HERBERT W. HOOVER (R) - 1929-1933
Hoover was Commerce Secretary under Presidents Harding and Coolidge, and many gave him the credit for the booming 1920s. As such, he must shoulder the blame for the stock market crash of 1929, and all his economic expertise failed him in getting it turned around.
The 31st President, who believed he would end poverty, saw unemployment rise to a staggering 24.9% on his watch. Banks went bust, companies folded, tens of thousands found themselves homeless, and Hoover rejected calls for a welfare program for fear of the budget deficits it would cause. He did raise taxes from on the top earners from 25% to 63%, doubled the estate tax, increased the corporate tax by 15%, and added a two-cent "check tax" on all bank checks. He tried many government programs to turn things around, and he lost re-election easily to FDR, who campaigned against Hoover's "reckless" taxing and spending.
At least he got a Dam.
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