever before in the poverty than ever before in the history of any land." history of any land."
Self-described “Progressive”Self-described “Progressive” Civil service, set aside 3 million Civil service, set aside 3 million
acres, increase vet. Hospitals, acres, increase vet. Hospitals, pursue tax evaderspursue tax evaders
Hoover’s Response to the CrashHoover’s Response to the Crash
“ “Leave it alone” – Andrew Mellon, Treasury SecretaryLeave it alone” – Andrew Mellon, Treasury Secretary
- - Hoover rejected Mellon’s philosophyHoover rejected Mellon’s philosophy
Instead, Instead, VolunteerismVolunteerism – “public-private – “public-private cooperation”cooperation”
Too much intervention hurt individuality and self-reliance Too much intervention hurt individuality and self-reliance
Hoover’s Programs Hoover’s Programs
1929: Mexican Repatriation Act1929: Mexican Repatriation Act 500,000 (to 1937)500,000 (to 1937)
1930: Hawley-Smoot Tariff 1930: Hawley-Smoot Tariff Increase tariffsIncrease tariffs
1931: Hoover Moratorium1931: Hoover Moratorium War debt moratorium - help world War debt moratorium - help world
issues issues
1931: urged banks to form NCC, 1931: urged banks to form NCC, National Credit CorpNational Credit Corp big banks give loans to small banksbig banks give loans to small banks
Anything missing? Impacts?Anything missing? Impacts?
Impacts of Hoover’s Impacts of Hoover’s ProgramsPrograms
Repatriation: No impact Repatriation: No impact Tariff: Retaliation Tariff: Retaliation Moratorium: France mad, no impactMoratorium: France mad, no impact NCC: No impactNCC: No impact
By 1932, the Depression WorsensBy 1932, the Depression Worsens
By 1932, unemployment 24.9%By 1932, unemployment 24.9% Drought persists Oklahoma & Texas Drought persists Oklahoma & Texas Defaults increasing Defaults increasing
5,000 banks failed5,000 banks failed
Hooverville’s formed Hooverville’s formed
Hoover Finally Starts Acting Hoover Finally Starts Acting
1932: Federal Home Loan Act1932: Federal Home Loan Act Home loans more availableHome loans more available
1932: Emergency Relief and 1932: Emergency Relief and Construction ActConstruction Act
Funds for public projects Funds for public projects
1932: Reconstruction Finance 1932: Reconstruction Finance Corporation (RFC)Corporation (RFC) Gov. secured loans Gov. secured loans
1932: Revenue Act1932: Revenue Act increased taxes on wealthy increased taxes on wealthy
Hoover Dam
The “Bonus” ArmyThe “Bonus” Army Want early payment bonusWant early payment bonus
1924 bonuses cannot redeem 1924 bonuses cannot redeem until 45’until 45’
June 1932 - Gather in D.C.June 1932 - Gather in D.C. 43,000 marchers; 17,000 vets 43,000 marchers; 17,000 vets
& family& family AG Mitchell ordered they AG Mitchell ordered they
should be removedshould be removed 2 veterans killed 2 veterans killed
Hoover ordered the campsite Hoover ordered the campsite to be cleared to be cleared
Reactions Reactions
““too much spending”too much spending”““moving towards socialism”moving towards socialism”““did nothing”did nothing”