Background: President Herbert Hoover was born into poverty in 1874. his parents passed away when he was at a young age, so his uncles had to raise him. His uncles were to poor to send Hoover to college, so he had to provide for himself; one of the jobs he had led to his early career of a mining engineer. He was so good at this job that he made $1 million before he was 40.

What is the Great Depression?

The Great Depression was the worst economic downfall in the history of the industrialized world.

Hoover became the 31st president in 1929, so he was unfortunate enough to be the president to deal with the great depression.

Stock Market Crash

the stock market crash happened on Thursday, October 24, 1929. 16,410,030 shares were cashed in from Buying on Margin on Black Tuesday on the New York stock, causing billions of dollars to be lost

Panic of 1929

The one-day stock market crash which

turned into the great depression.

Hoover's Response

At first, Hoover didn't pay attention; he thought it was just another routine dip in the economy, but then he passed the Smoot-Hawley Tariff Act of 1930

Due to Hoover's belief in rugged-individualism drove him to stay with laissez-faire and trusting in thrift and charity when faced with the economic crisis

Smoot-Hawley Tariff Act

The Smoot-Hawley Tariff Act put protective restrictions on foreign trade to boost american trade, but it ended up destroying businesses in america that depend on foreign trade

Reconstruction Finance Corporation

The Reconstruction Finance Corporation Made $2 billion in loans from the Federal Reserve to railroads,

insurance companies, banks, state & local

governments in 1932.