Top 5 Reasons You Can’t Blame Richard J. Daley for Richard Nixon Losing the 1960 Presidential Election

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5. No Oversight. There was a Federal Reserve Board, but there wasn't yet a Securities & Exchange Commission (SEC) to keep stock traders honest, or a Federal Deposit Insurance Corporation (FDIC) to protect banks. Those would come with FDR's New Deal the next year.

4. The Farm Belt. It had already been in a depression since the end of World War I, 11 years earlier, because the armed forces, its biggest market, had shrunk back to prewar levels. It would take World War II to make the U.S. military-industrial complex big enough to be a permanent market for American agriculture, from meat and grain to dairy and vegetables.

3. Calvin Coolidge. Hoover's predecessor, possibly seeing the Crash of 1929 coming, said in 1927, "I do not choose to run for President in 1928." In layman's terms, he left Hoover holding the bag. No one blames the man who got a full term in 1924 on "Coolidge Prosperity" for the Crash that came less than 8 months after he left office. But they should.

2. Wall Street Speculators. As we've seen, Greed is not good.

1. Andrew Mellon. Appointed Secretary of the Treasury by Warren Harding, and kept all through the Coolidge years and most of Hoover's term, America's 3rd-richest man (behind John D. Rockefeller and Henry Ford) was a Pittsburgh-based banking titan, whose name lives on after a merger with the Bank of New York: BNY Mellon. But he basically let big business do whatever it wanted.

As a poem of the time went, "Hoover blew the whistle, Mellon rang the bell, Wall Street gave the signal, and the country went to hell!"