Hoover Responds to the Great Depression

“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 Hoover Responds to the Great Depression US History

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)

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”

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) ,[object Object],[object Object]

"We Done a Good Job in France, Now You Do a Good Job in America"

Aftermath: Hoover Lost the Faith of the American People

Hoover Responds to the Great Depression

Hoover Responds to the Great Depression

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Hoover Responds to the Great Depression