President Hoover And Franklin D. Roosevelt

956 Words Oct 26th, 2015 4 Pages
During the 1920s, in the U.S. economy, stock prices were rapidly rising. Many people saw this as an opportunity to invest their money into the market, and multiply their cash. Despite warnings of a crash in the market, people kept on using their money – even taking out loans- to invest into the rapidly increasing market. Nevertheless, on October 29, 1929 the stock exchange crashed, and caused panic throughout the nation. This began an economic downturn that placed pressure on the President of the United States to fix the situation. Although both Herbert Hoover and Franklin D. Roosevelt were President during one of the hardest economic times in the nation’s history, there are many differences in the approach each President took to attempt to fix The Great Depression, which caused different changes in the economy. During Herbert Hoover’s time in the White House, is when disaster struck. Many people, at the time, believed that President Hoover was the ideal person to have in office due to his background, and knowledge of economics. President Hoover’s understanding of economics is what initially allowed him to predict that a crash in the nation’s market was inevitable; yet, did not take any actions about it because he worried that when the market went down, he would receive the blame. Nevertheless, when the market bust occurred, President Hoover did take many incentives to attempt to fix the economy. Primarily President Hoover “called on people to engage in voluntary…
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