-
Prompts the start of the stock market crash, which plunged the country and eventually the rest of the world into the depression. Price of stocks drops by 11%, but with Wall Street bankers buying the stocks, only 2% was lost.
-
Stock prices fall by 13% today, making the day become known as Black Monday.
-
-
In Minneapolis, food riots erupt as people struggle for food. 100+ hundred people smash the windows of a grocery market, taking bacon, ham, and canned goods with them as they run away. Store owners ended up hurt trying to defend their stores.
100 policemen managed to bring the riots under control and 7 people were arrested as a result. -
The fourth-largest bank in the United States, the Bank of the United States, fails.
-President Hoover then brought the top income tax rate up to 25% as he was concerned about budget deficits. When the bank collapsed, it had more than $200 million in deposits.
-Largest bank failure in the history of the United States -
Franklin D. Roosevelt, a 1932 presidential candidate, gives his “New Deal” speech to the public to reveal his plans for economic recovery.
-
Democratic candidate Franklin D. Roosevelt is elected President of the United States after defeating Herbert Hoover in a landslide victory. Roosevelt got 22,800,000 popular votes, compared to Hoover who got 15,750,000.
-
Just five days after his inauguration, President Roosevelt creates the Emergency Banking Act, launching the New Deal.
In order to prevent even more terrible failures, the act closed all banks in the United States. Throughout his time in office, Roosevelt would sign many more acts that would aid reform and recovery form the depression. -
Allots $200 million for refinancing mortgages to help farmers facing foreclosure. The Farm Credit Act of 1933 establishes a local bank and sets up local credit associations
-
Roosevelt signs the Taylor Grazing Act- allows him to take up to 140 million acres of federally-owned land out of the public domain and establish grazing districts that will be carefully monitored.
-Efforts to heal the damage done to the land by overuse, the program is able to arrest the deteriorationsc but cannot undo the damage that has already been done. -
The worst “black blizzard” of the Dust Bowl occurs, causing extensive damage.
-