Question

Following the stock market crash in 1929, president hoover was criticized for

Answer 1

At first President Poover tried to organize national optimism by summoning business execs to DC to declare that conditions were sound and that there would not be wage cutting. When that did not work (stop the depression), he became inactive for a while, trusting to the idea that it all would self-correct. When that did not work, he organized an international moratorium in war debts and reparations. This actually did help stem the slide further into depression, but only briefly. Then he set up the Reconstruction Finance Corp. to bring federal aid to hard pressed banks and businesses. Just as it seemed that this might work and that recovery was at hand, in the winter of 1932-33 the banking system in America went into a tailspin. On March 4, 1933, the American banking system ground to a complete halt. Hoover was an able and intelligent president who attempted orthodox economic ideas, but became a victim to the collapse of the system.

Answer 2

He was criticized to not intervene when it was needed.

Step-by-step explanation:

The Crash of 1929 and the Great Depression happened because of several problems, but especially because of the overproduction and the Government's refuse to not intervene in the economy. At that moment, the economy was supported by Liberalism, and according to this idea, the economic process and capitalism was sustained by an "invisible hand". This statement arguments that in the case of a crisis, the economy would be all right, because it was self-sustainable. Liberalism advocated that the Government should not intervene in the economy or the individual business, only promote safety and development. By this way, everything goes.