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By 1928, Brazil, Germany, and the economies of Southeast Asia were depressed. This changed the economic thinking; Many economists blamed the depression on inadequate demand. (Meaning the demand is LESS than the supply)
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The unemployment for 1929 had an average of 3.2%. The stock market in America collapses. Dow Jones Industrial average dropped a whole 25%. And it lost $30 billion in market value. Black Tuesday is October 29, 1929, when panicked sellers traded almost 16 million shares on the New York Stock Exchange. This is important because this was really the big spark in the depression, and started it mostly.
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The unemployment in 1930 averages 8.9% for the year; And more than 3.2 million people are unemployed. This is important because it is up from 1.5 million from Black Tuesday last year (Oct. 29, 1929)
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Food riots start to break out in parts of the U.S. In Minneapolis. Many men and women broke windows and made off with items such as fruit and ham. Then the N.Y. Bank collapses. This is important because this bank had over $200 million in deposits, which is the largest failure in history.
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Franklin Delano Roosevelt had been elected President over Herbert Hoover. Roosevelt had 22,800,000 popular votes and Herbert Hoover had 15,750,000. This is important because Democrats win control of Congress. And he tried helping Americans regain faith.
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The Emergency Banking Act has been passed. Towards the end of the month (March), nearly all of the banks that had been closed when the Depression started are opened again. This is important because Americans had at least a little bit of faith at this point.
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A three day dust storm blows an estimate of 350 million tons of soil off of the terrain of the West and Southwest. Some of the East Coast cities are forced to ignite street lamps during the day time just to see through the blowing dust. This is important because it worsened the poor economic conditions and farmers needed government assistance.
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The Supreme Court announces that the National Recovery Administration is "unconstitutional". They say it "infringed the separation of powers under the United States Constitution". This was important because it was an effort to help our nation recover from the depression.
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Franklin Delano Roosevelt was elected once again. This is his second term. This was important as the democrats had felt even more control and faith in their nation.
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Roosevelt wants to enlarge and pretty much just liberalize the Supreme Court. This attempt was a huge failure. This was very important because the public was very much outraged and Roosevelt got hate.
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The economy started to grow again. The economy shrank 3.3%. And Unemployment went up to 19%. Prices fell 2.8%. Finally the debt remained steady at $37 billion. This was very important because it was the first signs to the ending of Great Depression
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The Great Depression is finally ending worldwide while nations prepare for the coming war, World War II. This was very important because many finally had their jobs back, and unemployment was so much better.
