On 24 October 1929, panic selling began on Wall Street and prices fell catastrophically, as the stock market crashed. Business confidence disappeared, banks failed and industry slumped -- but Dan Tobin knew immediately it was the American worker who would suffer most.
Tobin watched in disbelief as unemployment climbed to an all-time high and scores of people went homeless. Tobin acknowledged the crash that led to the economic collapse throughout the country had its beginnings in July 1929, and would forever blame Hoover for his lack of leadership and foresight to prevent the nation from going over the brink.
As the country headed toward the depression, Tobin did his best to put forth a constructive and optimistic attitude. He cautioned members against demanding higher wages when employers could not pay.