Herbert Hoover And The Great Depression

Sunday, February 13, 2022 8:09:48 AM

Herbert Hoover And The Great Depression

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The Truth About Herbert Hoover

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But the truth is that many things caused the Great Depression, not just one single event. Roosevelt in Promising the nation a New Deal , Roosevelt would become the nation's longest-serving president. The economic downturn wasn't just confined to the United States; it affected much of the developed world. Remembered today as "Black Tuesday," the stock market crash of October 29, was neither the sole cause of the Great Depression nor the first crash that month, but it's typically remembered as the most obvious marker of the Depression beginning.

The market, which had reached record highs that very summer, had begun to decline in September. On Thursday, October 24, the market plunged at the opening bell, causing a panic. Even though the stock market regained some of its losses by the end of , the economy was devastated. America truly entered what is called the Great Depression. The effects of the stock market crash rippled throughout the economy. Nearly banks failed in waning months of and more than 3, collapsed in Federal deposit insurance was as-yet unheard of, so when the banks failed, people lost all their money.

Some people panicked, causing bank runs as people desperately withdrew their money, which in turned forced more banks to close. By the end of the decade, more than 9, banks had failed. Surviving institutions, unsure of the economic situation and concerned for their own survival, became unwilling to lend money. This exacerbated the situation, leading to less and less spending. With people's investments worthless, their savings diminished or depleted, and credit tight to nonexistent, spending by consumers and companies alike ground to a standstill. As a result, workers were laid off en masse. Prior to this, the Nazi Party was a fringe political group. Hitler fed of the hopeless feelings of Germany. As a result, the party ranks swelled.

The rest, is history. The massive banking failure of the Great Depression prompted Congress to act. This came in the form of the Glass-Steagall Act in Because so many people lost their savings when the banks failed, the FDIC ensured that people would recoup their losses in the future. In the hour workweek was introduced. Eventually, a minimum wage was implemented. Also, child labor was finally banned. When the banks failed, leaving thousands of Americans close to retirement with no prospects.

The Social Security Act of aimed to fix that. It guaranteed Americans over the age of 65 a monthly income to supplement their retirement. In addition to that, the government introduced unemployment benefits to cushion the blow of events like the Great Depression. He succeeded in cutting consumption of foods needed overseas and avoided rationing at home, yet kept the Allies fed. After the Armistice, Hoover, a member of the Supreme Economic Council and head of the American Relief Administration, organized shipments of food for starving millions in central Europe.

He extended aid to famine-stricken Soviet Russia in Whatever their politics, they shall be fed! Yet within months the stock market crashed, and the Nation spiraled downward into depression. After the crash Hoover announced that while he would keep the Federal budget balanced, he would cut taxes and expand public works spending. In repercussions from Europe deepened the crisis, even though the President presented to Congress a program asking for creation of the Reconstruction Finance Corporation to aid business, additional help for farmers facing mortgage foreclosures, banking reform, a loan to states for feeding the unemployed, expansion of public works, and drastic governmental economy. At the same time he reiterated his view that while people must not suffer from hunger and cold, caring for them must be primarily a local and voluntary responsibility.

His opponents in Congress, who he felt were sabotaging his program for their own political gain, unfairly painted him as a callous and cruel President. Hoover became the scapegoat for the Depression and was badly defeated in In President Truman appointed Hoover to a commission, which elected him chairman, to reorganize the Executive Departments. He was appointed chairman of a similar commission by President Eisenhower in Over the years, Hoover wrote many articles and books, one of which he was working on when he died at 90 in New York City on October 20, The Presidential biographies on WhiteHouse.

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