LYCOS RETRIEVER 
Herbert Hoover: Roosevelt Corollary
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Hoover was nominated for a second term but was defeated by Franklin Delano Roosevelt in the 1932 election. This was the first election in which the Republican party did not receive a majority of the African American vote since Abraham Lincoln was elected in 1860. The trend continues to this day, with a majority of African Americans voting for the Democratic Party. Hoover began the process in which the Republicans permanently lost the black vote in every election since 1932.
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Hoover suffered a large defeat at the election, obtaining 39.7% of the popular vote to Roosevelt's 57.4%. Hoover's popular vote was reduced by 26% from his result in the 1928 election. In the electoral college he carried only a handful of Northeast states and lost 59 - 472. The Democrats ... extended their control over the U.S. House and gained control of the U.S. Senate.
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In 1932, although renominated by his party, Hoover was defeated by Democrat Franklin D. Roosevelt. His defeat was the worst suffered by an incumbent President since William Howard Taft's in 1912. In his last months in office, unemployment climbed to more than one-quarter of the work force. Banks failed in record numbers as people panicked and took their money out.
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By 1932 it seemed that Hoover had gone as far as he would in tampering with the economy. His dreary speeches were an unrelieved defense of his record, and he blamed Congress for holding up certain legislation, such as a national system of home loan banks to avoid foreclosures. On 31 October in Madison Square Garden in New York City he launched into a tirade: with no tariff, he warned, "the grass will grow in streets of a hundred cities, a thousand towns; the weeds will overrun the fields of millions of farms . . . their churches and schoolhouses will decay." Secretary of Agriculture Arthur Hyde unleashed a still more blatant appeal to fear: "If Roosevelt is elected the homes and lives of one hundred million American people might be in jeopardy."
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Hoover tried to stop the speculation, but no one listened. Privately, he tried to convince the more influential bankers to stop making loans to brokers who were recklessly encouraging speculation. His appeals to the Federal Reserve, Congress and Governor Roosevelt (to propose stiffer regulation of the New York stock exchange) went unheeded.
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The Republican party nominated Hoover for a second term in 1932, but his candidacy attracted little enthusiasm. The Democratic party nominee, Governor Franklin D. Roose- velt of New York, mounted a vigorous campaign against Hoover's economic policies, calling for a "new deal" for U.S. citizens. Roosevelt promised to balance the budget, provide relief to the unemployed, help the farmer, and repeal Prohibition. He carried forty-two of the forty-eight states.
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Roosevelt Corollary