“The Gigantic Forces of Depression Are Today in Retreat”
"On the morning of October 24, 1929 (“Black Thursday”), billions of dollars in stock value were wiped out before lunch. Prices recovered somewhat that afternoon, but the Great Crash was underway. The next day President Herbert Hoover counseled reassurance, but as stock prices continued to plummet Hoover’s reassurances rang increasingly hollow. The president’s efforts to reassure the public did not stop, in part for political reasons. To win reelection in 1932, he would have to convince voters that his policies were bringing recovery. In this excerpt from an October 22, 1932, campaign speech on “The Success of Recovery,” Hoover told a partisan crowd of twenty-two thousand in Detroit’s Olympia Arena that success would have come even sooner if not for Democratic obstruction. The Detroit faithful and radio audiences heard Hoover hail ten sure signs of “economic recovery.” (Less enthusiastic were hundreds of unemployed men who greeted him at the train station with signs like “Hoover—Baloney and Apple Sauce.”)"