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

"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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