President Herbert Hoover worked hard to rescue the American economy following the crash of the stock market in October nineteen twenty-nine. Within one month, he called the nation's business leaders to the White House. "Don't lower wages," the president told them.
Hoover called on the Federal Reserve Bank to make it easier for businesses to borrow money. He tried to provide funds to help farmers get fair prices for their crops. He pushed Congress to lower personal taxes. And above all, the president urged Americans not to lose hope in their economy or in themselves.
But it was no use. The economy was in ruins, falling faster with each passing day. The value of stocks had collapsed. Millions of workers lost their jobs. The level of industrial production in the country was less than half what it had been before the stock market crash.
Hoover's efforts were not enough to stop the growing crisis. In ever greater numbers, people called on the president to increase federal spending and provide jobs for citizens out of work.