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How did President Hoover respond to the Depression?
Hands Off Approach
Rugged individualism- belief that all indivuals can succeed on their own- government help for people shoul be minimal
-Raised the average tariff rate to the highest in history
-Foreign companies responded by raising tariffs on US products decreasing foreign sales
Hoover did not believe the federal gov't shouls provide direct relief
Charities, churches, local gov't, and state gov't should instead
-government financed building projects (i.e. roads, bridges, dams, buildings)
-Problem: How does the gov't pay for them?
Raise taxes + Borrow Money
Help the Banks
National Credit Corp.-created a pool of money so banks could continue lending
Reconstruction Finance Corp.- makes loans to businesses to stimulate economy
Provided a Trickle Down Approach
...money would trickle down to the workers
Hoover flags, Hoover Blankets, Bonus Army, Hoovervilles, Soup Kitchen, Hunger Marches
How did Hoover respond to the Great Depression?
Did Hoover's efforts satisfy the people?
Did Hoover's response help Americans?