In November, he summoned business leaders to the White House and secured promises from them to maintain wages. Billions of dollars were lost, and thousands of investors were ruined.Īfter the stock market crash, President Hoover sought to prevent panic from spreading throughout the economy. ![]() ![]() In October, 1929, the bubble burst, and in less than a week, the market dropped by almost half of its recent record highs. When Herbert Hoover became President in 1929, the stock market was climbing to unprecedented levels, and some investors were taking advantage of low interest rates to buy stocks on credit, pushing prices even higher. ![]() The 1920s were a period of optimism and prosperity – for some Americans.
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