Global Recession: Causes, Consequences, Fixes, Part 3

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The uncommon man, possibly the greatest humanitarian of all times and master of emergencies, Herbert Hoover, yet, seriously failed in biggest emergency, great depression. Great depression was an aftermath of World war 1. Most of the precious resources, around the world, were being dumped in paying the war debts. Hoover finally realized this dilemma, but, too late. Accepted by himself, as his biggest mistake, by the time he suspended the debt payments, world was already being engulfed by the greatest disaster known as great depression.
Please, refer to the SquidWho lens, Who is President Herbert Hoover | 31st United States President | The Great Depression. It states:
“Herbert Hoover | American President | The Great Depression | Held office for less than eight months when the stock market crashed in 1929 and the United States faced the Great Depression.”
“Herbert Clark Hoover (August 10, 1874 – October 20, 1964), the thirty-first President of the United States (1929-1933), was a world-famous mining engineer and humanitarian administrator.”
“The economy was put to the test with the onset of the Great Depression in the United States in 1929.”
“Together government and business actually spent more in the first half of 1930 than the previous year.”
“In 1930, although he had opposed its passage, Hoover signed the Smoot-Hawley Tariff Act, which raised tariffs on over 20,000 dutiable items, despite the protests of economists.”
“Also, between 1930-1932, some 5,100 banks alone in those two years failed as panicked depositors withdrew their funds. Those losses amounted to $3.2 billion.”
“Hoover’s stance on the economy was based on volunteerism.”
“In June 1931, to deal with a very serious banking collapse in Vienna that threatened to cause a worldwide financial meltdown, Hoover issued the Hoover Moratorium that called for a one-year halt in reparations payments by Germany to France and in the payment of Allied war debts to the United States.”

Please, refer to the article Herbert Hoover on conservapedia.com. It mentiones:
“Herbert Clark Hoover[1] was the 31st President of the United States of America 1929-33, a “big-government Republican”[2] whose economic policies accelerated the collapse of the U.S. economy into the Great Depression.”
“Hoover, building a world reputation as a humanitarian for his successful efforts to prevent starvation in Europe in the wake of World War I, and his remarkable leadership of the business community as Secretary of Commerce (1921-28), was the major political leader of the Progressive Era in the 1920s.”
“Hoover turned the 1929 stock market crash into an international economic disaster.”
“The Hoover interventions include: expanded public works, greater government control over agriculture, the Smoot-Hawley tariff, a virtual end to immigration, government loans for construction and other businesses.”
“Hoover, much like FDR, was skeptical about free markets.”
“Hoover came from an old Swiss family named Huber.”
“In 1885, when “Bert” Hoover was 11, he was sent to the small town of Newberg, Oregon to be cared for by his uncle John Minthorn.”
“At a young age, Hoover was self-reliant and ambitious.”
“In 1891, Hoover entered the new Stanford University in California.”
“Hoover majored in geology, studying with Professor John Casper Branner, who helped him get summer jobs mapping terrain in Arkansas and Colorado.”
“After graduating in 1895 Hoover worked as a clerk with a San Francisco consulting firm of Louis Janin.”
“Hoover arrived in Albany, Western Australia, in May 1897, and designed mining operations, ordering equipment, and examining new prospects.”
“In 1899 Bewick, Moering sent Hoover to supervise coal mines in China.”
“Between 1907 and 1912, Hoover and his wife translated of one of the earliest printed technical treatises: Georg Agricola’s De re metallica, originally published in 1556.”
“Bored with making money, the Quaker side of Hoover yearned to be of service to others.”
“Belgium faced a food crisis after being invaded by Germany in fall 1914.”
“After the United States entered the war in April 1917, President Woodrow Wilson appointed Hoover head of the American Food Administration, with headquarters in Washington.”
“After war ended in late 1918, Hoover, a member of the Supreme Economic Council and head of the American Relief Administration, organized shipments of food for millions of starving people in Central Europe.”
“During this time, Hoover realized that he was in a unique position to collect information about the Great War and its aftermath.”
“By 1920 both parties considered Hoover for president.”
“As secretary (and later as President), Hoover revolutionized the relations between business and government.”
“Many of Hoover’s efforts as Commerce Secretary centered on the elimination of waste and the increase of efficiency in business and industry.”
“Hoover’s “Own Your Own Home” campaign was a collaboration with organizations working to promote ownership of single-family dwellings, including the Better Houses in America movement, the Architects’ Small House Service Bureau, and the Home Modernizing Bureau.”
“Among Hoover’s other successes were the radio conferences, which played a key role in the early organization, development and regulation of radio broadcasting.”
“As the new air transport industry developed, Hoover held a conference on aviation to promote codes and regulations.”
“He became president of the American Child Health Organization, and he raised private funds to promote health education in schools and communities. ”
“In the spring of 1927, the Great Mississippi Flood broke the banks and levees and flooded millions of acres on which people lived.”
“Coolidge stunned the nation with 12 words announcing he did not choose to run again in 1928.”
“Hoover’s reputation, experience, and popularity together, along with the GOP record of peace and prosperity, made him the overwhelming favorite, especially since the Democrats were deeply split north and south over prohibition.”
“Hoover later came under sustained and intense attack that he did nothing to reverse the depression.”
“Hoover in late 1930 created The President’s Emergency Committee on Employment (PECE), as unemployment reached 11%.[6]”
“In early 1931 Hoover signed the Wagner-Graham Stabilization Act, which set up the Federal Stabilization Board to initiate public works such as dams and highways.”
“Hoover had played a major role in creating the long-term (20-year) mortgage in the 1920s.”
“The most successful Hoover program–one that continued under FDR–was the Reconstruction Finance Corporation, proposed by Hoover and created by Congress in early 1932.”

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Read our articles Global Recession: Causes, Consequences, Fixes, Part 2 and Global Recession: Causes, Consequences, Fixes, Part 4

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