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oAlso meant to protect farmers from international competition by raising tariffs. oHawley-Smoot Tariff of 1930oPassed in order to protect farmers from foreign competition. oHowever, this tariff did NOT help the farmers. oBy 1931 Hoover’s reputation had deteriated significantDemocrats want control of the government. Many blamed the president for the great depression. Hoover believed that the situation would improve, and there was a slight improvement in the economy in 1931. He believed that this was proof that his policies were working. U.S. economy declined to new lows by 1932. Hoover tried to save bankso“Hoovervilles”oShanty towns,oReconstruction Finance CorporationoHoover tried to save banks. oCongress approved this act which provided loans to banks and to insurance companies, railroads, state governments. oThe point was to give money to the top of the economic system. Hoover believed that the money would trickle down to the bottom. oThe RFC failed to deal with the crisis, it did not produce any significant recovery. oPopular Protest oFarmers Holiday AssociationA group of farm owners established the farmers holiday association – and they began to strike. They withheld farm products from the market. The farmers movement failed. oBonus ArmyMore celebrated protest from veterans from the first world war. In 1924 congress agreed to pay these veterans a bonus stipend. That stipend would be collected in 1945. They asked congress to receive their stipend early. Hoover refused to pay off, as a result 20,000 veterans formed the bonus army. They marched on Washington D.C. in the summer of 1932. They set up a giant “hooverville” infront of the capital and they were determined not to leave until the government paid them their bonuses. They occupied abandoned federal buildings. Hoover ordered the police to clear the marchers out of those buildings. Someone opened fire and killed two veterans. Hoover called the incident “evidence of radicalism” He ordered the U.S. army to remove those veterans. Federal troops used teargas and fire and the veterans fled in terror.This was the final blow to Hoover’s battered standing. People saw him as unsympathetic to the people who were suffering. He
became the symbol of the nations failure to deal with the depression. People were convinced that Hoover was not able to deal with the crisis. The 1932 election. The republicans nominated Hoover for a second term. The democrats nominated Franklin Roosevelt. It was clear that Hoover was not going to win the election. All eyes focused on FDR. Roosevelt was a very educated man with a lot of political experience. In 1921, Roosevelt was stricken with polio. Roosevelt had initiated many programs of assistance in New York City. He was a popular governor. When it comes to national politics, he always avoided religion and prohibition.