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Calvin Coolidge, after taking office in 1923, kept most of the policies created under the Harding administration. He intentionally only worked about four hours a day. He believed the government that governed least, governed best. To be fair, the decade of the 1920s is called an era of prosperity. This is because even after some mild economic bumps, the economy recovered rapidly. Unemployment was generally low and quality of living was up. Soon, the economy busted, as it does after many conservative eras. This is because the conservative party views the natural capitalistic cycle of boom and bust as a necessary part of the economy. Liberals tend to regulate the market more to ensure price stability, etc. The result is higher lows and lower highs.

So, Coolidge failed to regulate the market, leading to many people investing they didn't have with the promise of using property as collateral. When the Stock Market crashed, people lost the money they had hypothetically gained during the era of prosperity. Banks, a major investing force in the economy, failed when they lost the money of their clients. Overall, America was left with very little capital to spend towards redeveloping the economy.

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