After nearly a decade of optimism and prosperity, the United States took a turn for the worse on October 29, 1929 the day the stock market crashed, better known as Black Tuesday and the official beginning of the Great Depression. The downfall of the economy during the presidency of Herbert Hoover led to much comparison when his successor, Franklin D. Roosevelt, took office. Although both presidents had their share of negative feedback, it is evident that Hoover’s inaction towards the crises and Roosevelt’s later eccentric methods to simulate the economy would place FDR in the positive limelight of fixing the nation in one of its worst times.
Herbert Hoover was sworn into office when the economic status of the country stood at its highest and the nation was accustomed to a prosperous way of living. When the stock market plummeted and took its toll on the citizens from coast to coast, it was out of his control. The approach however that was taken to deal with the matter is what will ultimately separate Hoover and Roosevelt when the debates to categorize the greatest and worst presidents the nation has seen begin. Hoover was known for false promises as he would speak optimistically to his audience and never deliver. The people began to resent his words knowing they would all fall through eventually. Roosevelt in his inaugural address knew the people were tired of hearing speeches that never pulled through and only spoke with truth as he stated:
“I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly.”
Although the...
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...ession. Among many spending proposals Hoover proposed one that was notable was The Revenue Act of 1932. This increased personal income taxes noticeably, but also brought back a multiplicity of taxes that had been used during World War I.
Historians claim that Hoovers term during the depression was filled with false promises and accuse the president of doing nothing while the depression worsened. Along with worsening the debt and a fairly aggressive use of government it is clear his approach towards the situation was not the best. FDR’s approach would prove during his administration to suffice in the augmentation of the crisis. Although it seemed like a completely opposite presidency, many ideas came from his predecessor. Roosevelt’s team of advisors understood that much of what they produced and fashioned into the New Deal owed its origins to Hoover’s policies.
When “Black Tuesday” struck Wall Street on October 29th, 1929 investors traded 16 million shares on the on the New York Stock Exchange in just a day which caused billions of dollars to be lost and thousands of investors who got all their money wiped out. After the fallout of “Black Tuesday” America’s industrialized country fell down into the Great Depression which was one of the longest economic downfalls in history of the Western industrialized world. On “Black Tuesday” stock prices dropped completely. After “Black Tuesday” stock prices couldn’t get any worse or so they thought but however prices continued to drop U.S fell into the Great Depression, and by 1932 stocks were only worth about 20 percent of their value. Due to this economic downfall by 1933 almost half of America’s banks had failed. This was a major economic fallout which resulted in the Great Depression because it caused the economy to lose a lot of money and there was no way to dig themselves out of the hole of
In 1929, the stock market crashed, bringing great ruin to our country. The result, the Great Depression, was a time of hardship for everyone around the world. The economy in the US was lower than ever and people were suffering immensely. During these trying times, two presidents served- Herbert Hoover and Franklin Delano Roosevelt (F.D.R.) Both had different views on how the depression should be handled, with Hoover believing that the people could solve the issue themselves with no government involvement, and with F.D.R. believing that the government should work for their people in such difficult times.
The stock market crash of 1929 set in motion a chain of events that would plunge the United States into a deep depression. The Great Depression of the 1930's spelled the end of an era of economic prosperity during the 1920's. Herbert Hoover was the unlucky president to preside over this economic downturn, and he bore the brunt of the blame for the depression. Hoover believed the root cause of the depression was international, and he therefore believed that restoring the gold standard would ultimately drag the United States out of depression by reviving international trade. Hoover initiated many new domestic works programs aimed at creating jobs, but it seemed to have no effect as the unemployment rate continued to rise. The Democrats nominated Franklin Roosevelt as their candidate for president in 1932 against the incumbent Hoover. Roosevelt was elected in a landslide victory in part due to his platform called "The New Deal". This campaign platform was never fully explained by Roosevelt prior to his election, but it appealed to the American people as something new and different from anything Hoover was doing to ameliorate the problem. The Roosevelt administration's response to the Great Depression served to remedy some of the temporary employment problems, while drastically changing the role of the government, but failed to return the American economy to the levels of prosperity enjoyed during the 1920's.
Because of the plague known as the Great Depression, Herbert Hoover is often seen as one of the worst presidents in American history. He enacted policies such as the Hawley-Smoot Tariff that flushed America deeper into the depression. Hoover didn't understand that to solve a crisis such as a depression, he needed to interact directly with the people by using programs such as social security and welfare. Instead, Hoover had the idea that if he were to let the depression run its course, it would eventually end. There are three things that can be used to define Hoover's presidency during the depression, his actions, his mentality toward fixing things, and the fact that he helped pave the way for the “New Deal”
During the Great Depression President Herbert Hoover made a critical mistake in signing into law the Smoot-Hawley Act, which raised taxes on imports ...
The Great Depression America 1929-1941 by Robert S. McElvaine covers many topics of American history during the "Great Depression" through 1941. The topic that I have selected to compare to the text of American, Past and Present, written by Robert A. Divine, T.H. Breen, George M. Frederickson and R. Hal Williams, is Herbert Hoover, the thirty-first president of the United States and America's president during the horrible "Great Depression".
Laissez-faire ideas were considered liberal during the 1920s, but the coming of the Great Depression in 1929 altered the American view of liberalism. The American people began to view Hoover’s ideas of the ideal small government to be conservative, while Roosevelt’s progressive policies became the representation of liberalism. Therefore, it can be said that the Great Depression was a major contributing factor in changing the way in which American differentiated between liberalist and conservative beliefs. As a result of this shift in America’s perception of these policies, Roosevelt became a liberal in the eyes of the people, whereas Hoover gained the reputation of a conservative. However, these former presidents are noted for occasionally supporting similar policies.
Herbert Hoover the president at this current time believed that the government should not directly intervene in the economy and wasn't responsible for making jobs for it's people. He and other leaders believed the crisis would simply run its course and they would all be able to return to their normal lives.11 By 1932 things had not gotten any better and Hoover was replaced in an overwhelming victory by Franklin D. Roosevelt. Roosevelt took immediate action to the country’s economic problems by issuing legislation aimed at stabilizing industry and agriculture, create jobs, and stimulate recovery. He created the Federal Deposit Insurance Corporation to protect people's accounts and the Securities and Exchange Commission to regulate and prevent abuse in the stock market. He also created Tennessee Valley Authority and Works Project Administration.12 By 1939 Roosevelt's New Deal increased the GDP to $92.2 billion dollars, but unemployment was still at 17.2%. (See Table 1, U.S. GDP) (See Table 2, U.S. Unemployment Rate) But, that all changed on December 7, 1941 when Japan attacked P...
With Herbert Hoover’s Presidential term coming to a close and the election around the corner, FDR would campaign fresh and new ideas to hopefully turn the tide of the depression. FDR called for unemployment assistance, compulsory, federally administered retirement system, aid to families with dependent children, maternal and child programs, and numerous health programs (Biles). FDR also sought legislation to protect labor, assistance for farmers, a repeal of Prohibition, and a balanced budget. His campaign slogan was a “New Deal” and that is exactly what he promised the American people and in a landslide vote, Franklin D. Roosevelt won the Presidency over the incumbent Hoover. President Roosevelt would give Americans hope during his inauguration speech, “This nation asks for action, and action now. Our greatest primary task is to put people to work. I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require.” President Roosevelt immediately established his relationship with Congress in order to quickly get America back on track and reverse the depression. Together they would implement many expensive social and economic programs with some that are still in effect
Unlike Roosevelt, Hoover believed if the government were to control businesses and directly interfere with the citizen’s money, it would be steps towards socialism (“Herbert Hoover on the Great Depression,” n.p.). By voting for Hoover, it would keep the government from intervening with businesses. To persuade others to vote for Hoover instead of Roosevelt, citizens could talk about how Roosevelt’s New Deal would prolong the recession while laissez-faire would end the Great Depression much sooner (“Criticism of Franklin D. Roosevelt,” n.p.). The last reason people could say to why Hoover would become a great President was that Hoover is trying to fix the solution in the long term instead of short term (“Herbert Hoover on the Great Depression,” n.p.). This would help because citizens would know that future generations might not need to experience the Great
When Hoover was president he believed in rugged individualism. That means Hoover wanted people help themselves without government’s help. People were at a loss of direction and depressed with the situation. But when Roosevelt becomes president he tries to get involved by creating The New Deal which gives people hope. As Roosevelt said in his speech, (Franklin Roosevelt,Only Thing We Have to Fear Is Fear Itself,March 4 1933) “Let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance”. Roosevelt explains that there is no reason to be scared because he will guide the nation out of the depression. That is why he created The New Deal, to back up his bold statement. Moreover, as the White House counsel Sam Rosenman explained, President Roosevelt and his New Deal powerfully inspired others who came to Washington to believe in the promise of a brighter future, “to begin to feel it and take part in it, to rejoice in it-- and to return it tenfold by their own confidence”. With hope of a better future people gained newly found
The Great Depression was one of the greatest challenges that the United States faced during the twentieth century. It sidelined not only the economy of America, but also that of the entire world. The Depression was unlike anything that had been seen before. It was more prolonged and influential than any economic downturn in the history of the United States. The Depression struck fear in the government and the American people because it was so different. Calvin Coolidge even said, "In other periods of depression, it has always been possible to see some things which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope—nothing of man." People were scared and did not know what to do to address the looming economic crash. As a result of the Depression’s seriousness and severity, it took unconventional methods to fix the economy and get it going again. Franklin D. Roosevelt and his administration had to think outside the box to fix the economy. The administration changed the role of the government in the lives of the people, the economy, and the world. As a result of the abnormal nature of the Depression, the FDR administration had to experiment with different programs and approaches to the issue, as stated by William Lloyd Garrison when he describes the new deal as both assisting and slowing the recovery. Some of the programs, such as the FDIC and works programs, were successful; however, others like the NIRA did little to address the economic issue. Additionally, the FDR administration also created a role for the federal government in the everyday lives of the American people by providing jobs through the works program and establishing the precedent of Social Security...
As Document A suggests, Hoover did not want to be considered completely laissez-faire. He seemed less determined to preserve the extremely capitalistic society of the 1920's which was run, often corruptly, by political machines, such as Tweed. However, the success of the American economy under the private interest beliefs of Harding and Coolidge required him to ensure that the lack of intervention ... ... middle of paper ... ...ca afloat as shown in Document D. Roosevelt immediately gained the public's favor with his liberal ideas.
Theodore Roosevelt stepped into head of office on September 19, 1901 when President William McKinley was assassinated. He was the youngest man to become president. His motto was “speak softly but carry a big stick.” President Roosevelt would come into power offering America the square deal. He would take the power away from the industrialists as he controlled big business from the White House. He would soon become known as a TrustBuster. Roosevelt used American power for American interests and was quoted as saying, “I am an American first and last. “ Although some historians argue that Roosevelt acted like a six-year-old throughout his presidency and that he didn’t think things through, ie “he thought with his hips”, one can admire the tremendous leadership qualities that Teddy Roosevelt had. First, he was a very bold man who graduated magna cum laude from Harvard. The average citizen was aware of what a “positive, warm and tough, authoritative and funny” president that they had leading them. His leadership qualities stemmed from his time as a New York state Assembly man, a deputy sheriff, a ...
Because the economy was doing so well during the “Roaring 20s”, there wasn’t much of a dispute over this type of leadership. While President Hoover kept that same mindset in his approach to economic recovery, his successor President Franklin Delano Roosevelt took a completely different and pragmatic approach, willing to think outside of what was accepted at the time. President Hoover continually reminded Americans that things would get better if they kept working hard and pushed through. “Franklin D. Roosevelt introduced programs between 1933 and 1938, designed to help America pull out of the Great Depression by addressing high rates of unemployment and poverty. An array of services, regulations, and subsidies were introduced by FDR and Congress, including widespread work creation programs.