<P> The Great Depression began in August 1929, when the United States economy first went into an economic recession . Although the country spent two months with declining GDP, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued . The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement . Altogether, there was a general loss of confidence in the economic future . </P> <P> The usual explanations include numerous factors, especially high consumer debt, ill - regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high - growth new industries . These all interacted to create a downward economic spiral of reduced spending, falling confidence and lowered production . Industries that suffered the most included construction, shipping, mining, logging and agriculture (compounded by dust - bowl conditions in the heartland). Also hard hit was the manufacturing of durable goods like automobiles and appliances, whose purchase could be postponed . The economy hit bottom in the winter of 1932--33; then came four years of growth until the Recession of 1937 brought back high levels of unemployment . </P> <P> The Depression caused major political changes in America . Three years into the depression, President Herbert Hoover, widely blamed for not doing enough to combat the crisis, lost the election of 1932 to Franklin Delano Roosevelt in a landslide . Roosevelt's economic recovery plan, the New Deal, instituted unprecedented programs for relief, recovery and reform, and brought about a major realignment of American politics . </P> <P> The Depression also resulted in an increase of emigration for the first time in American history . Some immigrants went back to their native countries, and some native U.S. citizens went to Canada, Australia and South Africa . There were mass migrations of people from badly hit areas in the Great Plains (the Okies) and the South to places such as California and the cities of the North (the Great Migration). Racial tensions also increased during this time . By the 1940s immigration had returned to normal, and emigration declined . A well - known example of an emigrant was Frank McCourt, who went to Ireland, as recounted in his book Angela's Ashes . </P>

Who was the president during the great depresion