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Roaring 20's
Emphasis on having fun and spending money. -
Period: to
1920s - 1950s economy
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Overproduction of cotton
Cotton prices peaked at 42 cents per pound causing farmers to plant more and more cotton, which in turn caused the price of cotton to take a major hit. -
Tariff Price Raise
Congress passes the Fordney-McCumber Tariff, highly raising tariff duties to protect the American market for American manufactures. The tariff boosts the domestic economy of the Roaring Twenties. -
A new President
Warren G. Harding dies in his hotel room due to a stroke. Calvin Coolidge takes office in his passing. -
Another President is elected.
Herbert Hoover is elected to office -
Black Tuesday
The stock market crashes due to many people selling their shares in a company at once, end of Roaring 20's. -
Rise in Unemployment
3.2 million Americans are unemployed, Hoover says it will be over in 60 days. -
A president who will help
Franklin Roosevelt is elected into office -
Emergence Banking Act
After many banks are forced to close, Congress passes the Emergency Banking Act. Only banks with the backing of the federal reserve are allowed to open and many of the nation's banks will be open again by the end of the month. -
WWII
World War Two starts ending the Great Depression by giving people jobs. -
Lend Lease Act
The Lend-Lease Act is approved, which provided $7 billion in military credits for American manufactured war supplies to Great Britain and other allies; in the fall, a similar Lend-Lease pact would be approved for the USSR with a $1 billion loan. -
A Reelected President
Franklin Roosevelt is reelected president for his fourth term. -
The Death of a President
Franklin Roosevelt dies suddenly and his Vice President Harry S. Truman takes over -
WWII Ends
Germany reluctantly surrenders causing the war to end -
The Truman Doctrine
The Truman Doctrine is announced to the U.S. Congress. Grants $400 million in aid to Greece and Turkey to battle Communist terrorism.