President Herbert Hoover and Walter S. Gifford
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Photograph, b/w President Herbert Hoover, shown here with one of his advisors Walter H. Gifford (president of the American Telephone and Telegraph Company). As the Republican presidential nominee in 1928 Hoover said “We in America today are nearer to the final triumph over poverty than ever before in the history of any land.” Within months after his election the stock market crashed on October 29, 1929 and the United States spiraled into the Great Depression. By the end of Hoover’s term as president, in 1932, 12 to 14 million Americans were unemployed. Hoover believed that aid to the hungry and unemployed should come from local (state and county) governments and not from the federal government. On the President’s recommendation Congress established the Reconstruction Finance Corporation, on January 22, 1932, to provide indirect relief to the unemployed by lending insurance companies, banks, farm organizations, railroads, and state, county, and city governments money to stimulate economic activity and employment. He was roundly criticized for this, in spite of it being the creation of a new policy of government assistance to those in need during times of economic crisis, albeit indirect. Depression Photo Essay; The Constitution and the U.S. 16 History; 15 Economics
|University of Illinois at Urbana-Champaign|
|University of Illinois at Urbana-Champaign, University Library|
|Hoover, Herbert, 1874-1964|
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