1. Hoover Responds to the Depression Pgs. 412 – 415
Chapter 11.3
Hoover Responds to the Depression
Pgs. 412 – 415

2. Promoting Recovery
“the fundamental business of the country… is on a sound basis.”
“the worst effects of the crash… will have passed.”
After WWI European governments became involved
This is socialism
Hoover felt this was why they didn’t grow economically
Rugged Individualism
Businesses promise…
And who is surprised?
Public Works – Hoover Dam anyone?
Who’s gonna pay for that thing?
Public responds – voter retribution

3. Cont. Trying to Rescue the Banks We need more Money
National Credit Corporation (NCC)
Money for troubled banks
Loans equal growth
Let me explain
Reconstruction Finance Corporation (RFC)
Make loans to businesses
Loaned out $238 million by 1932
Still not enough

4. Cont. Direct Help for Citizens Hoover opposed relief
State, local & private charities
This is okay until…
Emergency Relief & Construction Act
$1.5 billion in public works
$300 million in loans for direct aid
1st time ever the Federal government provides direct aid
Too little, too late

5. I An Angry Mood Hunger Marches & Protests by Farmers
People looted grocery stores
Protests in D.C.
People wanted help
Farmers have been losing land
Crop prices are too low
Some farmers destroy crops
Less crops = higher prices

6. Cont. The Bonus Marchers $1000 offered to WWI Veterans
In 1945
Why not now?
Bonus Army reaches 15,000
Congress says no
Some leave, others…
Hoover wants marchers sent home
MacArthur (Remember me?)
Tanks & Machine guns vs. our war heroes?
And Hoovers chances for re-election?