Can you please explain to me what it means by the Jacksonians favored a hands off approach to the economy?
Laissez-faire Economics
Complementing a strict construction of the Constitution, the Jacksonians generally favored a hands-off approach to the economy. The leader was William Leggett of the Locofocos in New York City. In particular, the Jacksonians opposed banks, especially the national bank, known as the Second Bank of the United States. Jackson himself got into the infamous "Bank War" with Nicholas Biddle, but was able to run the Bank of the US dry by withdrawing federal funds and putting them into "pet banks." These pet banks then would speculate on Western land (wildcat banks), and eventually the overspeculation led to the Panic of 1837.
Laissez-faire economics states that the market place, not the government, should set all standards, prices, and policies of business.
If a bank wants to make very risky investments, the proponents of laissez-faire economies state, then let them. If it goes wrong, then let the bank take the natural consequences.