HY 104 Lecture Notes - Lecture 15: Herbert Hoover, Reconstruction Finance Corporation, Income Distribution
29 Aug 2016
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Herbert hoover, the great depression, and the election of 1932. Elected in 1928- he was so popular, no one could beat him. Humble background: he was an orphan from iowa. Became a civil engineer (building highway and bridges) Symbolic of the 1920s- a man from nothing, who made something of himself ; a symbol for what all americans can do. In about four years, he becomes one of the most revile americans; blamed for the depression. Causes of the great depression: agricultural overproduction. Farmers expanded over the time of the war. A tiny fraction (1/10th of 1%) of the population"s income was equal to the sum of the lowest individuals" income. A gap between how productive americans were as workers. Putting out too many products and people cannot buy because they have no money: overextension of credit. People cannot buy anymore because they have maxed out their credit: psychology of depression.
