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Hoover and the Great Depression

Biography · Great Depression · Big Government · Captions

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About This Video

A new history of the Great Depression is emerging. One that acknowledges the role that government played in causing and prolonging it, and the constructive role that free enterprise could have played, if it were given the chance. In this video, UCLA economist Lee Ohanian explains how Herbert Hoover, widely misunderstood as a champion of the free market, actually turned what should have just been a recession into a depression due to his mistrust of the market.

Standards Met in Ohio

  • 9-12.AG.21Grades 9th, 10th, 11th, 12thThe Federal Reserve System uses monetary tools to regulate the nation's money supply and moderate the effects of expansion and contraction in the economy.
  • 9-12.AH.19Grades 9th, 10th, 11th, 12thThe Great Depression was caused, in part, by the federal government's monetary policies, stock market speculation, and increasing consumer debt. The role of the federal government expanded as a result of the Great Depression.
  • AMG.9-12.21Grades 9th, 10th, 11th, 12thThe Federal Reserve System uses monetary tools to regulate the nation’s money supply and moderate the effects of expansion and contraction in the economy
  • AMG.9-12.21.aGrades 9th, 10th, 11th, 12thExplain the purpose of the Federal Reserve (e.g., who, what, where, and how it works; what it does).
  • AMG.9-12.21.bGrades 9th, 10th, 11th, 12thIdentify the three main functions of the Federal Reserve.
  • AMG.9-12.21.cGrades 9th, 10th, 11th, 12thMatch the Federal Reserve with its purpose.
  • AMG.9-12.21.lp.aGrades 9th, 10th, 11th, 12thUnderstand that the Federal Reserve System makes decisions that impact the economy. For example, the Federal Reserve System sets the minimum amount of money banks must keep on hand. Raising or reducing the reserve requirement influences how much money is in circulation.
  • AMG.9-12.21.lp.bGrades 9th, 10th, 11th, 12thUnderstand that the Federal Reserve System works to maintain economic stability. For instance, keeping prices from rising or falling too fast or making sure banks have enough money to pay their customers During the Great Depression many banks did not have enough money on hand.
  • AMH.9-12.19Grades 9th, 10th, 11th, 12thThe Great Depression was caused, in part, by the federal government’s monetary policies, stock-market speculation, and increasing consumer debt. The role of the federal government expanded as a result of the Great Depression.
  • AMH.9-12.19.aGrades 9th, 10th, 11th, 12thExplain one reason for the Great Depression.
  • AMH.9-12.19.bGrades 9th, 10th, 11th, 12thDescribe life during the Great Depression.
  • AMH.9-12.19.cGrades 9th, 10th, 11th, 12thIdentify the Great Depression as a time when millions of people were unemployed and had little money.
  • AMH.9-12.19.lp.aGrades 9th, 10th, 11th, 12thUnderstand that during the Great Depression the role of the federal government expanded in an effort to create jobs (e.g., government hired workers for construction projects) and regulate the economy (e.g., Federal Deposit Insurance Corporation FDIC).
  • AMH.9-12.19.lp.bGrades 9th, 10th, 11th, 12thUnderstand that prior to the Great Depression the federal government provided little regulation of the banking system, leading to high corporate and consumer debt.
  • AMH.9-12.19.lp.cGrades 9th, 10th, 11th, 12thIdentify the Great Depression as an economic crisis resulting from the lack of regulation of the economy by the federal government.
  • AMH.9-12.19.lp.eGrades 9th, 10th, 11th, 12thMap sequential events of the Great Depression (people use banks for loans and savings, stock market crashes, people lose faith in banks, people request their savings in cash, banks call back loan monies to pay out cash from savings, banks sell all assets to cover cash savings, no money to cover cash payouts, banks begin to fail, people can’t pay their bills because they can’t access their money, people lose assets, businesses fail, workers lose jobs).
  • AMH.9-12.19.lp.fGrades 9th, 10th, 11th, 12thUnderstand that prior to the Great Depression banks were independent and decided how much money to loan and to whom.