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1929 Herbert Hoover is President; blames American people for the state of affairs; does not see a real economic problem or predict the Great Depression
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Begins with the crash of the US Stock Market in 1929; continues until the late 1930's; most of the world is in a depression
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Great Depression results in loses for investors; people stop investing in the stock market; businesses lose money and fail
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Soup kitchens and bread lines cover the US; Hoovervilles named after President Hoover were poorest of towns; Americans living in cardboard boxes
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Unemployment rate is at an all time high; production significantly decreases; 25% of the population is unemployed
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FDR is elected as President of the United States; FDR believes the US needs to be fixed; banks need laws and processes changed
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Women entered the workforce in the 1920's with liberation; the Great Depression and closing businesses sent women back to working at home
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FDR proposed The New Deal; banking and businesses would go through a process of reform and rebuilding; FDR tried to calm the public by saying" the only thing we have to fear is fear itself"
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The New Deal would yield many new programs; two important ones are the FDIC and the SEC
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FDIC created by the 1933 Banking Act to protect individual banking accounts in the event of bank failure; a federal insurance protection plan
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Created by the Securities Exchange Act of 1934; provided the investors must receive valid financials of a company to invest as well as other market rules
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Works Progress Administration and other regulations passed to promote business, safer investments and better working conditions
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Allowed workers to join organized labor for fair treatment and wages
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Inventions including the electric razor, car radios, supermarkets, wringer washer, copy machines, Monopoly and chocolate chip cookies!
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WWII begins in Europe and an uncertain US starts to prepare which yields more jobs both private and public
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Puts the US into WWII; factories go into full production mode to produce military needs and the unemployment rate declines
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World War II meant industry would thrive again and workforce was needed; men went to war and women went to the factories, farms and businesses with a booming economy once again
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1929 stock market crash resulting in an economic halt affecting market, investors, banking, and business. Ten years, two presidents, regulations and a world war to recover.
