Download - The English Reformation
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Chapter 14
Part 3Pages 478-483
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Terms to Know
• Herbert Hoover• Boulder Dam• Federal Home Loan Bank Act• Reconstruction Finance Corporation• Bonus Army
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Herbert Hoover
• Elected in 1928• The Great Humanitarian• China, Belgium, Russia• Sec. of Commerce (Harding and Coolidge)
• A Progressive Republican
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Stock Market Crash Sept 1929
• Most believed that depressions were a normal part of the economic cycle
• Hoover encouraged optomism• Prepared to wait it out
• No one imagined the magnitude or duration
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Belief that
• The government should do nothing• The economy would correct itself
• Hoover was a progressive BUT objected to direct aid
• He worried about Americans’ self-respect
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Hoover’s Trickle Down Theory
• Hoover did want to help• But only indirect help• Labor• Farmers• Banks and Business• Relief
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The Reconstruction Finance Corporation (RFC)
• Federal money to Banks, Businesses and States
• Asked Banks to continue to loan out money• Asked Businesses to keep people on the job
and to NOT lower wages• Asked states to give direct relief to those who
required it
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The RFC Money
• Was given to Banks, Businesses and states without legal strings attached
• Banks, Businesses and states used the $ themselves
• It did not trickle down• Hoover believed that nothing would work
unless it was voluntary
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Hoover’s PWorks Programs
• The government did pay folks to build government buildings, roads, airports, etc. But not enough projects to make a difference
• Biggest project was the Hoover Dam• Aka Boulder Dam
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Boulder Dam
• Was proposed by Hoover when he was Sec. of Commerce
• Congress appropriated funding in 1928 and the project began when Hoover was President
• would provide electricity which would be sold to pay for itself
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The Colorado River
• shared by 7 states: Colorado, California, Arizona, Nevada, New Mexico, Utah, Wyoming
• Above shared the water rights• Made a big difference in agricultural growth
and prevention of flooding
• Cost $700 million
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The Boulder Dam Provided
• Employment for many• Flood Conrol• Electricity• Fresh water supply
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BUT by 1932
• vetoed the Garner-Wagner Bill and the Norris Bill
• He did not believe the government should continue to interfere in the economy
• The Garner-Wagner Bill was for more work relief. The Norris Bill was to provide electricity and fertilizer in the Tennessee Valley
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Labor
• Hoover DID sign the Norris-LaGuardia Bill which DID attempt to help labor
• Outlawed Yellow Dog Contracts• Did guarantee the right of collective
bargaining
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The Farmer
• Hoover vetoed the McNary-Haugen Bill• Coolidge had vetoed it twoce
• Hoover believed that it was too direct with government involvement so he proposed a similar measure
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Remember
• The McNary-Haugen Bill would have the federal government buy up farm surplus and sell it abroad
• This was too direct for Hoover
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The Agricultural marketing Act
• Would give federal money to new farm organizations and to existing farm organizations
• The Federal Farm Board was a new one• It was given $500 million to buy up farm
surplus (to be sold later in the US when prices recovered
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The Federal Farm Board
• Went broke• Farmers were lost
• Many burned their corn and wheat for fuel rather than sell at a loss
• In the cities folks were still eating out of garbage cans
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By 1932
• Farmers worked together to prevent farm foreclosures
• Shantytowns were called Hoovervilles• Newspapers were called Hoover Blankets
• Hoover was pretty unpopular
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A Depression Jingle
• Mellon pulled the whistle• Hoover rang the bell• Wall Street gave the signal• And the country went to hell
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Andrew Mellon
• Secretary of the Treasury for Harding, Coolidge and Hoover
• Was a millionaire• Made a fortune during the war in aluminum • As Secretary of the Treasury he worked for tax
breaks for the wealthy
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The Bonus Army
• WWI vetrans had been promised a bonus of about $500 in 1945
• The vets were unemployed and homeless in 1932
• They wanted their bonuses paid early
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Bonus Army
• About 17,000 veterans and their families liven in shantytowns outside of the white house and along the Potomic waiting for government response
• They were absolutely peaceful• But conservatives and authorities called them
commies
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Hoover
• Asked army headquarters to remove the army from the White House grounds
• Patton, Eisenhower and MacArthur chased them away with tear gas, bayonets and torched their shanties and tents
• Some children died, others wounded
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Election of 1932
• Hoover did not have a chance.