Herbert hoover during stock market crash

Herbert hoover during stock market crash

By: Delerio Date: 09.06.2017

View this item in the Collection. Most experts, including Hoover, thought the crash was part of a passing recession. By July , when the President wrote this letter to a friend, Governor Louis Emmerson of Illinois, it had become clear that excessive speculation and a worldwide economic slowdown had plunged America into the midst of a Great Depression.

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He founded government agencies, encouraged labor harmony, supported local aid for public works, fostered cooperation between government and business in order to stabilize prices, and struggled to balance the budget. As the Depression became worse, however, calls grew for increased federal intervention and spending. But Hoover refused to involve the federal government in forcing fixed prices, controlling businesses, or manipulating the value of the currency, all of which he felt were steps towards socialism.

He was inclined to give indirect aid to banks or local public works projects, but he refused to use federal money for direct aid to citizens, believing the dole would weaken public morale. Instead, he focused on volunteerism to raise money. During his reelection campaign, Hoover tried to convince Americans that the measures they were calling for might seem to help in the short term, but would be ruinous in the long run.

He was soundly defeated by Franklin D. New Deal bills supported direct federal aid, tightened government control over many industries, and eschewed volunteerism in favor of deficit spending, all in the hopes of jump starting both consumer confidence and the economy. In a letter to a friend written seven months after he left office, Hoover expressed his fears about the flurry of New Deal legislation. Hoover was correct when he predicted that the role of American government would fundamentally change because of the New Deal.

No matter what improvement there may be in our economic situation during the fall, we shall unquestionably have considerable continuance of destitution over the winter.

I am wondering if it would not be advisable for us to get the machinery of the country into earlier action than last year in order that there may be provision for funds substantially made before the winter arrives. Your organization last winter was one of the most admirable in the whole country and I had some thought that if all organizations were to begin their appeals for funds some time in October and run them over Thanksgiving we could make it more or less a national question and thereby support each state committee more effectively.

I wish again to express my appreciation for the fine courtesies we received at the hands of Mrs. Emmerson and yourself and with kind regards to you both, I am. I have compiled with your momentous wish. Your friend does not need to send an exchange. A smoking President receives enough pipes to last a life time. It is the only endowment he gets, except a troubled soul. It seems useless to discuss the situation. The country is going sour on the New Deal, despite the heroic efforts of the Press.

There is no trouble finding a large occupation in California doing nothing and conducting a detached observatory of national trends.

Yours sincerely, Herbert Hoover. Please click here to login and access this page. Click here to get a free subscription if you are a K educator or student, and here for more information on the Affiliate School Program, which provides even more benefits. Otherwise, click here for information on a paid subscription for those who are not K educators or students. Click here to start your Affiliate School application today!

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"Herbert Hoover's Tragic Presidency "

Herbert Hoover on the Great Depression and New Deal, — A primary source by Herbert Hoover View this item in the Collection. Emmerson, July 10, July 10, Confidential Hon.

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Emmerson Governor of Illinois Springfield, Ill. My dear Governor Emmerson: This, however, is just thinking aloud on the general situation and I would like your views. You better come out here! Yours sincerely, Herbert Hoover Mr. Bruce Barton Madison Avenue New York City, New York. Citation Guidelines for Online Resources. Related Site Content Essay: Defining the Twentieth Century Video Series: Essential Questions in American History Teaching Resource: Essential Questions in Teaching American History Essay: A Study in Contrasts Multimedia: Inside the Vault Video Series: Lifetimes Glossary Term — Event: The Great Depression and World War II, The Great Depression , The New Deal.

Economics , Government and Civics , Reform Movements. Roosevelt , Herbert Hoover.

herbert hoover during stock market crash

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herbert hoover during stock market crash

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