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Hoover became president and did little to stop the depression. Also, lowered income tax from 25% to 24%
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Stock prices fell 11%. Wall Street bankers had bought stocks, So only 2% would be lost by the time the market closed.
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The Smoot-Hawley Tariff Act, raised taxes on 900 imports. This act was supposed to help farmers but ended up imposing tariffs on hundreds of other products. As a result, International trade began to collapse.
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The Bank of the United States failed. It was the fourth largest bank in the nation, and the largest bank failure in history at the time. Hoover returned the top income tax rate to 25%. The economy shrank 8.5%.
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Food riots broke out. The drought continued, Hitting eight southern states worst. It was the worst drought in the 20th century for Arkansas. Economy shrank 6.4%. Prices fell another 9.3% and people began to suffer.
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Fed purchased $1 billion in securities from banks as part of the open market operations. It added liquidity to cash-strapped banks.
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Franklin Delano Roosevelt had 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 private ownership of gold and doubled its price. This act changed gold price history.
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The National Labor Relations Act Protected workers rights and created the N.L.R Board
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The hottest summer on record began. Eight states experienced temperatures at 110 degrees or greater.
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The depression resumed. For the year, then economy grew 5.1%, unemployment fell to 14.3%, and prices rose 2.9%. The debt rose to $37 billion.
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For the year, the economy shrank 3.3%. Unemployment rose to 19%. Prices fell 2.8%. The debt remained steady at $37 billion.
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FDR convinced Congress to repeal the U.S. military arms embargo to France and Britain.
