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Investors started selling overpriced shares. On October 24, 1929, also known as Black Thursday, 12.9 million shares were traded and the stock market started to crash.
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16 million shares were traded after another wave of people on Wall Street. Many businesses closed and many people lost their jobs.
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The Dust Bowl killed many people, livestock, and crops. This caused people to leave farmland and move into cities for work.
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During the presidency of Herbert Hoover, important matters would get worse and worse. From 1930 to 1931 the number of Americans looking for work increased from 4 million to 6 million.
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In 1930 many people who invested had lost trust in their banks and started depositing cash, and the banks did not have a lot on hand. By 1933 thousands of banks had shut down.
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Through his first 100 days in office Roosevelt passed legislation to give more people jobs and stable industrial and agricultural jobs. He also created the Federal Deposit Insurance Cooperation (FDIC) to protect peoples bank accounts.
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World War I veterans marched on Washington demanding pensions. General Douglas MacArthur used force to remove them.
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1933 were early signs of recovery from the Great Depression. The economy would improve throughout the next three years and the GDP would increase by 9 percent per year.
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The Tennessee Valley Authority (TVA) built dams and hydroelectric projects to better maintain flooding. The Works Progress Administration (WPA) employed 8.5 million people from 1935-1943 to work on these projects.
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Congress passed the Social Security Act to provide for people who are elders, unemployed, or disabled.
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Federal Reserve decided to increase the requirements for reserving money in the bank.
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World War II cause more businesses to begin production and opened up more jobs for people.
