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Asked by: Borislava Pedrotti
business and finance financial crisisHow did Hoover try to end the Depression?
Correspondingly, what was Hoover's response to the Depression?
However, Hoover's response to the crisis was constrained by his conservative political philosophy. He believed in a limited role for government and worried that excessive federal intervention posed a threat to capitalism and individualism. He felt that assistance should be handled on a local, voluntary basis.
Hereof, what did Hoover do to stop Great Depression?
After the stock market crash, President Hoover sought to prevent panic from spreading throughout the economy. In November, he summoned business leaders to the White House and secured promises from them to maintain wages.
It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers.