How did Hoover start the Great Depression?

Answer 1

Eight months into Hoover's presidency, the Great Depression hit. He mistakenly believed it would only be a brief recession. Later it became clear that excessive speculation and a worldwide economic crisis had resulted in landing the country in a depression. Although he worked hard to fix the economy by funding agencies, encouraging labor relations, formed liaisons between business and government to stabilize prices , his focus was on indirect relief from the states and the private sector. As the depression worsened and calls for federal aid, were demanded, Hoover dug his heels in because he believed government intervention would lead to socialism. This did not bode well with the people and he was defeated by Franklin Delano Roosevelt in his reelection effort. How did Hoover start the great depression.