The Great Depression - Section 3
Terms in this set (14)
"a chicken in every pot and a car in every garage"
Saying how the economic situation will be good; every will have food and money
tallest and 2nd largest dam in world; provided electricity, flood control, and water supply; aka Hoover Dam on Colorado River; Aiming to minimize federal intervention, Hoover proposed to ﬁnance the dam's construction by using proﬁts from sales of the electric power that the dam would generate and arranged mutual water rights between affected states
Federal Home Loan Bank Act
lowered mortgage rates for homeowners and allowed farmers to reﬁnance their farm loans and avoid foreclosure
Reconstruction Finance Corporation
most ambitious economic measure; authorized up to $2 billion for emergency ﬁnancing for banks, life insurance companies, railroads, and other large businesses; believed in TRICKLE DOWN!!
by gov't helping businesses, the money would trickle down to the average citizen through job growth and higher wages; gov't doesn't help people directly; Hoover's idea FAILS!
shantytowns in American cities
newspapers people wrapped themselves in
Empty pockets turned inside out
authorized gov't to pay a bonus to WWI veterans for their service; supposed to be paid out in 1945 in the form of cash and a life insurance policy
World War I veterans and their families who wanted to cash in on the Patman Bill prematurely; disbanded by Hoover (he thought they would be violent) using excessive violence (tear gas, etc) which ruined his image and hurt his chances for reelection
Hoover's early responses were too cautious
Hoover makes economic changes
Hoover's responses "too little, too late" and not effective
rugged individualism -- no direct relief from gov't