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Stock Market crash
The 1929 stock market crash is conventionally said to have occurred on Thursday the 24th and Tuesday the 29th of October. These two dates have been dubbed "Black Thursday" and "Black Tuesday." The crash helped bring on the depression of the thirties and the depression helped to extend the period of low stock prices, thus "proving" to many that the prices had been too high. -
Congress passes Agricultural Marketing Act
The Agriculture Marketing Act of 1929 established the Federal Farm Board with a revolving fund of half a billion dollars. The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy, sell and store agricultural surpluses or by generously lending money to farm organizations. The Act was not beneficial; as the inflation ran deeper than the value -
Federal Reserve cut the prime interest rate
By February, the Federal Reserve has cut the prime interest rate from 6 to 4 percent. 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'. -
The Smooth-Hawley Tariff
The Smooth-Hawley Tariff was an act signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels. In the United States 1,028 economists signed a petition against this legislation, and after it was passed, many countries retaliated with their own increased tariffs on U.S. goods, and American exports and imports plunged by more than half. -
Bank Panic
The first bank panic occurs later this year; a public run on banks results in a wave of bankruptcies. Bank failures and deposit losses are responsible for the contracting money supply. -
Increeased unemployment
The GNP falls another 8.5 percent; unemployment rises to 15.9 percent. No laws are passed this year to help with the Depression's needs. -
Glass-Steagall Act of 1932.
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation. The second Glass-Steagall Act, passed on 16 June 1933, and officially named the Banking Act of 1933, introduced the separation of bank types according to their business (commercial and investment banking), and it founded the Federal Deposit Insurance Company for insuring bank deposits. Literature in econ -
Rise of FRD
Popular opinion considers Hoover's measures too little too late. Franklin Roosevelt easily defeats Hoover in the fall election. Democrats win control of Congress. -
Attempt to over throw FDR
Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessmen, led by the Du Pont and J.P. Morgan empires,plans to overthrow Roosevelt with a military coup and install a fascist government modelled after Mussolini's regime in Italy. The businessmen try to recruit General
Smedley Butler, promising him an army of 500,000, unlimited financial backing and generous media spin control. The plot is foiled when Butler reports it to Congress. -
Hitler become Chancellor of Germany
On the night of January 30, 1933, the Nazis organized a massive torchlight parade in Berlin to celebrate the appointment of Hitler as Chancellor of Germany. -
Another run on the Banks
A third bank run happens, as FDR comes into office. He is expected to help out and the NEw Deal finally gets its chance to shine in the eyes of Americans. Already over 10,000 banks have gone out of business. -
Bank Holiday
Immediately after his inauguration as president in 1933, Franklin Roosevelt instituted a four-day bank holiday during which insolvent institutions were closed and the survivors were given a federal seal of approval. This eventually restored faith in our banking systems. -
FDR is Inaugurated
President Roosevelt is inaugurated, proclaiming in his address, %u201CThere is nothing to fear but fear itself.%u201D
The start of the new attempt to recover the United States out of the Great Depression. This is knowen as the "First 100 days". -
FDR's First Fireside Chat
Thus began not only the first of Franklin Roosevelt's celebrated radio addresses, collectively called Fireside Chats, but also the birth of the media era of the rhetorical presidency. Humorist Will Rogers later said that the president took "such a dry subject as banking and made everyone understand it, even the bankers." Roosevelt also took a giant step toward restoring confidence in the nation's banks and, eventually, in its economy. -
New Deal
FDR introduces his ideas of the New deal for America, such as ending the gold standard,, prohibtion, and many other programs to help the American people such as welfare. -
The End in Sight
The economy turns around: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. A long road to recovery begins. -
Start of Economic Recovery
The economy turns around: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. A long road to recovery begins. -
Social Secuirty Act passes
The Social Security Act was drafted by President Roosevelt's committee on economic security, under Edwin Witte, and passed by Congress as part of the New Deal. The act was an attempt to limit what were seen as dangers in the modern American life, including old age, poverty, unemployment, and the burdens of widows and fatherless children. By passing this act, President Roosevelt became the first president to advocate the protection of the elderly. -
The Economy keeps recovering
Economic recovery : the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. -
Economic recovery continues
Economic recovery continues: GNP grows a record 14.1 percent; unemployment falls to 16.9 percent. The U.S. starting to recover yet still far from being out of the hard times. -
Nuclear Fission achieved
Columbia University physicists achieve nuclear fission in the U.S. for the first time (German scientists have already accomplished such a feat), leading Albert Einstein to warn President Roosevelt that an atomic bomb is now feasible. -
Roosevelt loses Power and Faith
No major New Deal legislation is passed after this date, due to Roosevelt's weakened political power. The American people start feeling like there is no getting out of these hard times. They begin thinking FDR cant do what he said to change it either. -
Rising out of Depression
The United States will begin emerging from the Depression as it borrows and spends $1 billion to build its armed forces.
Americans begin to join the armed forces, they feel its the American thing to do. It seems to be what the country needs to get it back into believing in the U.S. -
Beginning of WWII
At 4:45 on the morning of September 1, 1939 German troops entered Poland. Using 62 divisions, six of which were armored and ten mechanized, the Germans invaded Poland by land. Poland was not defenseless, but they could not compete with Germany's motorized army. With only 40 divisions, none of which were armored, and with nearly their entire air force demolished the Poles were at a severe disadvantage Polish cavalry were no match for German tanks. On september 3 both France and Britan declare war
