social and psychological effects- suicide rates were high, many people lost a lot, people had to give p a lot of things, health care, education, etc, people helped each other a lot, very careful with money, many kept it outside of bankshoovers background- born 1874, grew up in oregon, became orphan at 9, moved around a lot with in family, never finished high school, went to stanford, meet wife in college had 2 sons, worked in china as engineer, 1900 got in trouble for treason, cabinet secretary, relief in belgiumhoovers philosophy- govt shouldnt get involved, wanted people and businesses to help each other no govt, thought if govt helped them would ruin their self worth, asked companies not to cut wages and lay people off because he thought it would help; rugged individualisn- take it upon yourself to better yourself govt wont help you; laissez-fairre- govt isnt going to get involved in business, less govt; trickle down theory- tax cuts to rich so theyll spend more money and businesses will make more and it will eventually get to middle and lower classbolder dam project- secretary of congress, dam on colorado river, pay by money electric power will produce, approvall of congress, 6 companies built it, construction started in 1931 for 5 years, hoover dam, hundreds lost lives, worlds tallest and second largest, electricity and prevents floods and irrigation, jobs for people, tourismdemocrats win 1930 congressional election- midterm election, demorats take over, blaming republicans for not doing anything and not getting them out of the depression, people were tired of this so democrats wonhoover takes action- set up farm board which help members purchase crops, national credit corporation loaned money to smaller banks so they wouldnt fold, passed various bills to help the economy, federal home loan bank act helped people be able to lower payments for homes and farms, reconstruction finance corporations allowed congress to give emergency money state and local govts then to banks then to large businesses, ex of trickle down theory
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