exam3 - Hoover vs. Al Smith, 1928 election Hoover...

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Hoover vs. Al Smith, 1928 election Hoover (republican) -some associate him with the depression/negative -brilliant manager -tried innovative things during the depression, but it wasn’t good timing -Texas (first time since reconstruction) voted for republican Smith(democrat) -first catholic presidential candidate *possibly why hoover won (KKK very anti-catholic) Stock Market Crash, October 1929 *Rising productivity reduced regulation less $ in wage earners hands = no consumers lower salary = lower demand *depression = semi-worldwide *highest income groups -1/3 corporations profits went to 5% of the company *high returns can induce overconfidence in investments. *example: Seaboard Airline – investors didn’t know that it was a railroad, thought it was an airline company *after stock market crash, - market dropped 13% in one day
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- market dropped 30% by the end of the month Great Depression By 1932, 25% unemployed. Toledo 80% unemployed 1/3 of farmers lost their land 1920s *Probusiness *Anti-union *Mass of public in trouble *Hoover decided to do nothing and things would eventually move forward Banks failed *could put your money into loans or the stockmarket *great when profitable *30,000 banks in 1922 14,000 banks in 1933 Reconstruction Finance Corporation (RFC) Hoover tried this toward the end of his term -made federal loans -help banks, business stay on their feet Federal Home Loan Banks -public put deposits in & 80% of loans had to be for home mortgages -“savings&loans”
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-incentives to leave your money in that particular bank Bonus Expeditionary Force, 1932 A group of unemployed war veterans from World War I seeking their immediate payment of cash bonuses that they were scheduled to recieve in 1945. However, President Hoover opposed the bonus bill Franklin D. Roosevelt, 1932-1945 Hoover vs Roosevelt Hoover – small amount of the NE; Roosevelt – everywhere else 88% of Texas voted for Roosevelt Roosevelt had been: Asst sec navy WWI 6’2” From NY Age 39 Never walked without assistance Public didn’t know he was handicapped Elected 4 times to be president 1932- Roosevelt came in recommendations from press= -blame it on business -open up more business
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-provide welfare Roosevelt tried all three: -increased federal spending to support business -provided direct support to ag industry New Deal Series of programs – roosevelt Political opposition from both ends Glass-Steagall Act, 1933 Separated banking powers Created regulation discouraged banks from competing with each other FDIC created – you are insured up to $20,000 (now it’s $200,000) Federal Deposit Insurance Corporation (FDIC) Took us off the gold standard National Recovery Act (NRA) Support industry Wage and price control Minimum wage Maximum hours Child labor laws
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This note was uploaded on 09/20/2011 for the course HIST 106 taught by Professor Smith during the Spring '08 term at Texas A&M.

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exam3 - Hoover vs. Al Smith, 1928 election Hoover...

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