Even though there were major differences between how President Roosevelt and President Hoover dealt with the Great Depression, they did do some similar things. In President Hoover’s last year or so in office, He shifted from a laissez-faire, hands-off philosophy to one where the government got involved in trying to end the Great Depression.
There were three significant programs that Hoover launched to try to deal with the Great Depression. One program was called the National Credit Corporation. This program helped distressed banks make loans to their communities to try to stimulate the economy. A second program was the Reconstruction Finance Corporation. This program provided loans to businesses and groups to try to get the economy going again. Railroad companies, banks, and farming institutions were some of the groups that received these loans. Finally, the Emergency Relief and Construction Act gave direct help to people by providing them with jobs or loans. President Hoover did try to do things to end the Great Depression, especially in his last year in office.
President Hoover’s programs had similar goals to the numerous programs of President Roosevelt’s New Deal program. President Roosevelt also tried to provide direct aid to the people by creating various job creation programs such as Civil Works Administration, The Civilian Conservation Corps, and the Public Works Administration. President Roosevelt tried to help the banking industry by declaring a bank holiday and only allowing the financially strong banks to reopen. He also provided insurance for savings accounts to encourage people to put money into their bank accounts. However, Hoover’s programs weren’t enough to end the Great Depression while Roosevelt’s programs had some impact on the effects of the Great Depression.
While there were far more differences between President Hoover’s approach to deal with the Great Depression and President Roosevelt’s approach to deal with the Great Depression, there were some aspects that were similar.