No, it didn't. But you sure gobbled up what your federally funded textbook told you in school. Hoover ran the largest peacetime deficits in our history to that point. His public works programs wasted billions of dollars. His collusion with big business to prop up wages created massive unemployment. His destruction of crops to prop up food prices caused starvation where there wouldn't have been any. Then FDR came in and continued Hoover's game plan.
Around ten years prior, the depression of 1920 began even more severe than the one in 1929. Unemployment skyrocketed and the price level fell off a cliff. Fortunately for everyone, Wilson was dying so he didn't do anything about it. Then when Harding was elected, he and Congress cut the budget. The Fed didn't even cut interest rates. The government did nothing, and within a year the economy was soaring. If Harding was in office in 1929, the Great Depression would be known as the depression of 1929, and this country to this day would be so much better off without the New Deal. Instead for the first time we had massive government intervention, and not coincidentally, we had a 15 year depression.
With this recession, the government printed unfathomable amounts of money to prevent the correction, so this economy will continue to flounder until they either stop propping it up with phony paper, or they just destroy the paper.
Yes, that means everything you were taught is wrong. I'm sorry to have to break it to you. It isn't hard to find to the facts to back me up if you want to look for them.
