5 Questions
Who became president in 1929, the year the Great Depression began?
Herbert Hoover
What was Hoover's belief regarding the country's economic foundation after the Stock Market Crash?
He declared it was sound
Which organization did Hoover create in 1932 to provide loans to banks, railroads, and corporations?
Reconstruction Finance Corporation
What did Hoover's policies focus on to stimulate economic growth?
Supporting corporations
What event damaged Hoover's public image involving unemployed WWI veterans demanding bonuses?
Confrontation with the Bonus Army
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.
Learn about Herbert Hoover's presidency during the Great Depression, including his belief in rugged individualism, creation of the Reconstruction Finance Corporation, and controversial economic policies. Discover how his approach impacted the economy and led to social unrest.
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