Government Reaction, 1929-33

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  • Government Reaction, 1929-33
      • he reduced taxes which mainly helped the wealthy
      • he tried to help farmers with the FFB (federal farming board), which bought surplus crops in an attempt to keep up prices. This was not enough, the farmers needed help with paying their mortgages
      • Smoot-Hawley tariff: putting heavy duties on imports to protect US industry.
      • The federal home loan bank act, passed in July 1932, was designed to stimulate home building and increase home ownership. To do this, Hoover set up twelve regional banks with a fund of $125 million to help fund discounted home loans.
      • Hoover insisted that the situation was not too serious; 'prosperity is just around the corner'. This unfounded optimism upset many struggling Americans.
      • 'rugged individualism' (one of his policies) showed little sympathy for the poor, starving Americans living in 'Hoovervilles'.
      • He refused to provide federal aid for the unemployed or support a programme to get them back to work.
      • When Americans were facing falling wages and unemployment they required support and Hoover did not deliver
      • in 1932, Hoover ordered the army to disperse the Bonus marches. The Bonus marches were veterans that were denied of their monetary bonuses due in 1945. They wanted it paid early to offset the effects of the depression. When the army tried to clear the Bonus Marchers, many were injured and 2 children were killed.


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