December 3, 1901: In a 20,000-word speech, President Theodore Roosevelt asked Congress to curb the power of large corporations ("trusts"); he became known as a "trust-buster." His administration sued dozens of what it called "monopolies," notably John D. Rockefeller's Standard Oil and J.P. Morgan's Northern Securities Co, which dominated the railroad industry.
December 3, 1929: President Herbert Hoover reassured Americans that the worst of the recent stock market crash was over and that Americans had regained faith in the economy. Hoover was wrong; the the Great Depression was just beginning. The worst year was 1932: unemployment reached 23.6 percent and the economy shrank 13.4 percent. Wages fell by 60 percent and America never really recovered until it entered World War II in 1941.
Quote of the Day
"About the time we can make the ends meet, somebody moves the ends." -Herbert Hoover
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