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Technically, it would be Herbert Hoover, who was elected President in 1928 and was inaugurated in 1929. The stock market had its wild swings through the fall of 1929, culminating in a drastic crash in September, a recovery in early October, then a crash with no end at the end of October 1929. Franklin D. Roosevelt was elected President in 1932, arguably one of the worst years of the Depression, but still a Depression that already happened.

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