On Thursday, October 24,the stock market crashed, barely eight months after Herbert Hoover took the oath of office to begin his term as President of the United States. Hoover thought the stock crash was just part of a recession that would pass; so did many economists and business leaders.

What Did Hoover Do About The Economic Situation

Herbert Hoover would spend his entire presidency trying to ward off of what the stock market crash led to: A global economic slowdown and over-speculation brought the worst financial crisis the U. President Herbert Hoover had long been a supporter of private and public collaboration and cooperation; he felt this interaction was the best way to accomplish long-term growth that was healthy and prosperous for all.

Hoover also opposed heavy government involvement in the business world, because it would breed dependency on government and cripple self-reliance, both essential elements of a strong nation.

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Unfortunately, Hoover's ideals failed when the Great Depression put them to the test. President Herbert Hoover felt that the part of the answer to the Great Depression lay in indirect relief from the states, the private sector and "appealing for funds from outside" the government.

The Great Depression, however, worsened, demanding more government intervention, but Hoover refused to allow it, fearing a movement toward socialism.

While Hoover was supportive of giving aid to banks, what did president hoover do after the stock market crash would not approve direct government aid to the citizens. What quickly emerged in the public's eye was an uncaring man who would let the entire nation sink into starving poverty before he would release available forex kraken system deutsch money to help them.

Hoover was unsuccessful in convincing the American people that giving federal aid to citizens would be destructive in the long run, and that it would destroy the government's foundation by building deficits and social what did president hoover do after the stock market crash.

This attitude was the major element in his being defeated by Franklin Roosevelt in President Hoover's reaction to the Great Depression was strict and decisive.

While people continued best energy stocks in canada add to the bread lines and unemployed, he remained steadfast in his conviction that government should only play an indirect role in aiding the population. He searched for ways to cut corners and save money in order to maintain a balanced budget and not plunge the U.

After the stock market crash, how did President Hoover try to help the economy?

Hoover took a laissez-faire approach to the Depression, which gained him criticism from people everywhere. Americans, by the hundred thousands were homeless and desperate. They began forming "Hooverville" shanty towns in cities, bread lines worsened, people fell deeper and deeper into poverty, but Herbert Hoover would not provide direct government aid for the welfare of the people.

Herbert Hoover on the Great Depression and New Deal, – | The Gilder Lehrman Institute of American History

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Patricia Truslow, Contributor updated November 6,