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HOOVER AND THE GREAT DEPRESSION
Transcript of HOOVER AND THE GREAT DEPRESSION
THE GREAT DEPRESSION
SELF-MADE MAN (AMERICAN DREAM)
FOOD TO EUROPE DURING WWI
SECRETARY OF COMMERCE
Country was doing well
Republicans get the credit
Hoover wins the Republican Nomination
Opponent will be (D) AL SMITH - NY
ROMAN CATHOLIC (Climate)
While Smith will be popular amongst Northern City Dwellers he will struggle to connect to the Southern Democracts
Hoover will win in a landslide!
HOOVER WILL TAKE OFFICE IN
A CHICKEN IN EVERY POT
A CAR IN EVERY GARAGE
EIGHT MONTHS LATER THE STOCK MARKET CRASHES
Buying on Margin
Loss of Confidendence
16.4 Million Shares sold in one day
People lose fortunes in one day
By middle of November - 30 Billion lost
THE STOCK MARKET CRASH
IS JUST THE TIP OF THE ICEBERG
FARMERS DEEPLY IN DEBT
HOOVER IS NOT TO
BLAME FOR THE GREAT
DEPRESSION BUT HIS RESPONSE WILL DEFINE HIS PRESIDENCY
HOOVER'S RESPONSE TO THE GREAT DEPRESSION
POSITIVE MESSAGE: These bumps in the road happen PROSPERITY IS JUST AROUND THE CORNER!
PLEASE DON'T FIRE YOUR WORKERS
PLEASE, IF YOU CAN, DONATE TO PRIVATE CHARITY
WHAT IS THE ROLE OF GOVERNMENT?
HOW DOES PUBLIC ASSISTANCE CHANGE PEOPLE? (CREATE A NATION OF BEGGERS AND DEPENDENTS)
OVER TIME HOOVER WILL
BECOME MORE PROACTIVE
HAWLEY-SMOOTH TARIFF (1930)
Highest tariff in American History
Business leaders love it but it freezes international trade
Nothing moving across the Atlantic!
DEBT MORATORIUM (1931)
Allows Europe to suspend payments on money owed to US & American Investors
RECONSTRUCTION FINANCE CORPORATION (1932)
Government owned corporation
Meant to prop up and stabilize major institutions (Railroads, banks, insurance companies)
Comparisons to 2008? GM, AIG, ETC.
How will the little guy feel about this?
DID NOT BELIEVE
IN DIRECT RELIEF
TRICKLE DOWN ECONOMICS
Stabilize the bedrock institutions at the top of the economy
This will trickle down and benefit everyone
Companies make money, they hire people, people have jobs they spend more money
That's the theory at least
THE PERCEPTION IS THAT HOOVER DOESN'T CARE
OUT OF TOUCH WITH THE COMMON MAN
DOESN'T CARE ABOUT THE LITTLE GUY
THEN COMES THE ICING ON THE CAKE
BONUS ARMY (1932)
REMEMBER THOSE VETERANS THAT WERE PROMISED PAID INSURANCE POLICIES 20 YEARS AFTER 1924?
NOW THEY ARE HOMELESS, UNEMPLOYED, AND BROKE!
THEY DON'T WANT TO WAIT TO COLLECT
SO THE BONUS EXPEDITIONARY FORCE WILL DESCEND ON WASHINGTON D.C. TO DEMAND EARLY PAYMENT
He orders the US Army (the actual army) in to force out the Bonus Army
Not a way to show the public that you care abut the little guy
... and it's an election year!