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stock prices were rising to the point the could not be justified by anticipated future earnings.
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-consumers spendings dropped and the goods unsold were starting to be accumulated.
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October 24; investors dumped around 12.9 million of shares (day know as "black Thursday.")
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-more of 16 millions of shares ended worthless, the investors who had bought stocks "on margin" (with borrowed money) were erased completely.
-slow production affected the companies and people were starting to got fired, wages fell and buying power decreased.
-the adherence to gold standard spread the depression all around the world. -
By 1930, 4 million Americans looking for work could not find itt
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Farmers could not afford to harvest their crops, and were forced to leave them rotting in the fields while people elsewhere starved.
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Large numbers of investors lost confidence in the solvency of their banks to liquidate loans in order to supplement their cash reserves o hand.
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13 to 15 million Americans were unemployed and half of the country’s banks had failed
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Democrat Franklin D. Roosevelt won an overwhelming victory in the presidential election.
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Inauguration Day, every bank in the US was ordered to close after the fourth wave of banking panics. The FDR projected a calm energy.'The only thing we have to fear is fear itself'
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Announcing the four-day "bank holiday" so that the Congress could pass reform legislation and reopen banks
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During Roosevelt's first 100 days, his administration passed legislation that aimed to stabilize industrial and agricultural production, create jobs and stimulate recovery.
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Created to avoid the incidents from the 1929 crash
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Permanent jobs program that employed 8.5 million people from 1935 to 1943.
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Congress passed the Social Security Act, which for the first time provided Americans with unemployment, disability and pensions for old age.
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A sharp recession hit in 1937, caused in part by the Federal Reserve’s decision to increase its requirements for money in reserve.
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The WPA turned its attention to strengthening the military infrastructure of the United States, even as the country maintained its neutrality.
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World War II kicked American industry into high gear.
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The Japanese attack on Pearl Harbor in December 1941 led to an American declaration of war,
