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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.
Many American believed him and voted him to a landslide victory of 21.4 million votes to 15 million for the Democratâs Alfred E. Smith. President Hoover Faces the Depression Unfortunately, Hoover did not end poverty in the U.S.A. as he predicted. In fact, he had to face the worst Depression in American history. The stock market crashed on October 29, 1929, seven months after Hoover became president. The market kept declining for the rest of that year. Many banks that held bad stocks or made bad loans had to close their doors. Businesses laid off workers; many closed down completely.