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Herbert Hoover become President
He was inaugurated on March 4, 1929, and his term ended March 4, 1933. -
A Recession Hit
Stock prices were raised beyond their value. It was the true start of the Great Depression. -
Black Thursday
It started the stock market crash. Prices immediately dropped by 11%. -
Smoot-Hawley Tariff Act
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. -
Bank of the United States Failed
It was the fourth-largest bank in the nation. It was the biggest bank failure in history. The unemployment rate rose to 8.7% -
Revenue Act of 1932
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. -
FDR
FDR becomes the 32nd president. -
New Deal
Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures. -
The Gold Act Reserve
The Gold Reserve Act prohibited the private ownership of gold and doubled its price. The act changed gold price history. -
National Labor Relations Act
The National Labor Relations Act/Wagner Act protected workers' rights and created the National Labor Relations Board. -
FDR (again)
Franklin Roosevelt started his second term in office. -
Hitler
Hitler invades Poland.