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Questions and Answers
Who became president in 1929, the year the Great Depression began?
Who became president in 1929, the year the Great Depression began?
What was Hoover's belief regarding the country's economic foundation after the Stock Market Crash?
What was Hoover's belief regarding the country's economic foundation after the Stock Market Crash?
Which organization did Hoover create in 1932 to provide loans to banks, railroads, and corporations?
Which organization did Hoover create in 1932 to provide loans to banks, railroads, and corporations?
What did Hoover's policies focus on to stimulate economic growth?
What did Hoover's policies focus on to stimulate economic growth?
What event damaged Hoover's public image involving unemployed WWI veterans demanding bonuses?
What event damaged Hoover's public image involving unemployed WWI veterans demanding bonuses?
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Study Notes
- Herbet Hoover became president in 1929, the year the Great Depression began.
- Hoover declared the country's economic foundation was sound despite the Stock Market Crash.
- Hoover believed in rugged individualism and opposed extensive federal intervention and direct financial aid to unemployed Americans.
- Hoover created the Reconstruction Finance Corporation in 1932 to provide loans to banks, railroads, and corporations.
- Approximately $238 million in federal loans were distributed.
- Hoover's approach, known as trickle-down or supply-side economics, focused on supporting corporations to stimulate economic growth.
- Hoover's policies did little to help unemployed individuals and resulted in the emergence of Hoovervilles, shantytowns for homeless.
- A violent confrontation with the Bonus Army, a group of unemployed WWI veterans demanding early payment of promised bonuses, further damaged Hoover's public image.
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