The Great Depression
The Great Depression
Irving Fisher, an economist at Yale University in 1929, confidently
stated, "The nation is marching along a permanently high plateau of
prosperity." Less than a week later, the bottom dropped out of the stock
market sending the American economy toward its worst downfall in
history. The Great Depression was not only responsible for a dramatic
change in the structure of American politics, but also for a change in
Americans' expectations about government. The Depression affected all
Americans, rich or poor, and was responsible for ushering numerous
social problems into the lives of citizens.
Herbert Hoover was elected president in 1928. Prior to his election,
during his acceptance speech for the Republican nomination, he stated,
"We in America today are nearer to the final triumph over poverty than
ever before in the history of any land. The poorhouse is vanishing from
among us." Many Americans......
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