How Did Herbert Hoover Affect The Economy

Herbert Hoover was born on August 10, 1874 in West Branch, Iowa (Leuchtenburg, 3). He was an orphan at a early age (Leuchtenburg, 3). Herbert’s dad died when he was 6 years old and his world began to crash around him (Leuchtenburg, 6). He became a part time office boy by dropping out of school (Leuchtenburg, 8). In his early life, he rejected laissez faire and he spent much of his career on solving national problems (Horwitz, 21). The thing that fired his imagination was a opportunity to meeting a mining engineer and he also drafted the student constitution as class treasurer (Leuchtenburg, 8). His early childhood wasn’t that hard. There were some signs that made him feel that he would run for president someday. Hoover held less

Prohibition was a time when alcohol was forbidden in the United States. When the stock market crashed, it was a very big issue in the economy. Many cabinet officials were very concerned about the significant unemployment rate because unemployment was on a big rise (Leuchtenburg,129). The financial system began to shutdown when the banks failed (Leuchtenburg, 130).

There were at least $1 billion withdrawn from failed banks to other places such as underneath mattresses (Leuchtenburg, 155). Many people had no choice but to be homeless. They lived in towns called Hoovervilles in various parts of the United States. There was an increase in organized crime in many areas. During the Great Depression, Hoover tried to help the country economically recover. Herbert would be port tried as the father of the New Deal by some people (Horwitz, 21). He favored the increase of inheritance taxes and government regulation of the stock market (Horwitz, 21). Hoover extended federal control over agriculture by expanding the reach of the federal farm board after the stock market crashed (Horwitz,