Answer with Explanation:
According to President Hoover, poverty will be eliminated if there will be less intervention coming from the government into the lives of the American people. Furthermore, he said that people's success will largely depend on their own abilities. This is known as "rugged individualism."
Such kind of thinking led to the stock market crash. Even after the event, Hoover assured the people that everything was okay. It further led to the "Great Depression." Due to his stubborn nature, he just told the American businessmen to help keep their people employed rather than providing financial aid directly. Still, the economy continued to decline until he left his position.
