The United States and the rest of the world economy entered a sharp decline after the stock market crash.
Herbert Hoover and Franklin D. Roosevelt's views on the great depression.
- Hoover's response was quite vigorous, but it was narrow. His principal objective was to regain public trust in the financial system and the economy.
- With the Agricultural Marketing Act (1929), he did approve loans to businesspeople and farmers to help them avoid going bankrupt. However, the loans were subject to repayment.
- He advocated for temporary aid for the impoverished to be given by local and state governments rather than the federal government
- Roosevelt's call for reform was so broad that he started working right away to rebuild trust in the US economic system.
- The New Deal was the name of his initiative. A truly comprehensive endeavor at relief, recovery, and change, the New Deal.
- Roosevelt created new roles for the federal government, prioritized social welfare, and in the process, refocused national political politics.
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