Why did herbert hoover's theory of trickle-down economics fail to end the depression?

Hoover's attempts to solve the crisis failed in so many ways, but related to the theory of trickle-down economics it failed because banks refused to lend to businesses.

Explanation:

Only laissez-faire - a strict policy of nonintervention by the government - can ensure a quick recovery in any depression crisis.  When the stock market crash in October 1929, Herbert Hoover, now president, intervened so quickly and so forcefully that the process of market adjustment was delayed, and Hoover's and Roosevelt's New Deal policies managed to produce a permanent and massive depression, of which we were only rescued by the beginning of World War II.

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