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The Great Depression
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Stock Market Crash
The stock market crashes, The "crash" begins on October 24 (Black Thursday). By October 29, stock prices will plummet and banks will be calling in loans. -
3.2 million unemployed
More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. President Hoover remains optimistic, however, stating that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days." -
Collapse of Bank of the United States
New York's Bank of the United States collapses. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history -
Congress establishes the Reconstruction Finance Corporation.
Congress establishes the Reconstruction Finance Corporation. The R.F.C. is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics of the R.F.C. call it "the millionaires' dole." -
Roosevelt is elected president
Franklin Delano Roosevelt is elected president in a landslide over Herbert Hoover. Roosevelt receives 22.8 million popular votes to Hoover's 15.75 million. -
US off Gold Standard CCC started
President Roosevelt, under the Emergency Banking Act, orders the nation off of the gold standard. The Civilian Conservation Corps (CCC) is established. Designed as a relief and employment program for young men between the ages of 17 and 27, the CCC is made up of groups of young men who work in national forests, parks, and federal land for nine-month stints. . -
FDR 2nd term
Defeating Kansas Governor Alfred M. Landon, FDR is elected to his second term as president -
Strike at the General Motors Plant in Flint, Michigan
United Automobile Workers strike at the General Motors Plant in Flint, Michigan. The strike turns violent when strikers clash with company-hired police. -
Franklin Roosevelt is elected to a third term
Franklin Roosevelt is elected to an unprecedented third term as president, defeating Wendell Willkie. FDR's victory is seen as proof of the nation's support of his war policies. Roosevelt lobbies Congress to pass the Lend-Lease Act, which will aid Britain in its struggle to fend off Germany.
