Hoover and DepressionVictim of circumstance?

I. The Great Depression

A. Causes

1. Review

B. Results

C. Conditions

II. Philosophies of the Role of Government

A. Traditional

1. Liaise-Faire economics

2. Government should limit itself to cutting waste and spending within itself

3. Catch 22

B. Hoover’s view

1. More help from government

2. save main financial props of the system

3. Opposed direct gov’t aid to individuals

III. Hoover’s Domestic Measures

A. Initial

B. Public Works

C. Farm Board

D. Home Loan Banks

E. Relief

IV. Foreign Economic Measures

A. Hawley-Smoot Tariff [1930]

1. higher import tariff’s

2. led to decrease in foreign trade

3. retaliatory tariffs

B. Moratorium

1. 1 yr. moratorium on collection of principle and interest on intergovernmental debts.

2. Too late to save Europe

Tariff Control

V. Campaign of 1932

A. Hoover

1. Re-nominated by Republicans

2. very unpopular because of his resistance to direct relief

3. Bonus Army March [summer 1932]

a. “Hoovervilles”

4. Press turned against him

a. pictures of him feeding dog on White House lawn

“We done a good job in France: now do a good job in America”

• Bonus Army March 1932

Hooverville

B. Democrats1. Franklin Delano Roosevelt (NY)2 Captured American imagination with hope of decisive action3. Blamed Republicans for the Depression4. Promised a “New Deal”

C. Result1. FDR won handily2. Hoover carried only 59 electoral votes3. Country had to wait until March

a. 20th Amendment not passed until later to take effect4. In the meantime, the depression got worse