Herbert Clark
Hoover to
Franklin D. R
oosevelt
Group 1 : names
1929 Stock Crash
The Black Tuesday
Dust Bowl
Bank Run
Hoover and the Great
Depression
Herbert
Hoover
1929-1933
6 months after election the stock market crashed
= worst depression in American History
The Great Depression
On October 29, 1929, the Stock Market crashed, bringing the post-war decade of
unrivaled prosperity, largely fed by the emergence of the consumer economy, to
an abrupt end.
While the causes of the Depression were primarily rooted in the structure of the
American economy, Hoover, following conservative economic thinking, believed
that economic matters were best left to the markets to sort out and, as a result,
favored a minimal governmental response, largely centered on trickle down
theory, to the growing crisis.
Hoover Struggles with the Depression
Philosophy:
Hoover opposed any form
of federal welfare, or direct
relief to the needy.
Handouts would weaken a
persons moral fiber.
Relief, he thought, should
come from private
organizations.
Hoovers philosophy
angered and frustrated
many suffering Americans.
Who did Hoover try to help?
By helping the wealthy and businesses, it was
believed that financial health would trickle down
to help people at the bottom
Known as Trickle Down Economics
This theory did not work. Businesses used
the extra money to improve their businesses
instead of helping the workers.
Who did Hoover try to help?
Hawley-Smoot
Tarif
Highest protective tariff in the
U.S.
Designed to protect American
farmers and business from
foreign competition.
It had the opposite effect
world trade fell 40%
Who did Hoover try to help?
Reconstruction
Finance
Corporation
$2 billion for emergency financing for
banks, life insurance companies,
railroads and other large businesses.
Believed the $ would trickle-down to
the average citizen through job growth
and higher wages.
Anti-Hoover
Sentiment
Americans grew more and more frustrated by the depression as time passed
Farmers burned their crops rather than sell it at a loss
As an insult to the president, shantytowns were dubbed Hoovervilles, and newspapers that were used to keep warm were
called Hoover Blankets.
Hoover, who was once seen as a humanitarian, was now seen as a cold and heartless leader.
The Bonus Army
In 1932, thousands of WWI veterans marched into
Washington D.C. demanding their bonuses
The bonuses were not to be paid off until 1945, but they
wanted their bonuses immediately
The Patman Bill would have given the army their
bonuses immediately; it did not pass
Hoover decided to forcibly remove the war veterans by
using tear gas
Many people were injured, several killed
Hoovers Legacy
Hoover could not effectively deal with the Depression.
He was viewed as uncaring and unsympathetic towards the
sufferings of Americans
This would eventually lead to his losing the election of 1932
to Franklin Delano Roosevelt
Franklin
Delano
Roosevelt
1933-1945
The Rise of
FDR
1910 Senator
Assistant Secretary of
the Navy
1921 Stricken with
Polio and became
paralyzed
1928 Governor of New
York
Roosevelt Becomes President
Hoovers often tepid
response to the Great
Depression likely cost him
any chance of reelection in
1932.
As it was, Franklin Delano
Roosevelt, the charismatic
and confident former
Governor of New York,
appeared to be far more
energetic and capable than
Hoover.
Roosevelts First Inaugural
Address was hailed as a
landmark in American
oration.
Roosevelt quickly set upon
a course of active
The New Deal: What was it?
Roosevelts plan for fixing the
Great Depression:
The New Deal
Focus on helping
Americans by offering
the 3 Rs
Relief
Recovery
Reform
Relief
The government will give
direct help or relief to
those who are suffering
May be food, clothing,
shelter
Recovery
The government will provide jobs to help
Americans recover from the Depression
Reform
The government
will regulate
(make rules) for
business
No more laissez
faire
The New Deal Plan set up
Emergency Banking ActFederal Deposit Insurance
Corporation- FDIC
Securities and Exchange
Commission (SEC)
Agriculture Adjustment
Administration (AAA)
Tennessee Valley Authority
(TVA)
Fed Emergency Relief AdminFERA
Civil Works Administration
(CWA)
Civilian Conservation Corps
(CCC)
Works Progress Administration
(WPA)
Indian Reorganization Act of
1934
Farm Security Admin (FSA)
Nationals Labor Relations Act
Fair Labor Standards Act 1938
Social Security Act
National Industrial Recovery
Act (NIRA)
Public Works Admin (PWA)
Listen to speech;
Roosevelt
s Actions
1.
Gave Fireside Chats to calm people over the
depression
2.
Hired the best thinkers/problem solvers to fix the
Depression (Brain Trust)
The Bank Holiday
On March 5--the day after being sworn into office--Roosevelt
stepped into the breach and declared a "bank holiday," which,
for four days forced the closure of the nation's banks and
halted all financial transactions.
The "holiday" not only helped stem the frantic run on banks,
but gave Roosevelt time to push the Emergency Banking Act
through the legislative chain.
Passed by Congress on March 9, the act handed the president a
far-reaching grip over bank dealings and "foreign transactions."
The legislation also paved the path for solvent banks to resume
business as early as March 10.
Three short days later nearly 1,000 banks were up and running
again
Thank You
Team Members :
Reema Behra
Rituraj Gautam
Sangeeta Baruah
Prasanna
Shashank Gupta
Smit Pandey
