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The crash destoryed considerable wealth. Around three percent of the world's population owned stocks.
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Some people had to pull out of their stocks because the stock market was having trouble.
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Hoover tells Congress to economize or face 40% tax hike. President Hoover says the worst effects of the Depression will be over within 90 days: "Prosperity is just around the corner" .
513 individuals file as milionaires on their tax returns . -
This dramatically increased the cost of imported and led to retalitory actions by th U.S. major trading partners
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Many people started to buy margins beause they started to panic. They only payed a small percent of the price and borrowed the rest.
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During the Great Depression, some women had to work to support their families.
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Nine young black men arrested in Scottsboro, Alabama, charged with raping a white woman; the "Scottsboro Boys" would become a cause celebre for social justice seekers nationwide.
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In 1929-1932, 400,000 farmers lost their jobs because of foreclosure.
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First woman is elected to the U.S. Senate: Hattie Caraway of Arkansas (who was earlier appointed to fill the unexpired term of her late husband)
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In 1929, 400 banks closed adn by 1932 11,000-25,000 banks failed in this time the government didn't suppport banks.
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Hoover takes presidency in the most crisis time in American history.
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25% workers were jobless, those with jobs get cut in therir hours pay.
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300,000 kids didn't have a school to go to because 2,600 schools shut down.
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May 11-13 A severe dust storm blows much of the topsoil of Texas, Oklahoma, Arkansas, Kansas and Colorado to the Atlantic.
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May 29 U.S. and Cuba sign sign a treaty releasing Cuba from the Platt Amendment of 1903 that had made Cuba a U.S. protectorate after the Spanish-American War.
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38% of US families have annual incomes of less than $1000; poverty line is $1330. Gross national debt is $34 billion; gov. expenditures rise for relief programs
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Generators at Hoover Dam begin to transmit electricity from the Colorado River 266 miles to Los Angeles, California.
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On May 1, Congress passes the second Neutrality Act it is quicky signed by Roosevelt.
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House Committee on Un-American Activities established. Its task is to investigate Socialists, Communists, and other individuals deemed un-American.
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May 5: The United Mine Workers force a stoppage of soft-coal production when union and operators fail to reach an agreement. Work resumes May 13 when a contract is signed
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August 2: Roosevelt signs into law the Hatch Act, which prohibits political activity by employees of the federal government
