Answer: Herbert Hoover
Step-by-step explanation:
The Great Depression was a period of severe worldwide disintegration highlighted in the United States by the Stock Market Crash on what is known as “Black Thursday.” The factors leading to the Depression were many and varied, but the effect was felt across all sectors of the economy. Herbert Hoover was president at the time of the Great Depression.
Before Herbert Hoover's presidency, the early 1920s were characterized by optimism and prosperity. He campaigned for the position mainly promising to continue the nation's prosperity. In 1929 when he became president, the stock market had been soaring at an unprecedented rate with several investors taking advantage of the low-interest rates to purchase stocks on credit which pushed the stock prices even higher. The market bubble burst in October 1929. In about one week the market experienced a drop by almost half of its record highs leading to the loss of billions of dollars by investors.
As a result of the Stock Market Crash of 1929, America spiraled downward into the Great Depression. Many people believed that Herbert Hoover was to blame for the Depression, because Hoover believed that the government should not do anything to the economy because the economy would eventually fix itself.