Herbert Clark Hoover's Impact on the United States

1107 WordsJul 15, 20185 Pages
Herbert Clark Hoover was inaugurated President in March of 1929. When he became President, the country was enjoying economic prosperity. Half a year later everything would change. Hoover was born on August 10, 1974 in West Branch, Iowa. His parents were rural Quakers. His father was a blacksmith and his mother a school teacher. He studied geology and mining at Stanford University in that institutions’ first freshman class. He met a female student, Lou Henry, in his geology class, whom he later married. After college Mr. and Mrs. Hoover managed and organized mining properties in China, Africa, Europe, and Western Australia. By the time Hoover was 40 years old, he was a millionaire. In 1914, World War I breaks out. To old to fight,…show more content…
Economic laws suggested that the market worked in waves and the upward spiral could not continue. A wave of panic gripped investors. On October 23, 1929, investors dumped their stocks loosing more than four billion dollars in the market. The next day, known as Black Tuesday, the market lost another nine billion dollars. Without a money supply, no new jobs were created and many were lost. Corporations cut production, slashed wages, and reduced jobs. By 1932, more than one million people were homeless in America and by 1933 almost twenty-five percent of the work force was unemployed. Unable to pay rents or mortgages, eventually nearly six hundred thousand people lost their property. Many took to living in caves, sewer pipes, with relatives, or joined the sea of homeless people. Some sold apples on street corners - some dug through garbage bans - and others begged. Shanty towns, called Hoovervilles sprang up on abandoned land and in parks. Breadlines formed in cities. Many children had nothing to eat. Hoover felt that economic downturns were a normal part of capitalism. They weeded out unproductive firms. He, like many other businessman, opposed federal aid to the unemployed. Many political leaders at the time held the view that the government should not fiscally aid the unemployed as it would do little to spur economic recovery. Hoover, although he did not believe in financially aiding the unemployed, took unprecedented measures to deal with the

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