Of course, some parts of the economy, and some people, had been left out of the general prosperity of the 1920s from the beginning. But as the decade wore on, there were indications that even those who had benefited most from the strong economy would soon be in trouble. Many decades later, it is easy to say that these warnings should have been heeded. At the time, however, they were not so clear.
Optimism and Bright Predictions
Throughout the 1920s a pro-business atmosphere had dominated the United States, and the economy had flourished, with companies expanding, foreign trade thriving, and the stock market on the rise. When President Herbert Hoover (1874–1964; served 1929–33) took office in early 1929, he declared in his inaugural address, "I have no fears for the future of our country. It is bright with hope." By the end of the year, these words would ring hollow.
But Hoover was not the only one who felt optimistic. Others also predicted a continuation of business as usual. Alfred Sloan (1875–1966), president of General Motors, made his own pronouncement, as quoted in Nathan Miller's New World Coming: The 1920s and the Making of Modern America: "Personally, I believe it is going to be a very good year—I don't see how it could be otherwise."
The Stock Market Craze
Before the 1920s few ordinary U.S.
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