The Wall Street Crash had occurred three years earlier and over 12 million people were left unemployed and living in poverty, so his belief in 2rugged individualism2 was proved worthless when there was no work for people to do.
The Wall Street Crash occurred because some companies that people invested in were dishonest and some never even existed. This then caused people to lose faith in stocks and shares and so they sold them causing prices to plummet. People who saw the fall in prices then panicked and sold all their shares causing the prices to fall still lower. With the loss of confidence in stocks and shares came the loss in confidence in banks and many people withdrew all of their money form their accounts and kept it at home. This then led to the banks becoming bankrupt. Millions of people were out of jobs and unemployment soared to 13 million.
When large amounts of ex-service men arrived to pick up the bonuses they had been promised in the war, Hoover cancelled them and lost valuable votes in doing so leaving the way clear for Franklin Roosevelt.
Roosevelt was born in Hyde Park, New York on the 30th January 1882. He was born into a wealthy family and was taught by home tutors until the age of fourteen when he began attending Groton school. He did well at Havard University and Columbia law schools before going to the New York Bar in 1907. He married his cousin, Eleanor in 1905. Both he and Eleanor were democrats and took a big interest in politics.
In the summer of 1921 Roosevelt became seriously ill and was diagnosed of having poliomyelitis. This almost totally paralyzed him and he never again recovered the full use of his legs. Frances Perkins belived that his illness mane him a better man he noticed that
“the years of pain and suffering had purged the slightly arrogant attitude he had displayed”
He returned to politics to help his friend Alfred Smith, in 1928 in his attempt to beat Herbert Hoover in the election. This attempt, unfortunately, was unsuccessful but nonetheless Roosevelt was elected as govenor of New York.
During Roosevelt’s run for presidency he spoke of a “New deal” for the American people. He wanted to restore the people’s faith in the government. He did this by closing all the banks to stop people from drawing their money out. This act of decency and responsibility for the people of America brought him respect from many.
I feel that Roosevelts responsabilty and faithfulness I mentioned before had a major part to play in the success in his defeating Hoover.