2. Hoover Tries to Reassure the
Nation
• Tells nation that the
economy is on a
sound footing.
• Believes that the
economy would
correct itself.
• Believed Government
should play a limited
role in the economy.
3. Rugged Individualism
• Americans believe
that people should
succeed through their
own efforts.
• People should take
care of themselves,
not the government
4. Hoover takes Action
• Federal Home Loan Bank Act – Lowered
mortgage rates and allowed farmers to
refinance their loans
• Reconstruction Finance Corporation –
emergency financing for banks, insurance
companies, railroads, and big business.
5. Gassing the Bonus Army
• In 1932 10 – 20K veterans of
WWI march on Washington to
demand that a $500 that was
due in 1945
• Bill to move pay the Veterans
fails
• Hoover gets nervous and send
the army in to disband the
protesters.
• 3 People die and 1000 gassed.
• Hurts Hoovers image, right
before the 1932 election
6. Hoover Takes Cautious Steps
• Urged business, bank, and labor leaders
to find solutions to the economic
problems.
• Asked employers not to lay off workers
• Create special organization to help private
charities
7. Boulder Dam
• Part of a 700 million
public works project
• Provided electricity
• Provided water for
California irrigation
8. 1930 Congressional Elections
• People angry with Hoover and
Republicans
• Farmers destroy crops.
• Shantytowns called Hoovervilles
• Newspapers called Hoover Blankets
• Empty Pockets called Hoover Flags
