The 1930 State of the Union Address was given by the 31st United States President, Herbert Hoover, on December 2, 1930. Soon the Great Depression had begun, and many people became poor. It was his second State of the Union Address to Congress. A key point was,
During the past 12 months we have suffered with other Nations from economic depression.
The origins of this depression lie to some extent within our own borders through a speculative period which diverted capital and energy into speculation rather than constructive enterprise. Had overspeculation in securities been the only force operating, we should have seen recovery many months ago, as these particular dislocations have generally readjusted themselves.
