American History: Stock Crash of 1929
16 February 2011
Crowds gather in the Wall Street district of Manhattan in reaction to the heavy losses on the stock market on October 24, 1929, or "Black Thursday"
Welcome to THE MAKING OF A NATION – American history in VOA Special English.
The election of Herbert Hoover in nineteen twenty-eight made Americans more hopeful than ever about their future.
Hoover seemed to have just the right experience to lead the nation to more economic progress. He was an engineer and businessman who had served in the government as commerce secretary. He understood economics and had faith in the future of private business.
On a rainy day in March of nineteen twenty-nine, Hoover rode down Pennsylvania Avenue in Washington to become the new president. "I have no fears for the future of our country," he told the cheering crowd. "It is bright with hope."
This week in our series, Faith Lapidus and Bob Doughty tell more about the Republican administration of Herbert Hoover.
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FAITH LAPIDUS: The clearest evidence of the public's faith in the economy is the stock market. And the New York Stock Exchange reacted to the new president with a wild increase in prices. During the months after Hoover's election, prices generally rose like a rocket. Stocks valued at one hundred dollars climbed to two hundred, then three hundred, four hundred. Men and women made huge amounts of money overnight.
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