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He was inaugurated on March 4, 1929, and his term ended March 4, 1933.
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Stock prices were raised beyond their value. It was the true start of the Great Depression.
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It started the stock market crash. Prices immediately dropped by 11%.
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The smoot-Hawley Tariff Act raised taxes on 900 imports. It was supposed to help farmers but ended up causing a trade war and the international trade began to collapse.
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It was the fourth-largest bank in the nation. It was the biggest bank failure in history. The unemployment rate rose to 8.7%
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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%. He wanted to reduce the federal deficit. Hoover believed it also would restore confidence. Instead, higher taxes worsened the depression.
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FDR becomes the 32nd president.
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Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures.
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The Gold Reserve Act prohibited the private ownership of gold and doubled its price. The act changed gold price history.
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The National Labor Relations Act/Wagner Act protected workers' rights and created the National Labor Relations Board.
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Franklin Roosevelt started his second term in office.
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Hitler invades Poland.
