section 2 hoover and the depression. the depression hits home jobs 1932: unemployment reaches 24%...
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THE DEPRESSION HITS HOME
Jobs1932: Unemployment reaches
24%Very few available
SurvivingSelling personal items on the
streetFighting over food in the
garbage
HOOVERVILLES
Shacks built in the outskirts of cities
Made of any available materialNewspapers became blankets
THE DEPRESSION HITS HOME
Women find jobs easier, paid less
MinoritiesDiscriminated further
ReliefDonations for less fortunate
FoodClothing
ShelterRed Cross and Salvation Army Helped
HOOVER’S VIEW OF THE DEPRESSION
Americans wondered: when would the Gov’t help?
President Hoover Gov’t shouldn’t helpPrivate Charities should helpDepression would last much longer so
gov’t wasn’t neededBy March of 1930, he changed his mind
HOOVER’S RESPONSE
Reconstruction Finance Corporation(RFC) 1932 Loaned money to businesses and banks Cut their federal taxes
Public Works $150 million on projects
Build: hospitals, roads, schools
HOOVER’S RESPONSE
Agricultural IndustrystrugglingNeeded LoansFederal Farm Board created
Buy surplus farm crops Raise or keep prices high due to low supply in market
Failed and shut down in 1933
HOOVER’S RESPONSE
Federal Home Bank Loan Act (1932)Provided money to banks, insurance
agencies etc…Supposed to keep mortgages at low
rates so less people forecloseSupposed to promote new
construction
THE BONUS ARMY
1924: Congress passed a bill to give WWI vets a bonus in 1945
Due to depression, Vets wanted the bonus earlyMay of 1932 they marched on WashingtonSet up camp in D.C.Police sent to get rid of them and riots
occuredHoover sent Gen. MacAuthur with army to
drive them out Destroyed the camp
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