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Unemplyment is only at 3.2%.
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The stock market crash signaling the begining of the great depresion.
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Implimented taxing on forien goods in an attempt to protect american manufactures but did little more then damage europen economy.
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Several hundred men and women smash the windows of a grocery market and steal fruit, canned goods, bacon, and ham. One of the store's owners pulls out a gun to stop the looters, but is attacked and has his arm broken. The "riot" is brought under control by 100 policemen. Seven people are arrested.
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New York's Bank of the United States collapses in the largest bank failure in American history. $200 million in deposits are lost
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Congress establishes the Reconstruction Finance Corporation. The R.F.C. to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads.
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Unemplyment reaches Nearly 25%.
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Franklin D. Roosevelt is inaugurated into office as 32nd President of the United States.
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F.D.R. in his first months of presidency passes a stagering amount of bills and legislations in attempts to assist the economy.
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In respons to many of the organizations F.D.R. put into place being deemed unconstitiuional, Roosevelt trys to enlarge and and stack the Supreme Court. This attempt not only fails, but outrages the public.
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The depresion in the US is ending as it borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing rises 50%.
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US emerges from the war as an economic superpower.
