Beginning of Great Depression when stock market began to decline in America
Black Tuesday, when the stock market crashed
Stock market crashed.
Severe drought and Dust Bowl conditions began to ruin farmers’ land, a condition that lasted until 1935
Food riots broke out, workers marched on Detroit, and “foreign workers” were deported
Congress established the Reconstruction Finance Corporation to lend $2 billion to banks, insurance companies, building and loan associations, and farming organizations
Stocks reached their lowest point
Franklin D. Roosevelt beat Herbert Hoover in a landslide
Roosevelt announced a three-day “bank holiday” to prevent a third run on banks and to shore up the banking system
More than 11,000 of the nation’s 25,000 banks had closed
Unemployment reached its highest level, at 25%
The Civilian Conservation Corp (CCC) was established to put young men to work in federal and state parks
The National Recovery Administration (NRA) was introduced
The Federal Deposit Insurance Corporation (FDIC) was established to insure bank deposits
The Civil Works Administration (CWA) was established to employ up to 4 million people on public works projects
Franklin D. Roosevelt took office
The Work Projects Administration (WPA) was formed to employ up to 8.5 million people on public works projects across the country
The Social Security Act was signed into law, financed through payroll taxes
FDR was elected to a second term as president
FDR asked Congress for an additional $3.75 billion to stimulate the still floundering economy
The beginning of World War 2, Hitler invades Poland
FDR was elected to a third term as president
Preparations for World War II stimulated the American economy and effectively brought an end to the Great Depression