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