-
The US economy had already experienced a number of depressions. These depressions were often set off by banking crisis.
-
Herbert Hoover becomes the 31st President of the United States.The stock market reaches its peak, but there are signs that the economy is slowing.The stock market begins to crash.
-
The Smoot-Hawley Tariff Act is passed. Many economists say this act contributed to the Great Depression.
-
Food riots begin to break out in parts of the United States.The Empire State Building is completed.
-
Presidential candidate Franklin D. Roosevelt makes his "New Deal" speech.The Bonus Army of U.S. veterans march on Washington and demand their bonus pay. They are removed by the U.S. Army by force.Franklin D. Roosevelt is elected president.
-
Roosevelt calls for a "bank holiday" where all banks are closed. The National Industrial Recovery Act, the Farm Credit Act, and the Banking Act of 1933 are all passed by Congress.Prohibition is repealed by the 21st Amendment.
-
The SEC is established to regulate the stock market.The Corporate Bankruptcy Act becomes law.The Federal Housing Administration is established by the passing of the National Housing Act.
-
The Works Progress Administration is established. It will employ 8 million workers over the next several years building things like roads, bridges, and airports.The Social Security Act is signed into law.
-
The New Deal work relief programs not only put Americans back to work but also saw the building of countless public facilities
-
Franklin D. Roosevelt is inaugurated to his second term as president.The Supreme Court rules that the Social Security Act is constitutional.
-
Unemployment remained high, but it was slightly lower than the 25% rate seen in 1933.
-
World War II begins when Germany invades Poland. The depression ends over the next several years as the U.S. builds up its armed forces.
