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33. Politics of Boom and Bust Pt 2: 764 -78 33. Politics of Boom and Bust Pt 2: 764 -78

President Herbert Hoover • “Hoo but Hoover? ” • Catholic, urban NY Gov. Al President Herbert Hoover • “Hoo but Hoover? ” • Catholic, urban NY Gov. Al Smith nominted by Dems • Radio? • Hoover the perfect candidate, poor, orphan, Stanford, mining engineer, small town, philanthropist • Hoover in a landslide, even in the South

Hoover as President • People should take care of themselves • Hard hit farmers Hoover as President • People should take care of themselves • Hard hit farmers offered Agricultural Marketing Act—coops, and Farm Board— loans and surplus buying • Farmers just producing too much • Hawley-Smoot Tariff raised tariffs even more, foreign govts react against American farms • More and more isolationistic nations

Crash! • Speculative bubble crating inflated “paper” profits • British increase interest rates • Crash! • Speculative bubble crating inflated “paper” profits • British increase interest rates • One scare encourages more to sell, encouraging more to sell… no buyers, prices tank • “Black Tuesday” in October • Industry failure means layoffs

Unemployment causes unemployment! • People lose their jobs • People have less money to Unemployment causes unemployment! • People lose their jobs • People have less money to spend • People buy fewer things • People lose their jobs

Why the Depression • • • Overproduction in farm and factory Money in hands Why the Depression • • • Overproduction in farm and factory Money in hands of only wealthy Overexpansion of credit Economic problems in Europe Drought

End for Hoover • Did try some programs • Received little support from Democratic End for Hoover • Did try some programs • Received little support from Democratic Congress • Looks even worse when he has to throw out the “Bonus Army” (vets looking for their bonuses taking over Wash DC

Hoover catch all • Hoover blankets, Hoover flag, Hoover meal, Hooverville • Tried Reconstruction Hoover catch all • Hoover blankets, Hoover flag, Hoover meal, Hooverville • Tried Reconstruction Finance Corporation to bring in money for companies—trickle down economics (prime the pump) • “Millionaires dole? ” • Did go for some public works projects— Hoover Dam $2. 25 billion

Foreign concerns • Japan took Manchuria • No real response from US, not a Foreign concerns • Japan took Manchuria • No real response from US, not a member of L of Nations, Stimson Doctrine said we wouldn’t recognize new possessions as Japanese • Japanese go on to bomb Shanghai • “Good Neighbor” policy, says less aggression to Latin America