Final answer:
President Herbert Hoover initially favored a hands-off approach due to his belief in rugged individualism but later implemented interventionist policies like public works expansions and the establishment of the RFC. Despite these efforts, his response to the Great Depression was widely considered inadequate, limited, and too late.
Step-by-step explanation:
President Hoover's Response to the Great Depression
President Herbert Hoover's response to the Great Depression was multi-faceted, though often characterized as insufficient and too late. Initially, Hoover held a hands-off approach, emphasizing rugged individualism and self-reliance, with a belief in minimal government intervention. However, as the economic crisis worsened, he implemented several interventionist measures.
President Hoover expanded public works programs, proposed a significant tax cut, and established the Reconstruction Finance Corporation (RFC) to issue loans to businesses in hopes of stimulating the economy. Despite these efforts, Hoover avoided direct aid to individuals, focusing on keeping financial institutions and industries afloat.
Hoover's response, given his philosophical leanings, was ultimately too limited to address the mounting economic challenges. As unemployment neared 25%, and with the impact of the Bonus Army crisis, his response efforts, such as public confidence measures and voluntary business actions, were viewed as insufficient. Crippled by his late and limited responses, Hoover's administration was seen as largely ineffective in combating the Great Depression's widespread effects.