From The Great Crash to The Great Depression

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From The Great Crash to The Great Depression
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What caused the crash?

• Take out your video notes and last nights
  homework and turn to your neighbors. Generate a
  list here

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Hoover and the crisis
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President Hoovers approach

• 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.

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President Herbert Hoovers approach (cont.)

• Emergency Committee for Employment (1930)
• Hawley-Smoot Tariff (1930)
• National Credit Corporation (1931)
• Revenue Act of 1932
• By 1932, his volunteer approach had totally
  failed he faced a rising tide of discontent and
  protest.

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Hoover 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• Hoover became withdrawn and isolated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.

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The 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
  Teddys niece Eleanor
• A New Deal for the the forgotten man bold
  persistent experimentation, try something.

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The results

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

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