Herbert Hoover won the U.S. Presidency under a campaign of optimism and hope. He promised that Americans would continue to enjoy the same level of prosperity they have since the end of the Great War. Yet, it seems fate had other plans for the great President Hoover as the stock market experienced a massive crash in October 1929, barely seven months since he was sworn into office.
It heralded what later came to be known as the Great Depression. The American economy spiraled out of control into the very depths of the global capitalist crisis. As banks and businesses went belly-up all over the country, more and more Americans were introduced to the horrors of unemployment. During the period of 1929 to 1932, the unemployment rates rose from a mere 3 percent to a ghastly 23 percent.
Needless to say, the country was in shambles as millions not only lost their jobs but their homes and life savings as well. It even came to a point when shantytowns became a normal part of the American landscape. Its residents called these slums Hoovervilles in honor of the President himself.
Sadly, this is what most people know about the great leader that is President Herbert Hoover.