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The Great Depression
Hoovers response to The Great Depression
The Reconstruction Finance Corporation
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Created by
Ruby Lacey
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Cards (5)
January
1932
- first direct attempt from federal Government to help USA out of depression
$2 billion
of
taxpayer's
money to assist banks and insurance companies in financial trouble/
bankruptcy
February-March
1932 =
160
banks, 60 railroads and
18
mortgage companies were helped
Aim to
prevent
further banking collapse but failed to convince banks to lend.
FDR
continued the RFC in attempt to bring about economic recovery, when he came to power in
1933
.