President Herbert Hoover
President from 1928-1932
Herbert Hoover was President of the United States from 1928 to 1932, serving one term during the Great Depression, with philosophies that are infamous for contributing to the downfall of the economy. He believed in laissez faire, meaning leave businesses and the economy alone; the government should not interfere with them. His second philosophy was "rugged individualism," which kept the government from getting involved in citizens economic issues. In 1930, he stated: "I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering...The lesson should be constantly enforced that though the people support the government, the government should not support the people." During the economic crisis in America, he did not think that the government should assist people who had lost their jobs, lost their savings when the banks failed, or could not afford medical services and food. However, farther into the crisis, Hoover supported a few government programs meant to help failing banks and the economy. The "Reconstruction Finance Corporation" (RFC) was one of the largest programs that gave loans to banks, large businesses, and insurance companies. He believed that money from these programs would eventually land with struggling Americans, but his small attempts to better the economy did not work in the end.
Famous Quotations from President Herbert Hoover"Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves."
- This quote supports Hoover's belief in Rugged Individualism - citizens should not rely on the government to help them in times when they need financial assistance, but they should "heal economic wounds" themselves. "It is just as important that business keep out of government as that government keep out of business." - This quote supports the laissez faire philosophy, where the government should not interfere with businesses and the economy. "I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering...The lesson should be constantly enforced that though the people support the government, the government should not support the people." -Herbert Hoover had a strong belief in rugged individualism, so he thought that the government should have no involvement in the financial needs or issues that United States citizens face. |