Martin Luther King Day. Hoorah. But we still have school.
Recap: stock market stuff....
Story of the Stock Market Crash...
Banks closed because they loaned money that they never got back, so they couldnt give people their money when they came to withdraw.
presentation topics will be assigned tomorrow....
Philosophy, Cautious Steps.
hoover didnt want to help people during the great depression because he thought handing money (bailouts) to people would make them lazy. he was a rugid individualist, people should fend for themselves. republicans had lassez fair (sp?) - didnt hurt or help in the good times, so now they wont hurt or help in the bad times. be patient, ride it out.
trickle down theory- help the people at the top, they will do better, pay people better, people at the bottom will eventually do better as well. it can work well, but in times of crisis it doesnt help much since it takes a while- years. so hoover tried to help with this, but since it took a long time, people didnt like hoover, thought he didnt care, when he really did.
Boulder Dam Project-
there were lots of dam projects in the 1930s.
was originally called the boulder dam, since it was near the town of boulder, and boulder canyon, around the area of las vegas. renamed the Hoover Dam in honor of pres hoover in the dedication speech, because it was all his idea, the dam projects. it provides lots of electricity and jobs, prevents flooding, provides tourism and irrigation, and is a shortcut across the lake.
National Credit Corperation-
loaned money to banks to prevent them from closing.
federal home loan bank act- lowered mortgage rates for homes, so farmers could keep their homes and farms. very importatn
reconstruction finance corperation- 2billion dolloars could be loaned to state and local governemtns and big businesses and such- they loaned 8.5 million within the first 5 months and everything was still failing. this is an example of trickle down theory.
these are all things hoover did to try and help. it was too little too late for hoover to be reelected by this point.
43000 people and only 17000 were WW1 veterans,, led by an ex-army sergeant. they got certificates after WW1 that could be redeemed later than they were needed. they needed money now, and so they wanted to storm the white house.
they were to be given $500 and life insurance in 1945. that was way to late, because they needed money in the great depression. only one person in the white house agreed with the veterans. lots of people stayed to protest after hoover told them to go home. then police came and chased them away using tear gas and weapons, etc. viewed horrible, obviouly. 2 children were killed.
hoover at first welcomed the veterans, supplying water and tents. as soon as congress said no to their demands, he told them to leave and most did go home, but for the few that had to be forced away....
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