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Similar to the economic crises of 2008, President Hoover took office immediately after the crash of 29. Hoover responded to the economic downturn very much like the current SEC and Federal Reserve response. While loath to interfere with markets, Hoover sought to support the banking system by offering funding to businesses in exchange for collateral, and began public works programs. The lengths Hoover took were obscured by the incredible lengths taken by the FDR administration (Roosevelt). Public works programs in this era had an incredible impact on a generation who relied upon soup lines for survival. It should be noted that Hoover's Secretary of State (Mellon) was famous for arguing that the 'free market' should sort itself out - and that the government should 'do nothing.' Hoover disagreed with Mellon on the approach that should be taken to resolve the Great Depression, and the disagreement eventually led to a rift. "Mellon continued as secretary of the Treasury under President Herbert Hoover. Mellon interpreted the Great Depression of 1929 as a natural phenomenon and favored deflation; he was critical of public works and pursued a traditional policy of economy. In early 1930 Mellon observed, "I see nothing in the present situation that is either menacing or warrants pessimism." However, a combination of criticism of his tax policy and the Depression itself eventuated in his resignation. Hoover persuaded him to accept an appointment as ambassador to Great Britain in 1932."

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Q: How did hover respond to the Great Depression?
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Related questions

Whose plan to to fix the great depression was better hover or FDR?

hebert hoover

How did US and European countries respond to the great depression?

The Great Depression in the United States was part of a world wide depression in the developed nations of Europe. The "response" from Europe was to find ways to end the problem.

How did the homeless and farmers respond to the Great Depression both passively and actively?

Farmers tried to sell their farms but they was not able to sell them. The homelesses tried to find a job but they could not find any jobs. Suicide rates increased during the Great Depression.

How did Hoover respond to the depression?

Austerity and balanced budgets.

How did voters in 1930 respond to the great depression in the US?

The voters blamed Hoover for not letting government helped economy while economic situation was in trouble.

How did the economy respond to hoovers efforts?

Hoover bailed out the failing banks and big businesses with Federal money. The result was a market crash, and the Great Depression.

Where did the Great Depression?

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Who was the president during The Great Depresiion?

Hover and Roosevelt

How did the major forms of world economies respond to the Great Depression?

The world responded to the mjor forms of world economies to the great depression by watching the stock marketmore carefully. Everything was monitored while recovering from the great depression. you couldn't buy an endless supply of items you needed. The products sold had limits on the amounts you could purchase. It changed the life of people in many ways.

What came first Great Depression or world war you?

WWI was a major cause of the Great Depression.

How did the United states and many European countries initially respond to the decrease in tax revenue by the great depression?

Cutting government spending to avoid going into debt

How did the US in many European countries initially respond to decrease in tax revenue caused by Great Depression?

Cutting government spending to avoid going into debt.