Hoover Responds to the Great Depression
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Transcript of Hoover Responds to the Great Depression
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Hoover Responds to the Great Depression US History
“We in America today, are nearer to the final triumph over poverty than ever before in the history of any land. The poor house is vanishing from among us”
H. Hoover, August 1928;A one term president
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1st Response: Voluntary Action• He was laissez-faire• Opposed gov’t
assistance; rugged individualism was best
• This was like a “storm”• He asked business
leaders not to fire workers & lower wages; unions pledged no strikes
• Wealthy Americans: give $ to charity (local)
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Initially Successful!• $150 million for public
works (employment)• Tax cut (purchasing
power)• Fed lowered discount
rate to 2%• Got farm board to
keep prices high• Hoover spoke with
confidence—called this a “Panic”
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Long Term: This Didn’t Work• He became more activist
(biggest increase in gov’t power up to that time)
• Smoot-Hawley Tariff• RFC
– Give $ to banks, who will loan it to businesses, who will hire workers, etc.
– $ did NOT trickle down (covered losses)
• Boulder (Hoover) Dam (Public works)
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The “Last Straw”: The Bonus Army March on Washington
US Studies
Place photo here
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Marching for the 1945 Bonus
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Pressuring Congress
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Sleeping at the Capitol
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The Encampment
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The Encampment
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"We Done a Good Job in France, Now You Do a Good Job in America"
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Police Fighting the Campers
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Tanks Roll In
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Cleaning Up
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Aftermath: Hoover Lost the Faith of the American People