Executive HOOVER: BRINGING CHANGE TO AMERICA
Herbert Hoover was elected the country's 31st president in 1929. He was a
successful mining engineer from lowa before lending his services to the
government. As President Coolidge's secretary of commerce, Hoover recognized
already in 1925 that the economy was overheating as Americans began "buying on
margin' 2 and speculating 22 on the soaring stock market. He urged Coolidge to
tighten the credit and take other steps to cool the market, but the president and his
treasury secretary blocked any attempt at government intrusion into private
business. Despite this setback, Hoover went on to handily win the presidential race
the following year,
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