Herbert Hoover Was The Main Cause Of The Great Depression

The Great Depression was a huge economic downfall in North America and involved many other industrialized countries of the world. The Depression began in 1929, and lasted for about ten years. President Hoover was in office as president of the United States at the time. The United States economy first went into an economic recession. The recession and then the Stock Market crash in 1929 caused a major worldwide economic downturn. Millions of people lost their jobs, as well as many businesses went bankrupt and had to close their doors. The Great Depression was the worst economic crisis in United States History, as it also left millions homeless and unable to feed their families. Average Americans, financial institutions, and the government were largely to blame for the start of the crisis. Another large factor contributing towards The Great Depression was the stock market, that bought and sold shares of ownership in a company. A weak banking system, declining farm prices and overproduction were big contributors to the economic downfall. But overall, the main cause for the Depression was the unequal distribution of money. The New Deal, which was implemented by Franklin D. Roosevelt, is initially what helped recover the nation from the Great Depression.

Herbert Hoover was the 31st President of the United States and

This is because both industries and businesses worked together with the stock market. Since the stock market had crashed and shut down, this meant the citizens’ savings and investments were lost. So, business owners began to cut down on the number of workers who worked in the companies, as well as cut the wages for those who were still working. Not only were the employers affected, but so were the customers. The customers stopped buying and spending the little money they had on goods. This forced the industries and businesses to eventually shut