President Hoover and The Great Depression

Herbert Hoover and The Great Depression Herbert Hoover was the United States 31st president and after months of him being head in office, the stock market crashed and the nation fell into “The Great Depression”. Hoover’s intentions were good because he tried to do all he could to recover the economy from it’s downfall, but he failed. His plans were to reform banking in order to provide mortgage relief. He also tried expanding public spending whilst trying the keep a balanced budget. He brought in the Reconstruction Finance Corp which was meant to help businesses and farmers, but his view on helping the poor was only that it was responsibility. Herbert Hoover wanted to reform the banking so that mortgage rates would lower down. Congress ended up passing the “Federal Home Loan Bank Act”, which was an act that lowered the costs of home ownership. This was meant to help out homeowners, as well as the farmers so they can refinance their farm loans so they could avoid the need to foreclosure. Hoover did have ambitions to want to try to help, but unfortunately the law did not prove to be highly effective because it ended up only loaning money to the people who did not need it. The rich were getting richer while the poor was remaining poor, which made Hoover be seen as the man that caused the nations downfall to worsen. Herbert Hoover’s response to the great depression was that there was technical solutions to all the problems communal as well as an economic problem. He tried to encounter the great depression by creating new programs. All of the programs ended up failing because the Congress party and himself failed to recognize the devastating consequences of acts liek the Tariff Act that would cause negative effects. The acts and programs they were trying to pass all started the chain of global bank failures. He tried dealing with it in a way where he believed new reforms would help but they did not. Hoover’s most ambitious measure in order to elevate