Herbert Hoover ran on the promise that he will sustain the same level of prosperity and peace that the American public has become accustomed to in the decades previous. His inaugural address was tinged with the same level of optimism and hope saying “I have no fears for the future of our country. It is bright with hope.”
It heralded what later came to be known as the Great Depression. The American economy spiraled out of control into the very depths of the global capitalist crisis. As banks and businesses went belly-up all over the country, more and more Americans were introduced to the horrors of unemployment. During the period of 1929 to 1932, the unemployment rates rose from a mere 3 percent to a ghastly 23 percent.
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