Is block six the great depression section 2 of hoover’s response to the section beginning with the reconstruction finance corporation hoover’s interventions in the economy in terms of public works and producer cooperatives are not working so overtakes further steps and the front of the next step that he took was known as the reconstruction finance corporation and
The rfc is a direct government intervention into the economy it provides federal money to banks insurance companies corporations it is intended to indirectly help individual citizens that if a company has more money they can hire some more workers if a insurance company has more money it can pay off its claims that if a state has more money it doesn’t have to lay
Off its teachers and its government workers the rfc is federal money given to organizations and that money is expected to trickle down to benefit individual people railroad companies state and local governments banks all get money from washington dc in an attempt to prop up and to put a foundation under the economy another thing that hoover did was he helped out
Labor he outlawed and this was the norris-laguardia anti-injunction act and that act what that did in alimony yellow dog contracts which if you remember a yellow dog contract is a contract that a worker signs promising not to join a union that norris-laguardia act outlawed companies from using yellow dog contracts and it also forbade federal courts from issuing
Injunctions to strengthen labor unions that a labor union could now strike at a federal court could not order them back to with an injunction this is an attempt before this is this gives labor or leeway and negotiations with companies but the problem was these companies were simply in no realistic position to increase wages were increased hiring they were losing
Money left and right and going out of business themselves but here is evidence ladies and gentlemen that president hoover was already involving himself and the american government in the american economy in ways that even the most progressive dreams of woodrow wilson and teddy roosevelt might not have imagined 2.5 billion dollars to public works a reconstruction
Reconstruction and finance corporation directly giving money to companies who the government thinks is deserving help for labor in terms of the ending of the practice of yellow dog contracts the courts forbidden from issuing injunctions this these are many of the same things that president roosevelt and try to do when he gets elected in 1932 it’s not working that
No degree of government intervention as the economy is sliding down 1930 1931 could help the republicans are demolished in the nineteen thirty of term elections majorities in the house are the democrats win a majority in the house the democrats win a majority in senate and the democratic party can spit the presidency and they start working against hoover any other
Of the plans that he wants to do the great engineer could not engineer economic recovery one furthest out yeah and that was the fate of herbert hoover as the nineteen thirty elections ended he’s intervening in the economy is not marking the economy continues to get worse
Transcribed from video
6 2 Reconstruction Finance Corporation By Louis Sobo
