Hoover And The Depression Flashcards
Why was Hoover reluctant to get involved in the depression?
He believed in rugged individualism so didn’t think the government should interfere in people’s lives
What phrase did Hoover use to show he believed recovery was just around the corner?
“No one is actually starving”
How much money did Hoover give for building projects to create jobs?
$4,000 million
E.g the Hoover dam
What was the Hawley-Smoot Tariff?
1930
40% tax on goods imported from aboard to encourage people to buy American goods
What was the emergency relief act?
1932
$300 million given to help unemployed people
What was the reconstruction of finance corporation?
1932
Gave loans of $1,500 million to businesses
Why were Hoovers measures largely unsuccessful?
Not enough money and not quickly enough
Where was relief / help found?
Private charities / religious organisations
Supply of food by breadlines / soup kitchens
Temporary homes / shelters
What was the emergency relief construction act?
1932
Gave $300 million to help unemployed
Established the reconstruction of finance cooptation which gave loans to help businesses
How successful was the reconstruction of finance corporation?
So successful it continued under Roosevelt
What was the federal home loan bank act?
Gave banks access to low cost funds to encourage them to offer more mortgages so fewer lost their homes as they could remortgage it
It increased demand for houses increasing jobs
What did federal farm board do and why did it fail?
Meant to help farmers stabilise crop prices but it failed to stop farmers over producing so drop prices stayed low
What happened to US exports between 1929 and 1932 due to the hawley smoot tariff?
They more than halved
What was the national credit corporation and why did it fail?
All major banta had to pay into a fund to help struggling ones but failed because many banks refused to help their rivals
