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-crop prices fall/loans going unpaid
-easy credit (too many goods not enough money)
-unregulated business -
Herbert hoover became president
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BLACK TUESDAY
-poverty spreads
-dust bowl hits great plains
-”Hoovervilles”shantytowns by homeless -
The Bank of the United States failed. This was the largest bank failure in history.
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Food riots broke out in Minneapolis.
The drought continued hitting 8 southern the worst. -
-14 dust storms hit the Midwest
- the economy shrank 12.9%
-unemployment rose to 23.6% -
The civilian conservation corps was launched to hire 3 million workers to maintain public lands
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The social security act provided income to the elderly, the blind, the disabled, and children in low-income families. It was paid for with payroll taxes and the Social Security Trust Fund
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The hottest summer on record began. 8 states experience temperatures at or above 110 degrees, in July, 20 more states experienced this heat wave with some even reaching 120 degrees.
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The economy started contacting again as the depression continued. The year ended with the economy growing 5.1%, unemployment fell to 14.3% and prices rose 2.9%. THE DEBT ROSE TO 37 BILLION
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The economy started to grow again. The Great Depression was over.
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Hitler invaded Poland starting world war 2. Louisiana experienced record breaking temperatures when the drought returned.
