Although there were warning signs that the economy was declining by the end of the 1920's, the stock market crash of 1929 is usually considered to be the beginning of the Great Depression. As panic led to depression, many people blamed Herbert Hoover for doing too "little, too late" to fix the economy's downward spiral. The election of Franklin Roosevelt in 1932 marked a change in government policy toward the economy from laissez-faire to deficit spending. During the first Hundred Days of his administration, FDR and his brain trust promised a New Deal of relief for the unemployed, recovery from the effects of the depression, and reform to prevent another depression. FDR's four terms in office took us from the height of the depression in 1932 through the end of World War II in 1945.