LYCOS RETRIEVER 
Herbert Hoover: Peoples
built 278 days ago
In 1932, with 12 million people out of work and hundreds of banks failing, Hoover created the Reconstruction Finance Corporation (RFC) to extend loans to revitalize industry and to keep banks from going into bankruptcy. Congress authorized the RFC to loan up to $300 million to states for relief. Many persons viewed these actions as too little and too late.
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People then begged Hoover for some money for their families but Hoover refused to. Instead he lent over $1 billion dollars to the banks and insurance companies to help all of the people.
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When a shrill anti-Communist complained at a public meeting about what Hoover was doing, he replied, "Twenty million people are starving. Whatever their politics, they shall be fed." George Kennan later observed that the ARA "importantly aided" the revolutionary government, "not just in its economic undertakings, but in its political prestige and capacity for survival."
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