At first President Hoover tried to organize national optimism by summoning business execs to DC to declare that conditions were sound and that there would not be wage cutting. When that did not work (stop the depression), he became inactive for a while, trusting to the idea that it all would self-correct. When that did not work, he organized an international moratorium in war debts and reparations. This actually did help stem the slide further into depression, but only briefly. Then he set up the Reconstruction Finance Corp. to bring federal aid to hard pressed banks and businesses. Just as it seemed that this might work and that recovery was at hand, in the winter of 1932-33 the banking system in America went into a tailspin. On March 4, 1933, the American banking system ground to a complete halt. Hoover was an able and intelligent president who attempted orthodox economic ideas, but became a victim to the collapse of the system.
President Hoover did nothing to end the Great Depression, which continued well into the administration of Franklin Roosevelt; it is generally agreed by historians that while Roosevelt's New Deal did help to end the Great Depression, it was really WW II which ended it.
Make federal loans to industries Finance public works programs
While not believing in charity by the government, Hoover did try and help the economic mess that began during his administration. He gave much of his money to charity and encouraged Americans to do the same. He broke with Republicans and did away with the taxes that had been placed on citizens during the Coolidge administration. He thought that would allow for more income being spent to help the economy rebound. He spent $500 million a year on public works and government programs to build or improve government properties. The most famous was the Hoover (Boulder) Dam. Congress established the Reconstruction Finance Corporation (continued by FDR) which created an agency to help banks, railroads, and other key businesses to stay in business thus helping the economy. All of these things could not stem the tide of the economic collapse. Hoover believed in a balanced budget and not pumping government money into the economy. He believed in "rugged individualism" and relied on the individual, the churches and private charities, and the local and state governments to handle most of the economic help that was needed.
Herbert Hoover tried to fix the Great Depression, although he was a little too late. Some of the projects he tried was the Boulder Dam, which was designed to jump-start the economy and add jobs. He wanted to reform banking to provide mortgage relief, and funnel more federal money into business investment. Congress passed the Federal Home Loan Bank Act, which lowered mortgage rates for homeowners and allowed farmers to refinace their farm loans and avoid foreclosure. Hoover's most ambitious economic measure was Reconstruction Finance Corporation, authorizing to provde emergency financing to banks, life insurance companies, railroads and other large businesses. Though Franklin Delano Roosevelt indeed in fact create the New Deal, helping 6 million people become employeed, he did not "fix" the Great Depression. World War 2 was the main reason that the United States got out of the Great Depression.
At first President Hoover tried to organize national optimism by summoning business execs to DC to declare that conditions were sound and that there would not be wage cutting. When that did not work (stop the depression), he became inactive for a while, trusting to the idea that it all would self-correct. When that did not work, he organized an international moratorium in war debts and reparations. This actually did help stem the slide further into depression, but only briefly. Then he set up the Reconstruction Finance Corp. to bring federal aid to hard pressed banks and businesses. Just as it seemed that this might work and that recovery was at hand, in the winter of 1932-33 the banking system in America went into a tailspin. On March 4, 1933, the American banking system ground to a complete halt. Hoover was an able and intelligent president who attempted orthodox economic ideas, but became a victim to the collapse of the system. ya so thats how.
While not believing in charity by the government, Hoover did try and help the economic mess that began during his administration. He gave much of his money to charity and encouraged Americans to do the same. He broke with Republicans and did away with the taxes that had been placed on citizens during the Coolidge administration. He thought that would allow for more income being spent to help the economy rebound. He spent $500 million a year on public works and government programs to build or improve government properties. The most famous was the Hoover (Boulder) Dam. Congress established the Reconstruction Finance Corporation (continued by FDR) which created an agency to help banks, railroads, and other key businesses to stay in business thus helping the economy.
Herbert Hoover was president.
Hoover was the president when the Great Depression hit.
Herbert Hoover - http://www.u-s-history.com/pages/h1580.html
Herbert Hoover had been President for 8 months when the 1929 Stock Market crash started the Great Depression.
Herbert C. Hoover was the President when the stock market crashed in October of 1929.
Herbert Hoover was president when it became obvious that the economy was in a depression.
Herbert Hoover was president.
Hoover was the president when the Great Depression hit.
Herbert Hoover - http://www.u-s-history.com/pages/h1580.html
Herbert Hoover had been President for 8 months when the 1929 Stock Market crash started the Great Depression.
Raising taxes
Hwrbet Hoover was the president at the start and was followed.by Franklin D. Roosevelt
Herbert C. Hoover was the President when the stock market crashed in October of 1929.
Hoovervilles were shanty towns that people were forced to live in because they could not afford any proper accomodation during the Great Depression. They were named after President Hoover who was President of the US at the beginning of the Great Depression. Hoover was replaced by Franklin D Roosevelt because he was regarded as a 'do nothing President' meaning he did not put proper measures in place to help the USA out of the Great Depression.
Hoovervilles were shanty towns that people were forced to live in because they could not afford any proper accomodation during the Great Depression. They were named after President Hoover who was President of the US at the beginning of the Great Depression. Hoover was replaced by Franklin D Roosevelt because he was regarded as a 'do nothing President' meaning he did not put proper measures in place to help the USA out of the Great Depression.
Herbert Clark Hoover, 1929-1933 and Franklin Delano Roosevelt, 1933-1945
President Hoover (begining and was blamed for it.) president Theodor Roosevelt (Last part and honored for fixing the economy.)