Did Hoover put too much hope in the private sector pulling the United States out of the Depression?

No, (R)Hoover`s conservative economics was the beginning of the depression it was caused by a redistribution of wealth to the top 5% then FDR made sure that it would not happen again with social programs and started the redistribution of wealth back to the bottom and (R)Reagan started the redistribution of wealth back to the top 5% again and here we are again today with the wealth going back to the top 5%