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The stock market crashes and brings an end to six years of unprecedented prosperity. $30 billion in stocks are lost by October 29.
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More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash." President Hoover assured the public the worst was over.
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Unemployent increases along with resentment from "Real Americans" toward foreign workers about jobs that should be theirs. 6,024 Mexicans are deported that month as a result.
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New York's Bank of the United States collapses and loses $200 million in deposits.
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January 1932
The Reconstruction Finance Corporation is made by Congress. They lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. It was called "the millionaires' dole." -
The National Treasurey lends needy states money for public works projects with permission from the Reconstruction Finance Committee.
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Herbert Hoover loses presidential election to Franklin D Roosevelt by almost 7 million votes. It was a landslide.
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Roosevelt removes the US from the need to use the amount of gold we have as a measure for the amount of currency we can produce. Our money is not backed by gold anymore and still is not to this day.
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Congress establishes the FDIC which guarantees bank deposits in an effort to restore confidence in banks. The FDIC still guarantees bank deposits for an individual up to $250,000 per depositor, per insured bank, for each account ownership category.
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Social Security is established by FDR and financed through a payroll tax.
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Despite all of FDR's efforts to stimulate economy with millions of dollars from the government by public works projects such as bridges and roads, employment programs such as the CCC, and new social structures, the unemployment numbers start to rise again.
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Japan bombed Pearl Harbor. The industrial needs of the war spurred an economic recovery in America and effectively ended the Great Depression.
