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
More from West Wing Reports...
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 31 TV shows to watch in 2014
- The sexual politics of Game of Thrones just got enormously worse
- He said he was leaving. She ignored him.
- The hidden reason for the student loan crisis
- Why atheism doesn't have the upper hand over religion
- Wounded in Boston, two brothers endure
- 7 ways to quickly become a master at anything
- What would a U.S.-Russia war look like?
- 14 wonderful words with no English equivalent
- Mad Men recap: 'A Day's Work'
Subscribe to the Week