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Man who became a leader in developing local industry as his pottery-making factory prospered

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* REPUBLICAN elected president in 1928 when Coolidge didn't want to run for a 2nd term (he had been secretary of Commerce under 3 presidents)* He said he would end poverty, but instead he was president when the prosperity of the 1920's ended and a great economic depression started (Great Depression)* A "lame-duck" president - he lost reelection in 1932 to FDR so he held office for 4 months after he lost but was powerless to do anything (resulted in 20th amendment known as lame-duck amendment shortening time between election and taking office)

* Started with collapse of the US stock market in Oct 1929 and lasted until the world war started in 1939. Worst time was winter of 1932-1933; 1932 was worst year)* Ended Republican domination of the government, resulting in landslide victory of Democrat FDR over Republican Hoover in the election of 1932 (Hoover was blamed for it)* Countries raised tariffs to protect their industries. America stopped investing in Europe. Lead to loss of confidence that economies were self-adjusting.* Heavy borrowing by European nations from USA during WW1 contributed to instability in European economies. * Sharp declines in income and production as buying and selling slowed down and there was widespread unemployment

* Part of FDR's New Deal, this increased regulation of the banks and limited how banks could invest customers' money* Created federally insured bank deposits to prevent bank failures. The government guaranteed individual bank deposits (originally up to $2500 per person)

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