Upon his inauguration, President Hoover set forth an agenda that he hoped would continue the “Coolidge prosperity” of the previous administration. This was not the case, however, and millions of Americans sank into grinding poverty. Hoover, like many others at the time, thought and hoped that the country would right itself with limited government intervention. Multiple factors contributed to the crash, which in turn caused a consumer panic that drove the economy even further downhill, in ways that neither Hoover nor the financial industry was able to restrain. The crash, which took place less than a year after Hoover was inaugurated, was the most extreme sign of the economy’s weakness. While it is misleading to view the stock market crash of 1929 as the sole cause of the Great Depression, the dramatic events of that October did play a role in the downward spiral of the American economy. But Hoover’s moderate policies, based upon a strongly held belief in the spirit of American individualism, were not enough to stem the ever-growing problems, and the economy slipped further and further into the Great Depression. Americans hoped he would continue to lead the country through still more economic growth, and neither he nor the country was ready for the unraveling that followed. Herbert Hoover became president at a time of ongoing prosperity in the country. (credit “courthouse”: modification of work by National Oceanic and Atmospheric Administration)
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |