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Period: to
Great Depression
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Stock Market Crash
The stock market crashes, ending the 6 years of economic prosperity. This day was known as Black Tuesday, by October 29th stock prices plummet. -
Vast Unemployment
More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. By midway through the deprssion unemployment rates will reach 25-30% -
Protests
Three thousand unemployed workers march on the Ford Motor Company's plant in River Rouge, Michigan. Dearborn police and Ford's company guards attack the workers, killing four and injuring many more. -
Bank Collapse
New York's Bank of the United States collapses. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history. -
R.F.C.
Congress establishes the Reconstruction Finance Corporation. The R.F.C. is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics of the R.F.C. call it "the millionaires' dole." -
Waiting for Work
More than 750,000 New Yorkers are reported to be dependent upon city relief, with an additional 160,000 on a waiting list. Expenditures average about $8.20 per month for each person on relief. -
FDR!!
FDR asks Congress to authorize $3.75 billion in federal spending to stimulate the sagging economy. Economic indicators respond favorably over the next few months. Still, unemployment will remain high and is predicted to stay that way for some time.
