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By the end of 1930, more than 4 million workers in the U.S. were jobless; two years later the figure ad about tripled. Hungry and despairing workers pounded pavements in search of nonexistent jobs.
President Herbert Hoover (1929-1933) Hoover - with faith in the efficiency of the industrial machine, which itself was undamaged by depression - would attempt to encourage the public by issuing optimistic statements, which often were followed by a fresh decline. As the depression nightmare steadily worsened, relief by local governments agencies broke down. Hoover was finally forced to turn reluctantly from his doctrine of log-cabin individualism and accept the proposition that the welfare of the people in a nationwide catastrophe is a direct concern of the national government. He then worked out a compromise between the old hands-off philosophy and the “soul-destroying” direct dole then being used in England. He would assist the hard-pressed railroads, banks, and rural credit corporations, in the hope that if financial health were restore at the top of the economic pyramid, unemployment would be relieved at the bottom on a trickle-down basis. At last he recommended that congress vote immense sums for useful public works. Though at heart an anti-spender, he secured from congress appropriations totaling $2.25 billion for such projects.
What Caused the Great Depression? One basic explanation was agricultural and industrial overproduction. America was able to produce quicker than she could consume, meaning too much money was going into the hands of a few wealthy people and not into salaries.
Mellon pulled the whistle, Hoover rang the bell Wall Street gave the signal And the country went to hell
The Great Crash Particularly triggered b the British who raised their interest rates in an effort to bring back capital lured abroad by American investments. Foreign investors and war domestic speculators began to dump their "insecurities." Tension built up to the panicky “Black Tuesday” of October 29,1929 when 16,410,030 shares overstocks were sold in a save-who-may scramble.
1929
The Great Depression
1930
President Herbert Hoover Hoover - with faith in the efficiency of the industrial machine, which itself was undamaged by depression - would attempt to encourage the public by issuing optimistic statements, which often were followed by a fresh decline. As the depression nightmare steadily worsened, relief by local governments agencies broke down. Hoover was finally forced to turn reluctantly from his doctrine of log-cabin individualism and accept the proposition that the welfare of the people in a nationwide catastrophe is a direct concern of the national government. He then worked out a compromise between the old hands-off philosophy and the “soul-destroying” direct dole then being used in England. He would assist the hard-pressed railroads, banks, and rural credit corporations, in the hope that if financial health were restore at the top of the economic pyramid, unemployment would be relieved at the bottom on a trickle-down basis. At last he recommended that congress vote immense sums for useful public works. Though at heart an anti-spender, he secured from congress appropriations totaling $2.25 billion for such projects.
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![depression[1]](http://im.glogster.com/media/1/3/62/22/3622246.gif "depression[1]")
![Gold[1]](http://im.glogster.com/media/2/3/63/83/3638316.jpg "Gold[1]")