From The Great Crash to The Great From The Great Crash to The Great Depression: The Tragic Presidency Depression: The Tragic Presidency

of Herbert Hooverof Herbert Hoover

President Hoover’s PhilosophyPresident Hoover’s Philosophy

• “Every time we find solutions outside of government, we have not only strengthened character, but we have preserved our sense of real self-government.”

• “Federal aid would be a disservice to the unemployed.”• “The government should not support the people.”

• “Rugged individualism.”

Hoover’s StrategyHoover’s Strategy

President Herbert Hoover’s approach (cont.)

President Herbert Hoover’s approach (cont.)

• Federal Farm Board (1929):

• Emergency Committee for Employment (1930):

• Hawley-Smoot Tariff (1930):

• National Credit Corporation (1931):

• Boulder Dam (1931):

• Revenue Act of 1932:

• By 1932, his volunteer approach had totally failed; he faced a rising tide of discontent and protest.

Hoover in 1932: too little, too lateHoover in 1932: too little, too late

• Reconstruction Finance Corporation: • Glass-Steagall Act: • Home Loan Bank Act (1932):

• Hoover became withdrawn and isolated; communicated through press releases urging self-help and local initiative, denounced proposals for an expanded federal role.

The 1932 Election: Hoover vs. FDRThe 1932 Election: Hoover vs. FDR

• Hoover renominated by Republicans• Democrats pledge to end Prohibition, help farmers with

agricultural aid programs, and balance the federal budget by cutting spending by 25%

• Franklin Delano Roosevelt, Democratic Governor of NY• Hyde Park, NY• Distant cousin of Teddy Roosevelt; married to Teddy’s

niece Eleanor• A “New Deal” for the “the forgotten man;” “bold

persistent experimentation,” “try something.”

The resultsThe results

• And the Democrats take both houses of Congress by heavy margins.