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The downward economic fall of 1929 caused more than 650 bank failures therefore reducing the money supply and increasing the value of the dollar.
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President Herbert Hoover’s economic policies and belief that capitalism itself would fix any economic downfall helped start the Depression.
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The stock market crash of Oct 24, 1929 Black Thursday, “kicked off” the Great Depression
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the stock market was officially at rock bottom and started sideways trading (prices did not change very often)
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President Hoover signed the Smoot-Hawley Tariff Act, raising the taxes on over 900 imported goods causing other countries to retaliate, starting a trade war and causing international trade to collapse
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In around 23 states, a drought was started called the Dust Bowl, which was the worst drought in over 300 years
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The Tennessee bank failed, along with affiliated banks over the next few days. The economy was actually improving up to this point but had a downfall again due to weak banking systems.
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The bank of the United States, also the 4th largest bank in the nation, failed causing the biggest bank failure at the time.
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the Reconstruction Finance Corporation was started by congress to lend out $2 Billion to financial institutions to prevent another similar failure in the future.
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As part of the open market operations, the Federal Reserve System bought over $1b in securities and added liquidity to 'cash-strapped banks'