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During World War I, federal spending grows three times larger than tax collections, a severe recession results when the government cuts spending, however, we are able to mostly recover from this before the great depression hits
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During World War I, federal spending grows three times larger than tax collections, a severe recession results when the government cuts spending, however, we are able to mostly recover from this before the great depression hits
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Republican Warren G. Harding is elected to the presidency by a landslide. Harding wins 60% of the popular vote and 75% of the electoral vote.
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Congress passes immigration restrictions, for the first time creating a quota for European immigration to the United States. Targeted at "undesirable" immigrants from Southern and Eastern Europe, the act sharply curtails the quota for those areas while retaining a generous allowance for migrants from Northern and Western Europe.
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President Warren G. Harding dies of stroke in a San Francisco hotel room. Vice President Calvin Coolidge ascends to presidency.
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The stock market begins a spectacular rise, however, bears little resemblance to the rest of the economy, meanwhile, Americas middle class shrinks as the lower class grows.
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As the economy deteriorates, construction across the country halts.
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Unemployment averages 3.2% for the year.
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The fall of stock prices is seen as marking the beginning of the great depression.
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The American stock market collapses, signaling the onset of the Great Depression. The Dow Jones Industrial Average peaks in September 1929 at 381.17—a level that it will not reach again until 1954. The Dow will bottom out at a Depression-era low of just 41.22 in 1932.
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Treasury Secretary Andrew Mellon announces that the Fed will stand by as the market works itself out: 'Liquidate labor, liquidate real estate... values will be adjusted, and enterprising people will pick up the wreck from less-competent people'.
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The Young Plan was the reduction of the reparations from 300 billion to 121 billion German currency. The influence is this would have helped Germany in the long run, and due to the stock market crash in America the reparations were held for a while.
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Another bank panic occurs, meanwhile,no new major legislation is passed concerning the great depression.
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The Corporation aimed to loan money to banks and rail roads to keep them from going bankrupt, unfortunately, this had little effect on the great depression as a whole, and didn't help to turn the economy around.
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New York's Bank of the United States collapses in the largest bank failure to date in American history. $200 million in deposits disappear, and the bank's customers are left holding the bag.
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Thanks to Germany's economic desperation, hitler was able to push his way to the top, and gain the people's love by turning the economy around.
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The Holocaust was the systematic persecution and murder of approximately six million Jews by the Nazi regime.
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Unemployment sky rockets to an unbelievable 25 Percent average for the year.
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Franklin D. Roosevelt is inaugurated into office as 32nd President of the United States.
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Dr. Francis Townsend sends a letter to the Long Beach Press-Telegram proposing state-funded pensions for the elderly to boost consumption and employment.
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Nazis destroyed synagogues and the shop windows of Jewish-owned stores throughout Germany and Austria (Kristallnacht).
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Four million troops poured over the Russian border. Within one month, over two and half million Russians had been killed, wounded or captured. The Germans made tremendous advances into Russia into portions of Moscow, Leningrad, and Stalingrad.
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Following the attack on Peal Harbor, Japanese armies rolled over Southeast Asia, the Philippines, and the East Indies. The war in the Pacific was fought on land, at sea, and in the air. The turning point in the war in the Pacific came in June, 1942 at the Battle of Midway.
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General Dwight Eisenhower led U.S. and Allied troops in an invasion of Normandy, France. The armies fought their way through France and Belgium and into Germany while Russian troops fought from the east. On May 7, 1945, Germany surrendered.
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The Japanese fought on even after the war in Europe ended. Truman decided to use the newly developed atomic bomb to end the war quickly and prevent more U.S. casualties.