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The stock market crashed on Thursday, October 24, 1929, less than eight months into Herbert Hoover’s presidency. Most experts, including Hoover, thought the crash was part of a passing recession. By July 1931, when the President wrote this letter to a friend, Governor Louis Emmerson of Illinois, it had become clear that excessive speculation and a worldwide economic slowdown had plunged America into the midst of a Great Depression.
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Greek Influence on U.S. Democracy One important tenet of this system is democracy, in which the ultimate power rests with the people. In the case of the United States, that power is exercised indirectly, through elected representatives.
He is the founder of the province of Pennsylvania.