How Did Hoover React To The Great Depression

The United States of America went under a tremendously bad depression in the year 1929 however before this great depression, America was booming in economy and lifestyle under the former president of the United States, Calvin Coolidge. He was given the credit for such a booming economy with no visible crisis aboard in the year 1924. Fastforward 6 years later when Herbert Hoover re elected in 1928, it was under his presidency in which a great depression hit the United States of America. His failure to keep America booming came when the Wall street crash came about in 1929 triggering the depression causing exposure within the economy and businesses handling. The Depression of the 1930's was triggered by the overabundance and production of goods caused by businesses into an economic realm that already had terrible
The day in which grief struck is referred to as Black Tuesday, the day when the stock market crashed. That marked the date when the Great Depression officially started. The stock market prices crashed in such a way that there was no reality in which they will be able to rise again. A long period of panic and fear struck the United States and there was a recession in terms of stock prices. Many people tried as they could to sell their stock, but no one was ready to buy because of their bankruptcy. “The stock market that had for long been viewed as a path to wealth and richness was now a sure path to bankruptcy (Erickson).” The crash of the market was just but the start of this Depression. The aftercause it had was not favorable to the clients whose revenue and income had already been in the market for investment. It was also considered to be a double jeopardy game because as the clients lost their money, the banks were forced to close down. This was due to the fact that both the clients and banks directly relied on the stock