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He believed that people and corporations had borrowed too much money and were living and growing on credit they could not pay back.

Former President Herbert Hoover was an American 31st president from 1929 to 1933.

He inherited the 1929 stock market crash and devised different way of mitigating the negative effects of the Great Depression which was unsuccessful.

He attempted to mitigate the crises by stimulating the economy with reductions in taxes and plan for Federal Reserve to loosen its credit policies,

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