Back tracking to when Hebert Hoover took office as the 31st president in 1929. President Hoover believed in “rugged individualism” which was the idea that people should succeed through their own effort. To make sure this idea was fulfilled, President Hoover took various measures like limiting the government actions because he feared that “excessive federal intervention posed a threat to capitalism and individualism.” He did not want the government spending to increase, so no jobs were created and the people had to rely on private charities and local government to help them economically. Therefore, there was an increase in stock markets as many investors began buying stocks on margin and engaged in speculation, but the U.S factories and agriculture