the right man at the wrong time herbert hoover & the great depression
TRANSCRIPT
The Right Man at the Wrong Time
The Right Man at the Wrong Time
Herbert Hoover & The Great DepressionHerbert Hoover & The Great DepressionHerbert Hoover & The Great DepressionHerbert Hoover & The Great Depression
Herbert C. HooverHerbert C. Hoover
““Once upon a time my Once upon a time my political opponents political opponents honored me as honored me as possessing the fabulous possessing the fabulous intellectual and intellectual and economic power by economic power by which I created a which I created a worldwide depression all worldwide depression all by myself.”by myself.”
““Once upon a time my Once upon a time my political opponents political opponents honored me as honored me as possessing the fabulous possessing the fabulous intellectual and intellectual and economic power by economic power by which I created a which I created a worldwide depression all worldwide depression all by myself.”by myself.”
Herbert C. HooverHerbert C. Hoover
““The Great Engineer”The Great Engineer”
Word War IWord War I
Secretary of CommerceSecretary of Commerce
Free marketFree market
““The Great Engineer”The Great Engineer”
Word War IWord War I
Secretary of CommerceSecretary of Commerce
Free marketFree market
Crises of the DepressionCrises of the Depression
Stock market crashStock market crashBank failuresBank failuresUnemploymentUnemploymentDeflationDeflationFarm crisisFarm crisis
Stock market crashStock market crashBank failuresBank failuresUnemploymentUnemploymentDeflationDeflationFarm crisisFarm crisis
Hoover’s BeliefsHoover’s Beliefs
Depression beyond government controlDepression beyond government control
““Voluntarism”Voluntarism”
The Government should not give direct The Government should not give direct aid to peopleaid to people
Depression beyond government controlDepression beyond government control
““Voluntarism”Voluntarism”
The Government should not give direct The Government should not give direct aid to peopleaid to people
Hoover’s AttemptsHoover’s Attempts
Debt forgiveness for GermanyDebt forgiveness for Germany
BUT, most in congress give into to BUT, most in congress give into to public demands for higher tariffspublic demands for higher tariffs Smoot-Hawley Tariff Act, 1930Smoot-Hawley Tariff Act, 1930
Debt forgiveness for GermanyDebt forgiveness for Germany
BUT, most in congress give into to BUT, most in congress give into to public demands for higher tariffspublic demands for higher tariffs Smoot-Hawley Tariff Act, 1930Smoot-Hawley Tariff Act, 1930
Hoover’s AttemptsHoover’s Attempts
VoluntarismVoluntarism Urges business to hold wages steadyUrges business to hold wages steady Asks unions to forgo wage increasesAsks unions to forgo wage increases Difficult to enforce/maintainDifficult to enforce/maintain
BankingBanking National Credit Corporation, 1931National Credit Corporation, 1931 Reconstruction Finance Corporation, 1932Reconstruction Finance Corporation, 1932
Too little, too lateToo little, too late
VoluntarismVoluntarism Urges business to hold wages steadyUrges business to hold wages steady Asks unions to forgo wage increasesAsks unions to forgo wage increases Difficult to enforce/maintainDifficult to enforce/maintain
BankingBanking National Credit Corporation, 1931National Credit Corporation, 1931 Reconstruction Finance Corporation, 1932Reconstruction Finance Corporation, 1932
Too little, too lateToo little, too late
Despite Hoover’s beliefs, heDespite Hoover’s beliefs, he First unemployment benefitFirst unemployment benefit
Emergency Relief and Construction ActEmergency Relief and Construction Act Increased farm subsidiesIncreased farm subsidies Subsidized home ownershipSubsidized home ownership
The problems was these were very The problems was these were very small in terms of dollars compared to small in terms of dollars compared to what was neededwhat was needed
Despite Hoover’s beliefs, heDespite Hoover’s beliefs, he First unemployment benefitFirst unemployment benefit
Emergency Relief and Construction ActEmergency Relief and Construction Act Increased farm subsidiesIncreased farm subsidies Subsidized home ownershipSubsidized home ownership
The problems was these were very The problems was these were very small in terms of dollars compared to small in terms of dollars compared to what was neededwhat was needed
Hoover’s AttemptsHoover’s Attempts
Bonus Army, 1932Bonus Army, 1932
20,000 WWI veterans camp 20,000 WWI veterans camp out in Washington demanding out in Washington demanding immediate payment of a immediate payment of a bonus due in 1945bonus due in 1945
July 28, Police try to clear July 28, Police try to clear veterans, end up killing twoveterans, end up killing two
Riot ensuesRiot ensues
20,000 WWI veterans camp 20,000 WWI veterans camp out in Washington demanding out in Washington demanding immediate payment of a immediate payment of a bonus due in 1945bonus due in 1945
July 28, Police try to clear July 28, Police try to clear veterans, end up killing twoveterans, end up killing two
Riot ensuesRiot ensues
Bonus ArmyBonus Army
Hoover orders army to Hoover orders army to maintain ordermaintain order Gen. Douglas Gen. Douglas
MacArthur exceeds his MacArthur exceeds his mandatemandate
Uses teargas and burns Uses teargas and burns veterans outveterans out
Public turns against Public turns against HooverHoover
Hoover orders army to Hoover orders army to maintain ordermaintain order Gen. Douglas Gen. Douglas
MacArthur exceeds his MacArthur exceeds his mandatemandate
Uses teargas and burns Uses teargas and burns veterans outveterans out
Public turns against Public turns against HooverHoover