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Beginning of the Depression
The stock market crashes, marking the end of six years of prosperity for most sectors of the American economy. On October 24 -- Black Thursday -- stock prices plummet and panic begiins as people try to sell stock for any price they can get. By October 29 -- Black Tuesday -- stocks will completely collapse and banks will be calling in loans. An estimated $30 billion in stock values will "disappear" by mid-November -
Period: to
Great Depression
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President Hoover
President Herbert Hoover says, "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish. -
Unemployment rises
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. -
Apple Sellers
The street corners of New York City are crowded with apple-sellers. Nearly 6,000 unemployed individuals work at selling apples for five cents apiece -
Wright Patman vs Herbert Hoover
Texas congressman Wright Patman introduces legislation authorizing immediate payment of "bonus" funds to veterans of World War I. The "bonus bill" had been passed in 1924. It allots bonuses, in the form of "adjusted service certificates," equaling $1 a day for each day of service in the U.S., and $1.25 for each day overseas. President Hoover is against payment of these funds, saying it would cost the Treasury $4 billion. -
"Foreign" workers
Resentment of "foreign" workers increases along with unemployment rolls. In Los Angeles, California, Mexican Americans are accused of stealing jobs from "real" Americans. During the month, 6,024 Mexican Americans are deported. -
New York Bank Failure
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. -
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." -
Relief for the People
More than 750,000 New Yorkers are reported to be dependent upon city relief, with an additional 160,000 on a waiting list. Expenditures average about $8.20 per month for each person on relief. -
Franklin Delano Roosevelt
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. -
FDR 4 Day Bank Holiday
FDR announces a four-day bank holiday to begin on Monday, March 6. During that time, FDR promises, Congress will work on coming up with a plan to save the failing banking industry. By March 9, Congress passes the Emergency Banking Act of 1933. By month's end, three-quarters of the nation's closed banks will be back in business. -
Civilian Conservation Corps
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. -
Federal Emergency Relief Administration
The Federal Emergency Relief Administration is created by Congress. President Franklin Roosevelt appoints Harry L. Hopkins as its chief administrator. -
Works Progress Administration
FDR signs legislation creating the Works Progress Administration. (Its name would be changed in 1939 to the Work Projects Administration.) The program employs more than 8.5 million individuals in 3,000 counties across the nation. -
National Youth Administration
The National Youth Administration is set up to address the needs of young men and women (who are not allowed in the CCC). The NYA works on two levels: a student-work program and an out-of-school program. -
Social Security Act
The Social Security Act of 1935 is signed into law by FDR. Among the most controversial stipulations of the act is that Social Security will be financed through a payroll tax. -
FDR's Second Term
Defeating Kansas Governor Alfred M. Landon, FDR is elected to his second term as president, winning every state in the Union except Maine and Vermont. -
Roosevelt Recession
The slow economic recovery made possible by New Deal programs suffers a setback as unemployment rises. FDR's detractors call it the start of the "Roosevelt recession." -
Federal Spending
FDR asks Congress to authorize $3.75 billion in federal spending to stimulate the sagging economy. Economic indicators respond favorably over the next few months. Still, unemployment will remain high and is predicted to stay that way for some time. -
Unpredicted 3rd Term & Pearl Harbor
Franklin Roosevelt is elected to an unprecedented third term as president. In little over a year, following Japan's December 1941 bombing of Pearl Harbor, the U.S. will enter the war in the Pacific and in Europe. The war effort will jump-start U.S. industry and effectively end the Great Depression. -
Franklin Delano Roosevelt Death
President Roosevelt died of cerebral hemorrhage on April 12, 1945 at the Little White House, his cottage at Warm Springs, Georgia, the rehabilitation center for the treatment of polio that he founded.
