Too many people were producing wheat. Even when the market was on the side of the farmers, there were not enough people to eat all of the wheat that was being produced, which led to a steep drop in prices. Strangely, no one understood this, which indicates that basic concepts of supply and demand were lost on most people. The suggestion from farmers that the government buy the extra wheat was an idea that President Roosevelt would later adopt, but Hoover, whose free market beliefs helped spur the wheat boom, would let the market sort out the winners and the losers in the industry.