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During Hoover's administration, the stock market collapsed. This was such a huge deal because people were borrowing money from the banks and putting in stock market. When the collapse occurred people were unable to repay the banks the money they took out, the banks failed.
Answer:
it important to know what happened in old days to understand how they use to do things
Explanation:
Taking historical perspective means understanding the social, cultural, intellectual, and emotional settings that shaped people’s lives and actions in the past. At any one point, different historical actors may have acted on the basis of conflicting beliefs and ideologies, so understanding diverse perspectives is also a key to historical perspective-taking. Though it is sometimes called “historical empathy,” historical perspective is very different from the common-sense notion of identification with another person. Indeed, taking historical perspective demands comprehension of the vast differences between us in the present and those in the past.
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