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Although the Great Crash was sudden, the Great Depression descended slowly, spiraling down to deeper and deeper depths of misery. Because of its gradual character, business and political leaders continually expected that the Depression, like those previous, would end, and that the economy would rebound. Repeatedly they discussed the Depression as part of the normal business cycle, advised the public to wait it out, and predicted the return of prosperity. In December 1929 the president of the National Association of Manufacturers, John Edgerton, remarked, "I can observe little on the horizon today to give us undue or great concern." "I am convinced we have passed the worst," announced President Herbert Hoover in May 1930. In January 1931 James Farrell, president of United States Steel, maintained, "The peak of the Depression passed thirty days ago." To the public — and to many businessmen — such pronouncements rang...
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This section contains 390 words (approx. 2 pages at 300 words per page) |
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