THE GREAT DEPRESSION AND THE HOOVER ADMINISTRATION

THE GREAT DEPRESSION AND THE HOOVER ADMINISTRATION - Hoover...

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THE GREAT DEPRESSION AND THE HOOVER ADMINISTRATION The Causes of the Great Depression 1. Stock Market Crash (October, 1929) Lack of institutional control Speculation: the mania for money Buying on the margin 2. Under Consumption Uneven prosperity Unequal distribution of wealth Installment buying (credit) 3. Exhaustion of technological Innovation 4. World Wide Depression The Great Depression: National Calamity and Personal Tragedy 1. Unemployment 2. Income Decline 3. Property loss: bankruptcy and foreclosures Business Homes Farms Drought: adds to misery of the farmers in the heartland 4. Psychological Response Shock Guilt Despair Anger Hoover Administration
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Unformatted text preview: Hoover Perspective Depression caused by world wide collapse Confidence that American economy is sound American virtues: government intervention will destroy personal independence, initiative Hoovers Response Optimism: prosperity is just around the corner o Willing to spend money o Makes Hoover appear very callas o In Detroit, 1000s gathered to protest Hoover campaigning in the area.all chanting Hang Hoover Business/government cooperation: sustain wages and investments (voluntary) Saving Financial Institutions: Reconstruction Finance Corporation (1932) Public Works and Relief...
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THE GREAT DEPRESSION AND THE HOOVER ADMINISTRATION - Hoover...

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