Herbert Hoover Flashcards
During the depression he followed a policy of………
Austerity: he cut government spending and sacked thousands of workers. He cancelled any contracts with private companies, these companies had to cut their spending as well.
He took firm action against protesters like
the bonus army who were US armed forces veterans who wanted their bonus sooner rather than later. Hoover used tear gas against them, 2 babies are killed by this.
Hoover set up the federal farm board which
paid farmers to take land out of production and destroy crops and livestock. Was only given $500 million so couldn’t do much
Hoover decided to spend
$423 million on public works, like the Hoover dam
January 1932 Hoover set up the
Reconstruction Finance Corporation (RFC) which had $2 billion to lend to businesses. Only $1.5 billion was borrowed as businesses were reluctant to get into debt