The Great Depression
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|The Great Depression
The 1920's was a period of general prosperity for many Americans but the decade ended with the most serious depression in United States history.
When Herbert Hoover (31st president) took oath into office in March 1929, trade was booming, industry was flourishing. Unemployment was low, wages were up, prices were steady and corporations were making big profits and paying fat dividends.
Before the end of Hoover's first year in office, the stock market had collapsed. The nation was beginning to slide into the worst depression in history. By the time Hoover left office in 1933, many citizens had lost faith in their business leaders. Some had begun to question the American economic system and even democracy itself.
The Roaring Twenties was an era dominated by Republican presidents: Warren Harding (1920-1923), Calvin Coolidge (1923-1929) and Herbert Hoover (1929-1933). Under their conservative economic philosophy of laissez-faire ("leave it alone"), mar...
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