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The Causes and Effects of The Great Depression In America Few Americans in the first months of 1929 saw any reason to question the strength and stability of the nations economy Most agreed with their new president that the booming prosperity of the years just past would not only continue but also increase and that dramatic social progress would follow in its wake We in America today Herbert Hoover had proclaimed in August 1928 are nearer to the final triumph over poverty than ever before in the history of any land The poorhouse is vanishing from among us Current p 1 In mid-October 1929 the average middle-class American saw ahead of him an illimitable vista of prosperity Newly inaugurated president Herbert Hoover had announced soberly in the previous year We have not yet reached our goal but given a chance to go forward with the policies of the last eight years and we shall soon with the help of God be within sight of the day when poverty will be banished from the nation This was Hoovers economic promise interwoven with a little faith borrowed from the American Dream delivered to the unsuspecting American people Irving Fisher and other economists tried to inform doubting citizens that Hoover was dwelling upon a permanently high plateau of prosperity when it came to his confidence in Wall Street and that it would not last Wecter p 1 Only fifteen months later those words returned to haunt him as those skeptical citizens plunged into the severest and most prolonged economic depression in history Fifty years after his presidency and twenty after his death Herbert Clark Hoover remains the person most Americans hold responsible for the economic calamity that struck after 1929 Few of our political leaders have been more ridiculed and vilified during their tenure in office By 1931 new words and usages based on his name had entered the countrys cultural vocabulary Hooverville a
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