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NYSE crashed... Investors lost millions. about 12.9 million shares of stock had to be sold in a period of 24 hours at a very low price. Herbert Hoover becomes president.
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Farm lands were ruined due to drought. Many farmers lost their homes, some were shocked and knocked out due to static elecrticity produced from the wind at high speed & dust from the dust bowl. The wind and dust that was inhaled caused many lung diseases & deaths. Herbert Hoover had the Hoover Dam plan approved by congress, jobs were created.
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Riots regarding food began. Workers marched on Detroit while "foreign workers" were deported.
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Reconstruction Finance Corporation was established by Congress to lend $2 billion to insurance companies, building & loan associations, banks, and farming organizations.
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President Roosevelt his fireside chat through the radio. He explains to Americans what happened with the U.S. banking system.
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Three day "Bank Holiday" is announced by President Roosevelt. Civilian Conservation Corporation (CCC) is established for young men to work in federal and state parks. The National Recovery Administration (NRA) was established and introduced to the FDIC (Federal Deposit Insurance Corporation).
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Civil Works Administration (CWA) is established to help the unemployed through winter months.
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The emergency Relief Appropriation Act created the Works Progress Administration (WPA). It provided $5 billion for the unemployed for projects like construction of schools, hospitals, airports, roads, and public buildings. The Second New Deal began.
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The Resettlement Administration (RA) was establiushed by Roosevelt to help poor farmers improve their lands & move to better lands. This section began a major photodocumentary project of the Great Depression.
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National Labor Relations Act also known as the Wagner Act was establiushed by congress. It was done to support the right of workers to bargain & organize collectively with workers over the conditions at work, benefits, and wages. It also banned unfair practices made by unfair businesses.
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WPA employed up to 8.5 million people on public works projects across the country. The Social Security Act was signed a law & financed through payroll taxes.
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FDR is elected to serve a second term in office! :D
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More Americans loose their job & hope that things will get better.
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Congress gives an additional $3.75 billion to stimulate the economy.
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New look for women emerged, Designers created ,pre affprdabe fashions with longer hemlines, slim waistlines, lower heels, & with less make-up due to the economic crisis. The "new" look impression was created, therefore accessories became more important.
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FDR is elected president for the third time!
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Japanese bomb American ships in Hawaii at Pearl Harbor. Thousands of Americans die in attack.
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U.S. declares war on Japan & joins World War II. 10 million men & women are enlisted into the military, so much more jobs & money for the economy are made from the war. Americans left at home got jobs in factories to make supplies for troops at war,
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More than 100 campaigns were ran to secure blood donation & inspire enlistments. You have to spend money to make money.
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The government is accounted for 67% of U.S. capital invested, thanks to DPC.
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World economic leaders met in Bretton Woods, New Hamsphire. They established a new world economic order fearing a second Great Depression.
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The unemployment was at its lowest, 1.3%. The family income rose 25% from 1941-1945.
