America's future appeared to shine brightly for most Americans when Herbert Hoover was inaugurated president in 1929. His personal qualifications and penchant for efficient planning made Hoover appear to be the right man to head the executive branch.
However, the seeds of a depression had been planted in an era of prosperity that was unevenly distributed. In particular, the depression had already sprouted on the American farm and in certain industries.
The Hoover term was just months old when the nation sustained the most ruinous business collapse in its history. The stock market crashed in the fall of 1929. On just one day, October 29, frantic traders sold off 16,400,000 shares of stock. At year's end, the government determined that investors in the market had lost some $40 billion.
Previous to the 1929 collapse, business had begun to falter. Following the crash, the United States continued to decline steadily into the most profound depression of its history. Banks failed,......
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Approximate Word Count: 2006
Approximate Pages: 8 (260 words per double-spaced page) |