Today was Martin Luther King Jr. Day. We continued talking about our assigned blog topics.
Hoover's Philosophy and Cautious Steps
Hoover believed in cooperation
1. Rugged Individualism: People need to fend for themselves.. government is not here to provide for you
2. Laissez-Fairre: Hands off.. government should not interfere with business (government should do very little and basically just stay out of people's lives)
3. Trickle-Down Theory: If you give money to the rich people (through tax breaks etc) eventually it will help out everyone else.. give money to businesses then it will provide them with more income and then they will provide more jobs for people and therefore help people out
Hoover felt sorry for the people.. truly believed that government would get better on its own and just to wait it out.. didn't work.. people wanted change
Boulder Dam Project
Creates jobs
Name changed to Hoover Dam
Located by Boulder Canyon.. by Vegas
Provides a lot of electricity
Prevented flooding
Tourism
Responsible spending.. pays for itself in time
Democrats Win 1930 Congressional Election
After stock market crash, people lost faith in Republicans
Democrats took control of House of Rep.
Turn for the Democrats
Hoover Takes Action
Federal Farm Board-organization of farm cooperatives that would keep farms off market so prices would go up.. supply and demand
National Credit Coorperation-loaned out money to smaller banks so that they would not go bankrupt
Federal Home Loan Bank Act-tried to lower payments so people could make payments on homes and farms so they could keep them
Reconstruction Finance Cooperation-gave out 2 billion dollars to state and local goverments and big businesses and banks.. example of Trickle-Down Theory.. helped but not enough
Bonus Army
43,000 people and only 17,000 people were WW1 veterans
Were supposed to march on the white house and get cash in return ($500 pension or life insurance for serving in WW1)
Only 1 Congressman who believed they should have money now instead of 1945
Forcing WW1 veterans out with military forces
Killed 2 children and 2,000 people were injured
Negative thing toward Hoover - Made Hoover look very uncaring
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