Hard Times The Depression suddenly turns out the lights on what had been a wonderful party. World leaders try everything to end the terrible nightmare, but only one has any success. Germany's ambitious new leader, Adolph Hitler, seems to have a magic touch which enables the German economy to expand rapidly. He leverages this to build up a great war machine.

	Wakeup Call The graph (in RED) shows the extent of the market crash, dropping 90% before recovering to previous levels. Compare the big box (at right on graph) with the much smaller box of the 1907 Panic (at left). Before the crash, the market rises sharply on surging investor enthusiasm, beginning in 1925. Ordinary people are buying stocks for the first time, sometimes on credit, hoping to cash in on America's first bull market. Banks are also rushing in, investing money from customer deposits.
	Fixing the Mess Herbert Hoover is president when the market crashes in 1929, and the entire economy suddenly plunges into free-fall. Hoover is widely admired for his no-nonsense, engineering approach to solving problems. It's something of a surprise, therefore, when his efforts to stabilize the situation prove ineffective. After three years of effort, with the Depression at its worst, Hoover is replaced as president by Franklin Roosevelt. Roosevelt's massive 'New Deal' spending program attempts to ease the pain.