In the 1920s the United States economy grew dramatically. World War I was over and the remaining products, such as steel, could now be sold to consumers. Large companies, such as General Motors, took over small companies, causing production to double. Inflation was non-existent and the unemployment rate was lower than ever. The economy was booming and showed no signs of slowing down in 1929. However, the United States was about to receive a huge shock when the stock market suddenly took a turn for the worse and crashed, leading to the Great Depression. This incident would become a major event in United States history due to the disastrous effects that followed. In 1923, Calvin Coolidge became president of the United States. He was very business oriented and helped foster the prosperity of the 1920s. In 1928, Herbert Hoover, Coolidge's secretary of commerce, took over as president. Not only was he also pro-business, but he was also interested in public service. For example, he helped Europe get back on its feet after the First World War. His compassion for the poor and his economic knowledge led him to be declared the most qualified president of the 1920s. However, not everyone prospered in the 1920s. The average wage for workers in 1929 was 60 cents an hour, the same as at the beginning of the decade. World War I had improved radio technology and led to the use of radio for advertising. Entrepreneurs kept interest rates low so consumers would use credit to purchase expensive products. These factors meant that any profits from the economic boom for the working class were spent immediately. Many banks closed because too many people asked for loans and millions of money. Help Germany and the German economy, still rebuilding after World War I, was suffering greatly. Out of resentment towards their economic struggles, Germans began to join the Nazis. Nazi followers doubled every six months after the stock market crash. As you can see, the stock market crash of 1929 was a very important event in the history of the United States. It led the nation from the “Roaring Twenties” to the Great Depression. In a matter of days, millions of investors lost all their savings and were unable to repay the loans they had taken from banks to pay for the shares. Overproduction by businesses has caused the economy to decline, and repayment of loans to other countries has angered our foreign neighbors. Black Tuesday led us to go from a prosperous society to a struggling society, which would never be the same again.