[146] He appointed a Cabinet consisting largely of wealthy, business-oriented conservatives,[147] including Secretary of the Treasury Andrew Mellon.[148] Lou Henry Hoover was an activist First Lady. She typified the new woman of the post–World War I era: intelligent, robust, and aware of multiple female possibilities.[149]

Great Depression
See also: Great Depression in the United States
Inaugural parade ticket
On taking office, Hoover said that "given the chance to go forward with the policies of the last eight years, we shall soon with the help of God, be in sight of the day when poverty will be banished from this nation".[150] Having seen the fruits of prosperity brought by technological progress, many shared Hoover's optimism, and the already bullish stock market climbed even higher on Hoover's accession.[151] This optimism concealed several threats to sustained U.S. economic growth, including a persistent farm crisis, a saturation of consumer goods like automobiles, and growing income inequality.[152] Most dangerous of all to the economy was excessive speculation that had raised stock prices far beyond their value.