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On this day in historical past, Oct. 22, 1928, Republican presidential nominee Herbert Hoover spoke of the “American system of rugged individualism” in a speech at New York’s Madison Square Garden, in response to a number of sources — coining the time period “rugged individualism,” which amplified his philosophy of private freedom and volunteerism, not authorities intervention.
Hoover was the thirty first president of the United States, serving in that position from 1929‐1933.
He was born in Iowa in 1874 and grew up in Oregon.
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He enrolled in Stanford University when it opened in 1891, graduating as a mining engineer, in response to WhiteHouse.gov.
Hoover advocated that the philosophy of rugged individualism would convey prosperity to Americans, in response to a number of sources.
He additional advocated for conventional understandings of the American constitutional order rooted in decentralized and restricted authorities — which might work cooperatively with personal companies and people to advance social and financial progress, in response to The National Constitution Center.
During his famed 1928 New York City speech, Hoover proclaimed, “Our people have the right to know whether we can continue to solve our great problems without abandonment of our American system. I know we can,” he added, in response to the speech transcript supplied by The Miller Center on the University of Virginia.
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“We have demonstrated that our system is responsive enough to meet any new and intricate development in our economic and business life,” he additionally mentioned.
“We have demonstrated that we can meet any economic problem and still maintain our democracy as master in its own house and that we can at the same time preserve equality of opportunity and individual freedom.”
Historians additionally mentioned that Hoover credited Republican insurance policies for the financial prosperity of the Twenties, whereas blaming the results of the Great War for lingering issues in numerous industries, in response to The Herbert Hoover Presidential Library and Museum.
“The key to economic success, Hoover believed, was full employment.
If every man had a job, every family would share in the nation’s prosperity,” the identical supply recounted.
“We have demonstrated that we can meet any economic problem and still maintain our democracy as master in its own house.”
On Nov. 6, 1928, Hoover defeated Alfred Smith, profitable 83.6% of the electoral faculty and 58.2% of the favored vote, in response to The American Presidency Project.
When Hoover grew to become U.S. president in 1929, the inventory market was climbing to unprecedented ranges, and a few buyers had been making the most of low rates of interest to purchase shares on credit score, pushing costs even greater, the Herbert Hoover Presidential Library and Museum said.
“In October 1929, the bubble burst, and in less than a week, the market dropped by almost half of its recent record highs. Billions of dollars were lost, and thousands of investors were ruined,” the identical supply cited.
After the inventory market crash, in November 1929, he summoned enterprise leaders to the White House and secured guarantees from them to take care of wages, the Herbert Hoover Presidential Library and Museum indicated.
“Hoover received commitments from private industry to spend $1.8 billion for new construction and repairs to be started in 1930, to stimulate employment,” the identical supply cited.
Despite Hoover’s early and proactive interventions, the downward spiraling of the American financial system continued for greater than a decade and led to yhe Great Depression from 1929 to 1941.
After his presidency, Hoover devoted his time to public service and social causes such because the Boys Clubs of America and the Hoover Institution.
The Great Depression was the longest and deepest downturn in the historical past of the United States and the trendy industrial financial system.
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It lasted greater than a decade, starting in 1929 and ending throughout World War II in 1941, in response to Federal Reserve Bank of St. Louis.
On Nov. 8, 1932, Democrat Franklin D. Roosevelt defeated Republican President Hoover.
“The 1932 election was the first held during the Great Depression, and it represented a dramatic shift in the political alignment of the country,” mentioned Britannica.com.
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After his presidency, Hoover devoted his time to public service and social causes such because the Boys Clubs of America and the Hoover Institution, a analysis middle he established on the Stanford campus in 1919.
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He additionally wrote greater than 40 books throughout these years, mentioned The Herbert Hoover Presidential Library and Museum.
President Hoover died on Oct. 20, 1964, at age 90.
He was laid to relaxation in Iowa — the place he was born.
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