The Stock Market Lack Of 1929: President Hoover And The Great Depression

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Recommended: Crash of 1929

The Stock Market crashed in October of 1929. In the textbook it states that, “Beginning in 1930 President Hoover assumed leadership in combating the depression with more vigor and compassion than any other executive” (Davidson, Delay, Heyrman, Lytle, Stoff, pg. 694). He requested that businesses keep wages, employment and prices at current levels. In 1930, President Hoover called for lower taxes and interest rate to strengthen the buying power of consumers. When this back fired causing an unbalanced federal budget, he changed his direction and in 1932 he agreed to raise taxes. Then he supported the Smoot-Hawley Tariff. This was to conserve the country from low-cost foreign goods. Which also back fired, causing retribution from other countries

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