-
This was the Herbert Hoover became president. Once he became president he did little to stop the Depression. He believed a free-market economy would allow the forces of capitalism to fix any economic downturn.
-
The Bank of Tennessee failed. That led to failures of affiliate banks in the next few days.
-
Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on 900 imports.
-
Food riots broke out in Minneapolis which caused a lot of problems. the riots got people hurt and worrying.
-
Congress created the Reconstruction Finance Corporation to lend $2 billion to financial institutions to prevent further failures.
-
Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures.
-
The Gold Reserve Act prohibited private ownership of gold and doubled its price. The act changed gold price history.
-
The Soil Conservation & Domestic Allotment Act paid farmers to plant soil-building crops.
-
The hottest summer on record began.25 Eight states experienced temperatures of 110 degrees or greater.
-
The economy started contracting again, as the Depression resumed.
-
The economy started to grow again then the Great Depression was over.
-
The Federal Security Agency was launched to administer Social Security, federal education funding, and food and drug safety.
