Herbert hoovers reaction stock market crash

Herbert hoovers reaction stock market crash

By: doctor74 Date of post: 08.06.2017

The bottom, simply fell out of the market The streets were crammed with a mixed crowd — agonized little speculators, Where was it going to end? So were the cables, radio, and telephones to Europe and the rest of the world. Buyers were few, sometimes wholly absent This was real panic When the closing bell rang, the great bull market was dead and buried.

It was one of the worst breaks in history Then new waves of selling out of poorly margined accounts started another reaction Why not end the Depression have you not a heart Another family did not food for two days.

Then the husband went out and gathered dandelions and the family lived on them. They gave each other solace. They were loath to go home because they were indicted, as if it were their fault for being unemployed.

herbert hoovers reaction stock market crash

A jobless man was a lazy good-for-nothing These men were suffered from depression. They felt despised, they were ashamed of themselves. It was awfully cold when you opened those garage doors Never the neck or anything.

herbert hoovers reaction stock market crash

Put on our two pairs of socks on each hand and two pairs of socks on our feet, and long underwear and lace it up with Goodwill shoes. There were people living in shacks made of orange crates.

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One family with a whole lot of kids were living in a piano box. We developed a fear of the future which was very difficult to overcome. Even though I eventually went into some fairly good jobs, there was still this constant dread: It would even be harder, because you were older.

And there was a small number of people who felt the whole system was lousy. You have to change it. That should be enough to make anyone happy. Children of working age who earn meager salaries find it hard to turn over all their earnings and deny themselves even the greatest necessities and as a result, leave home.

That was in fact true, but the great losses of money, especially by speculators, caused people to stop buying things. The stoppage of purchases by large numbers of consumers put the country into the Great Depression. The lesson wqhould be constantly enforced that though the people support the Government, the Government should not support the people. No one yet knows when the present economic disaster will be brought to an end Vigor and firm leadership have been displayed by the president at times, but only to resist proposals which would have mitigated suffering but which necessarily involved an additional levy upon wealthy income taxpayers Responsibility for the failure of the federal government to provide a program for the relief of distress among millions of pour people rests squarely upon President Hoover.

The bankruptcy of his leadership in the worst economic crisis in our history reveals the tragic failure of rugged individualism and places the major cost of deflation upon those least able to bear it — the unemployed.

Hoover and the Great Depression

Well-fed people will anxiously inquire when you think the revolution is coming. They will admit in a large way that profits must be abolished and that some form of Communism might be desirable. In the next breath they may express doubt whether the Democrats can muster enough votes to defeat Mr.

Hoover for reelection, or they may they may oppose moderate reforms like unemployment insurance Most of those who really suffer from the depression are Like the Republican administration, they await nothing more drastic than the return of prosperity Revolutions are made, not by the weak, the unsuccessful, or the ignorant, but by the strong and informed. They are processes, not merely of decay and destruction, but of advance and building.

An old order does not disappear until a new order is ready to take its place. They wandered from street to street or sat in ragged groups, the men exhausted, the women with wet handkerchiefs laid over their smarting eyes, the children waking from sleep to cough and whimper from the tear gas in their lungs When threatened with forcible eviction, they answered that no American soldier would touch them: No, if any revolution results from the flight of the Bonus Army, it will come from a different source.

The army in time of peace, at the national capital, has been used against unarmed citizens — and this, with all it threatens for the future, is a revolution in itself. Let us here assembled constitute ourselves prophets of a new order of competence and courage.

This is more than a political campaign; it is a call to arms Roosevelt D-NY speech accepting the nomination of the Democrat Party to be its presidential candidate.

If it fails, admit it frankly and try another. But above all, try something. Government Responds to the Depression: Retrieved from " https: Navigation menu Personal tools Not logged in Talk Contributions Create account Log in.

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