From The Great Crash to The Great From The Great Crash to The Great DepressionDepression

What caused the crash?What caused the crash? Take out your video notes and last night’s homework and turn to your Take out your video notes and last night’s homework and turn to your

neighbors. Generate a list here:neighbors. Generate a list here:

Hoover and the crisisHoover and the crisis

President Hoover’s approachPresident Hoover’s approach

• “Every time we find solutions outside of government, we have not only strengthened character, but we have preserved our sense of real self-government.”

• “Federal aid would be a disservice to the unemployed.”

President Herbert Hoover’s approach (cont.)

President Herbert Hoover’s approach (cont.)

• Emergency Committee for Employment (1930):

• Hawley-Smoot Tariff (1930):

• National Credit Corporation (1931):

• Revenue Act of 1932:

• By 1932, his volunteer approach had totally failed; he faced a rising tide of discontent and protest.

Hoover in 1932: too little, too lateHoover in 1932: too little, too late

• Reconstruction Finance Corporation: • Glass-Steagall Act: • Home Loan Bank Act (1932):

• Hoover became withdrawn and isolated; communicated through press releases urging self-help and local initiative, denounced proposals for an expanded federal role.

The 1932 Election: Hoover vs. FDRThe 1932 Election: Hoover vs. FDR

• Hoover renominated by Republicans• Democrats pledge to end Prohibition, help farmers with

agricultural aid programs, and balance the federal budget by cutting spending by 25%

• Franklin Delano Roosevelt, Democratic Governor of NY• Hyde Park, NY• Distant cousin of Teddy Roosevelt; married to Teddy’s

niece Eleanor• A “New Deal” for the “the forgotten man;” “bold

persistent experimentation,” “try something.”

The resultsThe results

• And the Democrats take both houses of Congress by heavy margins.