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172: Breadlines, Bank Failures, & the Bonus Army: Hoover & the Early Great Depression

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Manage episode 455749404 series 2438173
Content provided by ProfGregJackson and Prof. Greg Jackson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by ProfGregJackson and Prof. Greg Jackson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

"Too much praise cannot be given to the President for the prompt and resolute and skillful way in which he has set about reassuring the country after the financial collapse.”

This is the story of Herbert Hoover’s facing the early years of the Great Depression.

Just after the stock market crash of 1929, people aren’t expecting the worst. Most, including the experts, believe that this little downturn will blow over with time, just like past economic troubles. Avoiding the word “panic,” President Herbert Hoover comes up with a new term meant to describe how minor this downturn will be. He calls it a “depression.” He also pushes volunteerism. Congress cuts taxes. The Fed cuts the discount rate. Americans feel they are in good hands.

But national productivity keeps going down. Unemployment keeps going up. Breadlines are getting longer and a drought has hit the heartland. Then major banks start going under, both in the US and abroad. Britain goes off the gold standard. As “Hoovervilles” spread and Great War vets march to DC, Bert Hoover—the famous “Master of Emergencies”—finds himself facing an economic challenge unlike any ever faced by a president.

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222 episodes

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Manage episode 455749404 series 2438173
Content provided by ProfGregJackson and Prof. Greg Jackson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by ProfGregJackson and Prof. Greg Jackson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

"Too much praise cannot be given to the President for the prompt and resolute and skillful way in which he has set about reassuring the country after the financial collapse.”

This is the story of Herbert Hoover’s facing the early years of the Great Depression.

Just after the stock market crash of 1929, people aren’t expecting the worst. Most, including the experts, believe that this little downturn will blow over with time, just like past economic troubles. Avoiding the word “panic,” President Herbert Hoover comes up with a new term meant to describe how minor this downturn will be. He calls it a “depression.” He also pushes volunteerism. Congress cuts taxes. The Fed cuts the discount rate. Americans feel they are in good hands.

But national productivity keeps going down. Unemployment keeps going up. Breadlines are getting longer and a drought has hit the heartland. Then major banks start going under, both in the US and abroad. Britain goes off the gold standard. As “Hoovervilles” spread and Great War vets march to DC, Bert Hoover—the famous “Master of Emergencies”—finds himself facing an economic challenge unlike any ever faced by a president.

____

Connect with us on HTDSpodcast.com and

To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy

Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

  continue reading

222 episodes

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