The ‘20s: Culture, Consumption, and Crash 155holdings and such were to a meaningful degree caused, and made worse,
because Americans, and foreigners whom might buy American exports, just
did not have adequate wealth to participate more fully in the new economy.
Collectively, these factors such as surplus capital, foreign economic crisis, the
stock market collapse, the banking meltdown, and lack of purchasing power
formed a perfect economic storm, and in 1929, virtually everyone felt it.
Hoover’s (Non)-Response
For decades, Herbert Hoover did not enjoy a positive historical legacy. He
was president when the economy crashed in 1929 and so, naturally and
unfairly, took most of the blame. Shacks and shanties where homeless people
lived came to be called “Hoovervilles.” An empty pocket, signifying you had
no money, was a “Hoover Flag.” He was blasted, often by Democrats, as aloof,
clueless, and uncaring—in one instance, in order to spread the message that
life should continue as normal, the White House released photos of Hoover’s
day, including one picture of his dog eating table scraps; it had the opposite
of its intended effect, angering people that the president’s dog was eating steak
while millions of Americans were dumpster diving for food. Obviously,
FIGuRE 3-9 President Herbert Hoover