Hoover's Policies During the Great Depression

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What were Hoover's fundamental beliefs?
Self-reliance and "American individualism"
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In what year was the Agricultural Marketing Act?
1929
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What did the Agricultural Marketing Act do?
Established "stabilisation corporations" with funds of $500 million to buy, store and dispose of farm surpluses in an orderly way.
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By 1932, what was the world price of wheat?
Between 30 cents and 39 cents
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What was the result of Hoover's constant public hopefulness?
He gradually lost all credibility.
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When was the Hawley-Smoot tariff?
June 1930
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What did the Hawley-Smoot tariff do?
Set average duties of 40% on both agricultural and industrial items.
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What did the Hawley-Smoot tariff lead to?
Most European countries abandoning free trade and even American goods being exported overseas.
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When Germany announced the suspension of payments, what did Hoover fear and thus do?
Hoover feared the French would start a war, and so on 21 June 1931 Hoover announced the USA would postpone the collection of debts for 18 months if other countries would do the same.
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What did Hoover initially hope to do?
To persuade business men and state governments to continue as if there was no depression.
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When was the National Credit Corporation set up?
October 1931
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What did the National Credit Corporation hope to do?
Help failing banks survive.
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How much did Hoover secure from Congress to help various agencies provide relief for the unemployed?
$500 million
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What did he set up to help the agencies organise their efforts?
President's Emergency Committee for Employment.
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When was the Federal Home Loan Bank Act passed?
July 1932.
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What did the Federal Home Loan Bank Act intend to do?
Save mortgages by making credit easier.
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When was the Reconstruction Finance Corporation established?
January 1932
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What did the RFC have authority to do?
To lend up to $2 billion to rescue banks, insurance companies, railroads and construction companies in distress.
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What did the Emergency Relief and Construction Act give authorisation for?
To lend up to %1.5 billion to states to finance public works.
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How would a state be eligible for a loan from the Emergency Relief and Construction Act?
A state would have to declare bankruptcy and the works undertaken had to produce revenues that would eventually pay off the loans.
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When was the veteran's "bonus" supposed to be paid in full?
1945
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What was the name of the General that shifted the squatters and how did he do it?
General Douglas MacArthur. He used tanks and infantry and later used tear gas to disperse them.
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Card 2

Front

In what year was the Agricultural Marketing Act?

Back

1929

Card 3

Front

What did the Agricultural Marketing Act do?

Back

Preview of the front of card 3

Card 4

Front

By 1932, what was the world price of wheat?

Back

Preview of the front of card 4

Card 5

Front

What was the result of Hoover's constant public hopefulness?

Back

Preview of the front of card 5
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