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Fireside chat

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Fireside chat

My fellow Americans we are in a time of economic turmoil and lost dreams. The past administration failed to see the consequences of not taking federal action. This administration plans to bring back economic stability and hope for present and future generations.

Our former commander-in-chief, Herbert Hoover, reacted poorly to the stock market crash of 1929. He misjudged the intensity of the collapse, calling it 'a needed adjustment' and stated that by his standards, the American economy was fundamentally sound. Hoover's hands-off policy towards the economy drove our nation deeper into the depth of depression. He felt that no federal action of any kind was needed to stabilize the economy. Hoover also felt that the federal government should never supply aid of any kind to the poor, unemployed, and the hungry. His administration upheld the belief that welfare would destroy the character of the American people. Near the end of Hoover's disappointing term in office, he signed a law creating the Reconstruction Finance Corporation. This organization could loan up to 2 billion dollars to banks, insurance companies, and railroads. Hoover's last ditch attempt to help the economy was too little, too late. Our economy was in shambles and now we need someone to pick up those pieces.<...

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