Herbert Hoover generally avoided direct federal aid to comba…
Herbert Hoover generally avoided direct federal aid to combat the Great Depression; however, late in his term, in 1932, he created the . This was designed to stimulate the American economy by providing emergency loans to banks, savings-and-loans, railroads, and private businesses. It did provide some benefits, but it was too little, too late. It also provided aid for capitalists and entrepreneurs while ignoring the needs of the downtrodden. New York City’s mayor, Fiorello LaGuardia complained that it was a “millionaire’s dole.”