Hoover's philosophy/Cautious stepsHerbert Hoover was the type of man who would put on a "front" so that things seemed okay. However, things were not. With the Stock Market crash, not even Hoover himself could assure the public that things were just fine and dandy. In all reality, not a single thing could reverse what had happened. Underneath that mask, Hoover was extreemly worried about the economy. He organized many meetings with the heads of the banks, railroads and many other important industries.Hoover looked to figure out the answer to this major issue. He contemplated many things that could solve it. He initially thought that he could persuade the mayors and other heads of states and cities to begin more public works. That thought didn't last very long due to the lack of money and Hoover's unwillingness to allow the government to increase the amount it spent drasticallyHis next idea was to end the suffering and to solve that huge cloud looming over the United States. Money.There just simply wasn't enough. It would be simple, he could just print more money, but that would cause inflation. So he looked for another way. He finally gave in to his stubbornness and let the government do the lending. He created the Reconstruction Finance Corporation(RFC). It's purpose was to lend large sums of money to banks, railroads, and agricultural institutions. Early in 1932, the RFC had lent nearly $238 million to about 160 banks, 60 railroads, and so on.
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Good info bur there are no pictures, personal thoughts or sources included.