Hoover's response to the depression, 1929-33

Between what years was Herbert Hoover in office for?

1929 to 1933

What were his two central beliefs?

Self-help and voluntary co-operation

Voluntarism

The use of voluntary contributions rather than government funds.

When was the Agriculture Marketing Act passed?

1929

Between 1929 and 1930, the value of international trade falls by how much?

$500 million

When did the Great Crash in share values take place?

October 1929

When was unemployment 3.2%?

October 1929

By what year did virtually every town have a ‘Hooverville’?

1930

When was the Grain Stabilisation Corporation announced?

February 1930

When did Hawley-Smoot Tariffs come into force and begin to damage international trade?

June 1930

When was there a major banking crisis?

November to December 1930

When was unemployment 8.7%?

November to December 1930

In 1931, the value of international trade falls by how much?

$1.2 billion

When did Hoover announce a moratorium on war debts?

June 1931

When did the international banking crisis start to develop?

Summer 1931

When did Britain leave the gold standard?

September 1931

When did Hoover create the President’s Organisation for Unemployment Relief?

August 1931

By when did 522 US banks collapse?

October 1931

When was the National Credit Corporation established?

November 1931

When was the Reconstruction Finance Corporation established?

January 1932

When was there a big increase in taxes to cut large Federal deficit?

January 1932

When was the Federal Home Loan Bank Act passed?

July 1932

When was the War Veterans and the ‘Bonus Army’ incident?

July 1932

When was the Emergency Relief and Construction Act passed?

Summer 1932

When Roosevelt wins against Hoover in the Presidential election in November 1932, what % of the workforce is unemployed?

23.6%

When Roosevelt takes over from Hoover in March 1933, what % of the workforce is unemployed?

24.9%

By how much did public works spending increase under Hoover from 1931 to 1932?

It doubled.

What 1932 act did Hoover sign to protect striking workers?

The Norris-La Guardia Act

How many Americans were unemployed by 1932?

13 million

By 1932, what percentage of the unemployed had been jobless for over a year?

62%

What nickname was given to the shantytowns that sprang up during the Depression?

Hoovervilles

How much money did the RFC have initially to lend?

$2 billion

What percentage of RFC loans went to banks in towns under 5,000 people?

Over 70%

What percentage of RFC loans went to the largest 7% of borrowers?

50%

Of the first $61 million allocated by the RFC, how much went to just three institutions?

$41 million

How much was the RFC authorised to loan to states under this Act?

Up to $1.5 billion

What average duty did the Hawley-Smoot Tariff impose?

40% on agricultural and industrial items

By how much did international trade fall between 1929 and 1930?

Nearly $500 million

By how much had international trade declined by 1931?

$1.2 billion

How much was allocated to the Federal Farm Board?

$500 million

How much did the Grain Stabilization Corporation pay per bushel compared to the world price?

82 cents compared to 40 cents

How much capital was pledged to the National Credit Corporation and how much was spent?

$10 million out of $500 million

How many banks failed in 1931?

2,293 — the highest of the Depression era

For how long were debt repayments postponed under the Moratorium?

18 months

In 1932, how much money did Hoover secure from Congress for relief?

$500 million

How much did Hoover allow to be loaned for drought victims in 1930–31?

$47 million (reduced from a proposed $60 million)

What was the maximum loan-to-value ratio offered by the  Federal Home Loan Bank Act?

50%

How many veterans joined the Bonus Army protest in 1932?

Nearly 20,000.