25 06 The Failure of Hoover

Hoover had been elected as a national hero during the war he had organized the food administration to make sure everybody ain’t you did a great job he was very good at this he was an energetic positive man and he talked a lot about endless prosperity hoover had believed that we had solved the problems of the economy and and we will just continue to get more more

Prosperous forever maneuver was unable to understand or adjust his worldview to the realities of the great depression whoever of course dr. president 1928 inaugurated in 1929 he focused on exuding confidence he he really believed that if we told our videos okay we restored confidence that could solve the economy he relied on voluntary cooperation hoover to not believe

The government had the right to tell businesses to do much of anything so he would he would ask them to do things which they wouldn’t do he begged manufacturers not to cut production or lay off workers which actually was was a not entirely that good idea to begin with because one of the problems was over production he begged unions not to go on strike although

He didn’t actually stop them he did launch a 423 million-dollar jobs program in the a state and local governments to chip in to help it didn’t require them to and because they weren’t bringing a lot of tax revenue if they didn’t help as the economy got worse he scaled back and focused on balancing the budget which is really a terrible idea an economic downturn

Politicians can’t seem to figure that out but as we’re going to find out in the new deal that’s not a good idea during an economic downturn good idea generally but not not then in april of 1929 the agricultural market dak prompt up farm prices and gives federal funds to cooperatives and corporations so they can buy the excess agricultural production which will

Keep farm prices up and keep farmers in business the holly smoot tariff is passed out farm prices as well putting a tariff on imported foods both of these failed to prop up farm prices they continue to collapse in 1930 the democrats went big in the congressional elections and hoover is personally blamed for the collapses it’s a mover is almost uniquely associated

With a disaster in american history simply for being president uh yeah which to be honest only came along a few months after he was inaugurated he it wasn’t really that much as fault he hoovervilles uh is the name that people are going to give to these shanty towns that arise that the people can’t find work where the unemployed lived these people are basically

Homeless living in these shanty houses hoover flags that’s a term that it means empty pockets so if you pulled your pockets out so you could see the white of your pockets and show that you have nothing in them that’s a hoover flag the economy does begin to recover and early 1931 hoover declares the the economic crisis is over he says he solved the problem but an

International collapse is going to come along in late nineteen thirty one that is going to send the economy into a much deeper depression i incidentally this international collapse goes back a lot to our tariff policies and our refusal to renegotiate the debt so this is also kind of a certainly republican economic policies played a role in that in this humiliate

Hoover he had been going around all summer telling everybody that the crisis was over and by december of 1931 whoever agrees to a democratic proposal to prop up the banks in to halt foreclosures in january of 1932 the reconstruction finance corporation provides loans to start struggling in businesses and businesses and banks there’s about a billion and a half

Dollars in loans so hoover is essentially trying some of the things that that roosevelt is going to try when he becomes president just on a very small scale the reconstruction finance corporation fails because it requires that you put up collateral in order to get the loans and these people don’t have any collateral so what ends up happening is the money goes to

Companies that are already solvent they’re already doing fine because they’re the only ones who can provide capital right and so the money goes to the largest corporations and banks and it doesn’t go to the struggling businesses that actually need them he also says that public works projects had to be self-sustaining meaning that he was only going to give money to

Public works projects they could pay for themselves so maybe a toll road or a dam or something like this and this is just way too limited approach to have any real impact the america was essentially in shock in 1930 in 1931 and doesn’t react very strongly to the depression maybe they figured it would get better quickly until 1932 in the summer of nineteen thirty

To the farmers holiday association founded in the moines iowa attempts to stop keep farm goods from going to market they’re actually trying to stop farmers from selling their goods in order to try to prop up prices but this failed back in 1924 congress had approved a thousand dollar bonus to world war 1 vets to be paid in 1945 so you served in world war one when

You were a teenager when you’re kind of retirement age ish in 1945 you get a thousand dollars in 1932 a group of world war one veteran’s got together and they asked hoover for a reduced amount of this money so they said we would not which 1945 we prefer to take a lesser amount now 20001 were one veterans who called themselves the bonus expeditionary force will

March to washington and set up camp in the national mall and here you see pictures of their camp asking hoover for this money because they can’t find jobs hoover some leave in july after congress votes the proposal down congress says you’re not going to do it but but many of them stay hoover considers them an embarrassment in a political problem and so he tells

The cops of washington dc to clear them out rocks are thrown shots are fired and two veterans are killed on the police go to remove the bonus army hoover that caused them uncontrollable violent and radical and sends in us army troops to clear the world war one veteran’s off of the national mall which is of course america’s park essentially douglas macarthur who will

Talk more about as we go along is in charge of this operation by the way a j edgar hoover and i why d eisenhower both are involved as well macarthur exceeds his orders he sends in the 3rd cavalry to infantry regiments machine gun unit in six tanks down pennsylvania avenue to attack world war one veteran’s the veterans run and macarthur instead of letting them go

Chases them burns their camp to the ground more than a hundred of our veterans are injured this will become for the people of the time the ultimate symbol of hoover’s out-of-touch pneus and his inability to deal with the national problem it destroys hoover’s reputation the image of american soldiers attacking veterans in front of the capitol united states is just

More than the american people can take

Transcribed from video
25 06 The Failure of Hoover By MrKellyatAkins