Hoover Takes Action… “Any lack of confidence in the economic future… is foolish.”

Living in a Depression Some vocabulary…. Shantytowns (Hoovervilles) Soup Kitchens Bread Lines

Hawley-Smoot Tariff Act – a turn for the worse… Hawley-Smoot Tariff = highest tariff in U.S. history –Purpose to protect American products – but what it did was reduce flow of goods into U.S., reduced flow of U.S. money to Europe, and therefore prevented Europe from buying U.S. goods… –Other countries retaliate with high tariffs themselves

Strong belief in Laissez-Faire Economics “Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves. ” – Herbert Hoover

"It is just as important that business keep out of government as that government keep out of business.”

Belief in rugged individualism “Every time we find solutions outside of government, we have not only strengthened character, but we have preserved our sense of real government.” – Herbert Hoover

Hoover the Humanitarian “Our first objective must be to provide security from poverty and want. We want security in living for every home. We want to see a nation built of home owners and farm owners. We want to see their savings protected. We want to see them in steady jobs. We want to see more and more of them insured against death and accident, unemployment and old age. We want them all secure.”

Hoover’s Actions… Asks employers not to cut wages or lay off workers. Created organization to help private charities generate contributions to poor Directed federal funds into public works programs –Ex: Boulder Dam (now Hoover Dam)

More actions needed... Federal Home Loan Act – lowered mortgage rates and allowed farmers to refinance farm loans Reconstruction Finance Corporation – provided emergency funding to banks and large businesses – trickle down effect – In the end, its all too little too late….

Bonus Army March… Veterans march on Washington in support of more compensation for wartime actions

Disaster Disaster … Bill is defeated, and Hoover decides Bonus Army should leave… they don’t….

A Nation watches in horror… 1,000 soldiers under command of Dwight D. Eisenhower came to oust veterans 1,000 people gassed 11-month old baby killed 8 year old blinded Two people shot and many more injured All happens right before election….