ECON 113 Chapter Notes - Chapter 2: Farm Credit System, Reconstruction Finance Corporation, Herbert Hoover
Document Summary
1916: federal land bank system is established as a network of banks to provide farm mortgages. Served as secretary of commerce under coolidge. The pledge was not enforceable and did not apply to small businesses. * note : at this point in time, the us government did not keep regular statistics on unemployment or on total economic output. 1928: hoover wins the presidency against al smith, a catholic election is cultural conflict between new york & rural us. 1930: smoot-hawley tariff raises taxes on imports to america other countries retaliate w/ more tariffs, world trade falls. 1930: republicans lose 52 seats in the house, 8 seats in the senate. 1931: federal employment stabilization board times federal spending on construction in response to unemployment. 1931: hoover declares a year-long moratorium on intergovernmental loans. 1932: reconstruction finance corporation (rfc) is created to loan money to banks. 1932: home loan banks are created to assist banks that had lent money for homeowners" mortgages.
