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What Are The Similarities Between The Great Depression And Herbert Hoover

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Herbert Hoover was and Andrew Mellon had different ways about dealing with the Great Depression than the ways Franklin Delano Roosevelt (FDR) and John Keynes did. Mostly with the role the government played throughout the devastating event.
The Great Depression was caused by the results of World War I and the stock market crash on October 24, 1929 under Herbert Hoover’s presidency. The stock market was the way to become rich, but quickly became the path to bankruptcy after the crash. In which, millions of Americans were unemployed because The Great Depression caused them to lose their jobs and their source of income. So when people tried to sell their stock, but no one was buying. And that made the economy worse because one person's spending is another’s income.
The Conservatives, Herbert Hoover and Andrew Mellon, believed in self-reliance, individual responsibility, and personal liberty, also known as “rugged individualism.” These conservatives wanted the least amount of government efforts to improve the economy’s stability because Hoover was afraid that “federal relief would undermine self-reliance and encourage people to become more dependent on government handouts.” With the The Great Depression worsening, the unemployment rates kept increasing as …show more content…

He first went with voluntary cooperated by persuading owners of healthy banks to loan money to the suffering banks. However, that did not work, so he modified his policy by supporting a government agency called the Reconstruction Finance Corporation (RFC), government loans to big businesses such as banks and railroad companies. This act/program made the bank failures to decline. Hoover knew he had to do more when the presidential election came up. So he then went more towards the government help by signing the bill that authorized the RFC to loan money to states who needed more resources for the needy and financial help of public work

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