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Herbert Hoover became president on March 4th, 1929. He believed that free market economy would allow communism to come too hard. This is where the roaring twenties reached its peak.
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The stock market crashed at its bottom
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Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on 900 imports.Originally, it was supposed to help farmers but failed.
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Since the Smoot-Hawley Tariff Act caused an immediate drought, food riots broke out in late February. The drought hit 8 different southern states. The economy shrank 6.4% and the unemployment rate rose to 15.9%.
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Congress created the Reconstruction Finance Corporation to lend money for not furture failures.
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Franklin Roosevelt published a deal with the Emergency Banking Act . This closed all US banks.
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This was a storm. FDR passed the Soil Conservation Act to teach farmers sustainable methods.
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The Resettlement Administration trained and provided loans to farmers.
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The hottest summer began in June. Eight states experienced temperatures 100+.
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The economy started contracting again, as the Depression resumed. For the year, the economy grew 5.1%.
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The economy started to grow again. The Great Depression was over.
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The drought returned. Louisiana experienced record temperatures.
