1. Hoover
Chapter 8, Section 3

2. Volunteerism Followed a hands-off policy
Cycles in business are natural
Americans to voluntarily help fight the Depression
Business to keep employment, wages and prices same
Gov. to reduce taxes and lower interest rates
Wealthy give to charity

3. Volunteerism Fails
Most people worked for their own best interests, not America’s
Localism – problems solved at local and state levels
Preferred “rugged individualism” over public assistance

4. Reconstruction Finance Corp.
RFC gave more than billion $ of gov. loans to railroads, large bus. and banks
Lend to bankers, would lend to bus., would hire workers
Trickle-down economics
Did not trickle to the people who need it most
Construction of the Boulder Dam (Hoover Dam)

5. Hoover and the Depression

6. Bonus Army Adjusted Compensation Act: payment for vets in 1945
Hoover vetoed
20,000 vets protested in Washington
MacArthur uses extreme force to break up

7. Bonus Army

8. Assignment
Page 276 #1, 4 - 6