In 1932, New York experienced its first crash, leaving behind a 25% unemploynt rate, over 5,000 bank failures, and nothing but the Hooverville shanty towns.
And Herbert Hoover, the 31st President of the United States who witnessed this situation:
"Have the Senate Banking and Currency Committee organize the Pecora Commission. We need to identify the cause of the depression to create legislation that can prevent and resolve it."
It took a full three years before he finally ordered an investigation into the cause of the crisis.
Of course, public works projects like the Hoover Dam had started last year.
Even though Congress normally criticized the market, this ti they readily executed the budget, and both houses had sincerely tried to overco this depression for the past three years.
But there was sothing even Hoover didn't know:
"...The investnt banks haven't paid even a penny in inco tax from last year until now?"
"From City Bank, JP Morgan to Mitchell, Curtin, and others - Wall Street's corruption is substantial. They blatantly create speculative products and deceive people, force loans on companies only to drive them into bankruptcy - the cris are too nurous to count."
First, this Pecora Commission conducted such a thorough investigation that it exposed all the corruption of major banks, securities firms, and investnt companies.
"The Glass-Steagall bill to separate comrcial and investnt banking is too weak!"
"We need loan assessnt regulations. I, Harvey, argue here that the governnt should establish lending principles for all banks!"
The aftermath ended up revealing who was responsible for the Great Depression rather than solving it.
"I propose the Glass-Steagall Act 2!"
"Securities Act andnt! Tax law andnts for large financial institutions! And finally, andnt of the Lincoln-era Banking Act!"
"Why don't we just create a Securities and Exchange Commission (SEC) to supervise those prodigals?"
As investigations continued alongside spring, public opinion inevitably ford a structure that could only condemn Wall Street.
And such governnt oppression naturally reflected in the market.
"...Didn't the scholars of this country say that if we deregulate, print money, and free up businesses, the economy would recover?"
"They did."
"Then why has the stock market fallen 88% compared to the beginning of my term?"
Hoover won the election in 1928 and began his term in March 1929. If he fails to be re-elected, he must vacate the White House next March.
However, in this situation, expecting re-election success is...
'Why did the stock market crash right when I took office! I didn't do anything! I was just breathing!'
Coincidentally, the Great Depression began as soon as he took office and had worsened dramatically for three years. The economic decline was relentless - unemploynt soared from 3% to nearly 25%, thousands of banks failed, and industrial production plumted by more than 45%. Each passing month brought more business closures, foreclosures, and breadlines.
To the public, it simply appeared that all the hell of the Great Depression started with Hoover's term. Despite his pre-presidential reputation as a brilliant administrator and humanitarian, the timing of events created an unbreakable association between Hoover and economic calamity in the public mind.
Many citizens just thought that all of this was Hoover's fault. Though economists now recognize multiple complex causes of the Depression that predated his presidency, Aricans at the ti had little patience for nuanced explanations. They saw their neighbors losing hos, farms, and livelihoods under Hoover's watch.
Winning an election in these circumstances?
'This would be impossible even for Lincoln or George Washington!'
In the history of United States elections, there was only one case of failing to win re-election - Howard Taft, who died recently.
No, in hundreds of years of history, that dishonor will now increase to two.
By the end of November this year, the na "Herbert Hoover" will be added.
"Damn it... This is bullshit. I didn't do anything, but the world is giving hell."
It's unfair.
Who told him to build the Hoover Dam, not the Hooverville shanty towns?
The stock market plumting like a parachute with a hole? The excessive boom was created by Harding and Coolidge, yet they're revered as economic presidents while he's treated as incompetent and corrupt. His predecessors who fueled the speculative bubble with laissez-faire policies escaped unscathed by history, dying before the consequences of their economic approach ca crashing down.
When did small central governnt beco a virtue and free-market non-intervention liberalism was supre, and now they criticize him for doing nothing - which beat should he follow? The ideological whiplash is maddening. The very principles of limited governnt intervention that Republicans championed are now condemned as callous indifference. The public demands action from an administration philosophically opposed to market interference.
This year's election is already lost, and even the next one will be the Democratic era.
The ti it would take to forget this depression - probably more than a generation - their rule will continue, and the Republican Party will beco a mammoth facing a long ice age.
"Mr. President, veterans carrying service certificates have gathered toward Anacostia. Initially just a few thousand, they now exceed 20,000 and conduct daily marches that threaten citizens' safety."
"Tsk, I've already made my position clear through my spokesperson."
"Spokesman Mitchell t with them several tis to explain the governnt's position but was chased away instead."
As if the next election being ruined wasn't bad enough, these veterans have no sense of timing.
The fact that he had to clean up the ss left by Democrat Wilson made Hoover feel an indescribable emotion.
"Call the Army Chief of Staff." Experience exclusive tales on My Virtual Library Empire
As the unfairness continued to pile up, his frustration eventually transford into anger.
Yes, Hoover was in such a foul mood that he couldn't see straight.
"Mr. President, you called for ."
"General Douglas MacArthur, Chief of Staff."
"Yes, Mr. President."
"How many troops do we have in the capital?"
"Not many. Most are serving in headquarters and staff departnts. If you're referring to field units, the Pennsylvania National Guard is closest."
"Pennsylvania, that's close."
The roar of protesters filling every street of DC continues today without fail.
Listening quietly is one thing for a day or two, but what changes by marching while disregarding the rule of law?
They are not veterans.
They are the waste left by the Democratic Party. They are rioters eating away at this country.
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