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After the stock market crashed, President Hoover tried to convince U.S. business owners to maintain wages, passed a public works bill to curb government spending, and lent taxpayers' money directly to private corporations (Kennedy, 1999)

According to Kennedy (1999), Hoover was a greatly respected man when he entered the White House in 1929. ''To a degree uncommon among Presidents,'' said Kennedy, ''Hoover was a reflective man of scholarly bent, even something of a political philosopher.''

Hoover did not take any drastic measures, as he did not fully grasp the severity of the situation. Kennedy observer that ''down to the last weeks of 1930, Americans could still plausibly assume that they were caught up in yet another of the routine business-cycle downswings that periodically afflicted their traditionally boom-and-bust economy. Their situation was painful but not unfamiliar, and their President was in any case taking unprecedentedly vigorous corrective actions.''

Because Hoover was convinced that the economy was not as troubled as it actually was, his response was insufficient (MSN Encarta, 2008). He truly believed that he simply needed to restore public confidence so businesses would begin to invest and expand production, providing jobs and income to the nation. However, business owners

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