How Did Hoover Cause The Great Depression

Life in the 1920’s was amazing, the economy was booming and new inventions came around seemingly everyday. This time period gave the world the automobile, radio, movies with sounds, and even medical advancements like penicillin. Unfortunately, all good things must come to an end; and these years of joy did on October 29, 1929. That day was marked as “Black Tuesday,” because that was the day that the stock market crashed. People in the world can dispute for hours over what truly caused the depression, but the truth is that it wasn’t just one particular thing. Many say that the stock market crash is the sole purpose, and that is correct to a point. It was the big boom and fully pushed the economy down; yet it didn’t do that alone. An economy
Unfortunately, by 1930 it seemed as if the entire nation turned against him. He believed in the policy of “laissez faire,” which meant that the government would stand by and let things resolve themselves. Hoover believed that all of the problems could be solved if people practiced rugged individualism and hard work. He also thought that the churches, states, and charities should help the people, not the government since federal aid caused the risk of people becoming lazy. In the summer of 1932, WWI veterans marched in Washington D.C. for a multitude of reasons. They were promised that in 1945, they would $1,000 for their services, but many of them wanted the bonus then. When they were denied, they set up camp in the capital; they had the luxury of doing that because they had no jobs or families, so they had all of the time in the world to wait. President Hoover decided to take action and asked General Macarthur to drive them out peacefully, however there may have been a misunderstanding. Macarthur and the army marched on the protesters with bayonets and tear gas, and then proceeded to burn their camps down. The nation was shocked at the treatment that veterans got, and even the republicans that put Hoover in office turned against him. Even so, in the fall of 1932 the republicans renominate
Not surprisingly, he wins in a landslide with 472 Roosevelt and 59 Hoover. The American people took better to Roosevelt almost immediately because he was the “perfect American.” He was born into wealth and was related to many famous characters, he also was the Student Body President at Harvard. He brought hope to American hearts by famously stating “The only thing we have to fear is fear itself.” Roosevelt took more action in the beginning of his presidency than Hoover did through the entire thing, he created the New Deal Program that called for “relief, recovery, and reform.” He created the four the day “bank holiday” that shut down every bank in the United States, the ones that were stable were allowed to reopen and the ones that were too far gone shut down for good. This reassured people that the banks that stayed open were safe and stopped people from trying to take money out. He also created the Federal Deposit Insurance Corporation, which guaranteed bank deposits of up to $5,000. He also created the Civil Works Administration, which hired too many people at certain companies to employ some people. He also created the Civilian Conservation Corps, which hired single men from 18-25 years old; they sent these men to parks, forests, and rivers to live and work there for $1 a day, and ¾ of that went back home to take care of whatever family they had. Both of these created 2.5 million jobs, even though it was