Reconstruction Finance Corporation
What did all of those institutions have in common
All were reeling from Great Depression effects beginning in late 1929
What does the RFC represent
An attempt by Hoover to deal with the Great Depression
What was it
An effort by Congress and President Hoover to prop up banks, railroads, life insurance companies, and other financial institutions
When did it begin
Early 1932 under President Hoover
What did Hoover hope
Emergency loans from RFC would help stabilize key industries=trickling down to small businesses and bringing about an economic recovery
What did the Democrats in Congress think
It would only help rich business owners, no one on the bottom of the ladder suffering the most
Where was/is the RFC
Under FDR During the economic collapse in 2008, Bush and Obama basically did the same thing as RFC.