Adolph Miller, a member of the Federal Reserve Board, believed that the market had become overrun with speculation, describing it has a “period of optimism gone wild.” Even the president of the United States at the time, Herbert Hoover, warned the public about the stock market. As president, Herbert Hoover asked the media to “warn the country against speculation” and asking the Secretary of the Treasury to “strangle the speculative movement” (Bierman 9). With all these statements warning about the stock market, it was only natural for the public opinion to change from one of optimism to one that was fearful of the stock market. Many investors were convinced to sell out of fear of losing their investments. This change in opinion caused by
