Herbert Hoover was elected the country’s 31st president in 1929. He was a successful mining engineer
from Iowa before lending his services to the government. As President Coolidge’s secretary of
commerce, Hoover recognized already in 1925 that the economy was overheating as Americans began
“buying on margin”22 and speculating23 on the soaring stock market. He urged Coolidge to tighten the
credit and take other steps to cool the market, but the president and his treasury secretary blocked
any attempt at government intrusion into private business. Despite this setback, Hoover went on to
handily win the presidential race the following year.

How does paragraph 14 contribute to the development of ideas in the text?