Foreclosures Quotes
The Great Depression was afflicting the nation. Farmers and homeowners who lost jobs (over 35%) or could not sell produce at a decent price could not pay their mortgage debts and homes and farms were being foreclosed in record numbers. Veterans who had saved the nation in WWI and farmers who had fed the population were impoverished and homeless. Rankin appealed to President Herbert Hoover to place a moratorium in bank foreclosures, which not only ruined the individuals but drove down the value of real estate by throwing so much on the market at a time when few had money to buy. Hoover, an otherwise decent man and an excellent administrator, had a blind spot and would not consider having the government solve or alleviate any of these problems as he felt that this would be bad for the national character. By 1932, the voters threw Hoover out and elected Franklin Delano Roosevelt who used the power of government in new and imaginative ways, improved the economy. Profided relief, and prevented a popular revolution and many believed saved capitalism from its own excesses.
Hoovervilles were camps of people who lived in city parks or empty land. Tar paper shacks sheltered some—others lived in boxes. People had no work and no prospects of work; they had no money for rent; they just lived a meager existence as best they could under conditions that today exist only in the third world. They were named Hoovervilles for the President at the time whose ineptness and philosophy simply let things deteriorate. Republicans were critical of many of Roosevelt’s economic policies, but the president would periodically remind them and the nation of what the situation was when the Republicans last ran the country.
There was concern that there might be a housing bubble developing with consequent overpricing of houses. The bubble broke and when it did, it was sudden and dramatic with the Meltdown of 2008
