List and describe the causes of the stock market crash of 1929. Was the crash inevitable? Explain using examples from the presidencies of Harding, Coolidge, and Hoover.
It was the time of the Roaring Twenties; where in the wake of the War jazz music was becoming prominent, Art Deco became popular, and cultural dynamism was emphasized. The twenties also led the United States into unprecedented industrial growth, inventions and discoveries of major importance, as well as significant changes in US lifestyle and culture. Though must prosperity was achieved during the Roaring Twenties, much despair would follow by the end of them. The 1920’s saw an increase in consumer spending as well as a large increase in economic
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When President Harding passed his Vice President Calvin Coolidge stepped up to take the reins. Now President, Coolidge began his administration by focusing on decreasing the income taxes of the wealthy. Coolidge managed to sustain economic stability and growth throughout most of his presidency and the decade. But soon overconfidence took its toll which contributed to the stock market crashing in 1929. By the time Herbert Hoover was elected the government continued to act the role of arbiter instead of entity. Hoover tried to end the depression by trying to convince business to cooperate and stand together to end the finical atrocity. Hoover never succeeded. When looking at the situation the United States was in, the stock market crash of 1929 was unavoidable. There were no laws or regulations set in by the government so the market itself started to become a ticking time bomb. I honestly think that people in the 1920’s saw the stock market as a means of making substantial amounts of money, with no consequences in the end. Through the Presidencies of the 1920 we see no real push to majorly stimulate the economy to continue its progression upwards. Yes Harding may have passed both the Emergency Tariff of 1921and the Fordney–McCumber Tariff but both only helped out farmers slightly by lessening their burden and factories by protecting them financially. Also with the increase of high stock prices, stock investors (basically the average American because all