Although Hoover approved all of these he thought they would lead to socialism and collectivism. Hoover was more focused on blaming inte... ... middle of paper ... ... President Hoover’s attempt to deal with the Depression and its victims seemed to fall short in the country’s eyes. His approach using his ideals and experience were not suited to fix the ever-expanding depression and it’s problems at that time. His belief of helping the wealthy and the big businesses would trickle down to the suffering people at the bottom of the economic pyramid. President Hoover followed this particular course because of his background and conservative views on how to help suffering Americans.
In addition to North America, the Depression greatly affected Europe and other various countries throughout the world significantly during the 1920’s and 1930’s. The Great Depression was caused by the collapse of the Stock Market, which happened in October of 1929. The crash exhausted about forty percent of the paper values of common stocks. It was the worst depression due to the fact that at the time of the Great Depression the government involvement in the economy was higher than it had ever been. A unique government agency had been set up exclusively to prevent depressions and their related troubles for instance bank panics.
Though the laissez-fare policy was a huge contributing factor, it could have been the sole factor for the stock exchange collapse as its policy of not interfering caused lots of problems. As a result the US went into the one of the worst economic downfalls the world has ever had. There were numerous domestic and foreign economic policies and beliefs put in place by the Republican government to try and better America. In the end most of these were causes of the depression. The government was trying to isolate America from the rest of the world so they passed the Fordney-McCumber Act (1922) and the Smoot-Hawley Act (1930), both of which imposed high import tariffs (taxes) on all good being imported into the US.
1 - Compose an essay which summarizes the root causes of the Great Depression. Then compare and contrast how Presidents Hoover and Roosevelt went about dealing with the worst economic depression in American history. What fundamental economic principles were each influenced by and cite examples of their policies. The Great Depression was quick and detrimental to the U.S. market. With the banks making loans to people to invest in stocks, when the stocks started to crash there was a large amount of panic selling causing a great many numbers of businesses that when bankrupt.
The Soviet Union destroyed Russia, but luckily the United States did not end up like that. Roosevelt’s “alphabet soup” did not help the economy in the United States. Instead, it exacerbated and prolonged the Great Depression. The National Recovery Administration and the Tennessee Valley Authority were like the French and British colonies in Africa, you invest too much money but you gain zero profit out of them. In the end, Roosevelt’s policies hurt and prolonged suffering of American people in the name of promoting his ideals.
Herbert Hoover could have been a great president in a different era, but he just happened to be very unlucky with when he was elected. Hoover may end up being one of the worst presidents in history, but when you look at it closely, he was a victim of circumstance and environment.
When the market crashed, all of these factors that were hidden by a general belief in permanent wealth and prosperous trends sent the economy into a tale spin. Many believed that the United States would decline into dissolution and little faith was placed with the current policies of Herbert Hoover’s administration. The American public desperately needed someone to guide them through the most economically debilitating period in history. They were looking for someone with a plan that would help kick start the economy and bring prosperity back to the masses. The gravity of the Great depression called for governmental reforms and programs to protect and maintain the general welfare of its citizens.
President Herbert Hoover tried to use governmental power to check the economic downfall but did so without success. Critics of Hoover claimed that his policies were too conservative and lacked imagination. His defenders maintained that, regardless of the president's efforts, the depression just had to run its course. But millions of Americans could not afford to wait for the economic system to correct itself. The depression had caused not only financial disaster but also and perhaps the most important, a loss of personal pride, status and sense of self-respect.
He was an incumbent presiding over the worst economic collapse in the nation's history. His political philosophy, while progressive, depended on voluntary actions to achieve his goals, and this voluntary approach failed to materialize during the trauma of the Depression. As a public personality, he was somewhat dour and he was uncomfortable with the business of campaigning. His notion of the role of the President was that of a facilitator who brought the parties together, encouraged partnerships, and supplied the expertise of the engineer to the social problems of a nation. The idea of the President as a powerful and inspirational leader (an idea that Franklin Roosevelt would come to embody) was foreign to him.
Taking office the same year as the Great Depression, Americas thirty first president, Herbert Hoover greatly impacted the lives of many Americans. It has been stated that the stalk market crash was to blame for the greatest economic downturn in American; however, Ex-President Hoover made critical mistakes during the depression that he would be blamed for the rest of his life. The Great Depression began in 1929, 7 months after the Ex-President’s election. (Insert cite) Instead of “using the power of the federal government to squarely address it” (I C), Hoover vetoed many bills that would help the situation, believing in volunteer help. Hoover soon became hated and thought of as heartless.