Hoover's Philosophy/Cautious Steps-Rugged indivualism- not governments job to help poor/ people need to fend for themselves.-Laissez-fairre; government should not interfere with business, hands off.-Trickle-down Theory; Help rich with tax breaks, by helping them, it will trickle down and help everybody else.Boulder Dam ProjectLater named Hoover Dam. Located near Boulder Canyon, near Las Vegas. Named after Hoover because he really pushed for the idea. Provides electricity, jobs, water for irrigation, prevents flooding. Benefits surrounding area. Hydroelectric power; taxed electricity; government makes money.Democrats Win 1930 Congressional ElectionAfter crash, people lost faith in Republicans and wanted change, thus choosing Democrats. Democrats start taking control of more and more things.Hoover Takes ActionFederal Farm Board- Organization of farm cooperatives; told farmers not to sell their crops for awhile so prices would go up and they'd make more money. National Credit Corporation loaned money to smaller banks so they wouldn't close or go broke. Federal Home Loan Bank Act lowered mortgage rates for homeowners and allowed farmers to refinance their farms. Reconstruction Finance Corporation authorized up to 2 billion dollars to state and local governments, big businesses and banks. (TDT)Bonus Army43,000 people, only 17,000 WWI veterans. Veterans given certificates for $500 to be redeemed in 1945. They wanted it now, they needed money. They marched around the White House, Hoover used military service and tear gas to force them out.
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