3.18 The Roaring Twenties?
In his inauguration speech in 1929, Herbert Hoover told Americans that the Republican Party had brought prosperity. Even ignoring stubbornly large rates of poverty and unparalleled levels of inequality, he could not see the weaknesses behind the decade’s economy. Even as the new culture of consumption promoted new freedoms, it also promoted new insecurities. An economy built on credit exposed the nation to tremendous risk. Flailing European economies, high 1s, wealth inequality, a construction bubble, and an ever-more flooded consumer market loomed dangerously until the Roaring Twenties ground to a halt. In a moment the nation’s glitz and glamour seemed to give way to decay and despair. For farmers, racial minorities, unionized workers, and other populations that did not share in 1920s prosperity, the veneer of a Jazz Age and a booming economy had always been a fiction. But for them, as for millions of Americans, the end of an era was close. The Great Depression loomed.
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