During the Hoover administration, several economic warning signs appeared. Can you name them?
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Hoover rejected the Coolidge-Mellon imperative to keep federal government out of active participation in the economy (Coolidge-Mellon imperative wanted direct involvement from the federal government in economics, their interference wouldn't have been a good thing). He stressed that businesses and labor unions should work to keep the economy functioning, but the continuing deterioration of conditions forced change (those conditions were, mass firings of personnel and businesses closing down, business didn't have money to even maintain all of their workers, forget about supporting entire industries). At the end of his administration, the people were tired of the horrendous work conditions, increasingly high unemployment rates and the country was a standstill from the bank crisis. Here are some economic warning signs:
Wall Street Crash of October 1929: The bull market of the 1920s slumped sharply in October, touching off at a long slow decline that wiped out billions of dollars in paper profits.
Hawley- Smoot Tariff June 1930: Hoover ignored the protests of more than 1,000 economists and signed the highest protective tariff measure in U.S. history. Widespread reciprocation followed as other nations demonstrated their displeasure.
The Bank Crisis February 1933: Steadily deteriorating public confidence in the nation's banks reached crisis proportions shortly before Hoover left office. States attempted to slow runs on the by declaring "holidays" to provide breathing room for the threatened institutions