The Economic Landscape of Herbert Hoover's Presidency

Herbert Hoover assumed the presidency during a period of tremendous economic optimism, characterized by a booming stock market and a believe that poverty would soon be eradicated from the United States. However, this favorable situation quickly deteriorated with the onset of the Great Depression, marked by the stock market crash of October 1929, which underlined the fragility of the economy. Economists and critics had been warning about the potential for a collapse, but Hoover remained optimistic, believing that the economy would self-correct, a stance influenced by his experiences of earlier economic downturns. This belief became increasingly problematic as the realities of widespread unemployment and business failures took hold, challenging his previous assumptions about American economic resilience.