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

(FROM THE COMMONLIT ROARING TWENTIES)

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” and speculating 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.

This is an extremely interesting paragraph. It brings to light that Hoover was not really the cause of the roaring twenties coming to an end. He saw clearly what was going on and tried to persuade Coolidge to do something about it. Coolidge was a Republican and a conservative and believed (from this paragraph) believed that government should limit government regulation. Let the market do that.

So the abuse of the system kept on going. Ultimately it came to pass that all that credit was enough to sink America into the worst depression of her history up to that point.