Answer: The Hoover administration has not shown efficacy in dealing with economic depression.
Step-by-step explanation:
Coming to power, Hoover was very ambitious and made great promises to citizens. Just eight months after taking office, America has been hit by the most significant economic crisis in history. Hoover's administration struggled to cope with the financial crisis, which would be a direct consequence of his defeat in the next presidential election. His attempts to solve economic problems have failed. Hoover was stubborn and did not listen to the advice of US financial experts.
He did not include the federal assistance at his disposal in the crisis. He sought to stimulate the economy by reducing corporate taxes and to exclude power or its participation from economic circles. Hoover has been remembered as a loser in history. The millionaire who was given the presidency at the time seemed like the best option, though, it turned out to be the opposite. The Hoover administration did not provide a correct solution when solving economic problems.