In the summer of 1929 there was a recession. People in the stock market (including banks) had been fully exercising their ability to use 90 percent margin (loan against their stock) to buy more stock successfully for 10 years. The market burped in October, causing urgent margin calls that drove down the market, leaving people and banks relatively destitute.
In June of 1930, President Hoover signed into law the SDmoot-Hawley Tariff bill against his better judgment (his Republican Cabinet threatened to resign if he did not). For the next three years world trade swirled down the toilet, and the stock market reached 10 percent of its pre-crash level.
Sen. Smoot failed in his reelection campaign. President Hoover failed in his reelection campaign. Rep. Hawley was not even renominated.
It appears during those times were more intelligent than those of today. Otherwise, how is Trump president today?
Ray Johnson
Park City