Herbert Hoover Flashcards
What were the results of the 1928 Presidential Election?
Hoover: 444 EC votes, 40 States, 21.4 million votes, 58.2%.
Smith: 87 EC votes, 8 States, 15 million votes, 40.8%.
How did Coolidge describe the US in 1928?
“A State of Contentment seldom seen before”
What did Hoover’s Rugged Individualism represent?
Laissez Faire, Non Interventionism, Isolationism, Restriction of Immigration. He first proposed the idea in 1922 in which he stated that people should look after themselves and make their own way in the world to realize the American Dream.
What Caused the Great Depression to begin?
The Boom was mainly funded by credit as the banks were lending out too much money, many people were investing shares based on loans, More money was on Loan than was circulating in the entire US economy, on the 29th October the Great Depression began.
What did the Smoot-Hawley act do and how did Hoover Respond?
The Smoot Hawley act raised Tariffs to the highest level ever which significantly hindered international trade, Hoover was urged to veto it by his advisors however, he signed it anyway.
What was the Bull Market?
It encouraged people to buy shares on the margin at 10%-20% whilst borrowing the other 80-90%.
What made the banking system in the US so weak?
The US had over 30’000 small banks which began to collapse as the agricultural sector collapsed as food prices fell therefore, leading to falling profits.
What was the Bonus March and what problems did it cause Hoover?
In June 1932, Veterans had asked for their service bonuses due to be paid in 1945 early in response to the depression. Hoover refused leading to the formation of the Bonus Army, 200’000 people then marched on Washington.
What were Hoovervilles?
They were Shanty towns which were designed to temporarily House People.
What was the agriculture marketing act and when was it passed?
It was passed in 1929 and set up the Federal Farm Board to buy up crops and stabilise prices.
What did Hoover set up in 1930? In regards to employment?
The committee for unemployment relief and Presidents emergency committee for employment set up.
What did Hoover set up in 1931?
National Credit Corporation funded by healthy banks and businesses to help failing ones, starts with a budget of £300 million but by the end of the year has lent just £10 million.
What did Hoover set up in January 1932?
Reconstruction Finance Corporation set up with £300 million to lend to states relief projects.
What did Hoover set up in July 1932?In regards to Farmers
RFC funding can now also be sent to farmers and public works can be set up.
Federal Home Loan Bank Act provides federal fund to help people in trouble with their mortages.
How did Congress begin to change in the 1930 midterm elections?
The Democrats secured a majority in the House of Representatives and made major gains in the Senate highlighting major discontent in Hoover. This made it incredibly difficult to pass legislation especially because some Republicans opposed his Federal Intervention.
