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Introduction. Herbert Hoover (1874-1964), Americaâs 31st president, took office in 1929, the year the U.S. economy plummeted into the Great Depression. Although his predecessorsâ policies undoubtedly contributed to the crisis, which lasted over a decade, Hoover bore much of the blame in the minds of the American people.
On October 24, 1929âonly seven months after Hoover took officeâa precipitous drop in the value of the U.S. stock market sent the economy spiraling downward and signaled the start of the Great Depression. Banks and businesses failed across the country.