HIS271Y1 Lecture Notes - Lecture 17: Eleanor Roosevelt, National Labor Relations Act, Sharecropping
Document Summary
Hoover"s victory to a lot of americans showed the ongoing prosperity of america, which was at its height in 1929, leaving america one of the wealthiest nations in the world. When he was elected, he said that poverty would soon be over. There were some early warning signs for those paying attention. In 1927, the u. s. went through a mild recession. Most people did not notice it that is how mild it was. Nevertheless, signs were showing in drop-offs in production, which resulted in a slight decrease in rates of sale. In essence, the productive capacity of the u. s. was so great that people had bought all the goods that they needed. Had the government been watching, they would have made less credit available; nevertheless, the federal reserve did the opposite to stimulate the economy. Most of this money ended up in the stock market, though, thereby creating speculation in the market and making it grow higher.
