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In the fall of 1929, a panic arises at the New York Stock Exchange. People start selling their stock and the stock prices fall dramatically. Although only 2% of the population owns stock, the impact on the economy of the U.S. is massive.
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After the stock market crash, the bank crisis intensifies the difficulties of the time period. People demand their money from their savings accounts. Many banks however, do not have all the money available which leads to an even bigger panic.Between 1929 and 1932 10,000 US banks fail and around $2 billion deposits money is lost.
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The Smoot-Hawley Tariff Act raised the taxes on imported goods. It was designed to strengthen the domestic economy. However, it weakened foreign economies which lead to a decreasing demand in U.S. goods.
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In the summer of 1932, WWI veterans gather in Washington to demand their pensions. President Herbert Hoover responds with military actions against those people which severely weakens his popularity.
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With the election of president Franklin D. Roosevelt, people regain their confidence in being able to overcome the difficult times of the Great Depression. In his first 100 days he already enacts many important "New Deal" legislations including the "Bank holiday" which was designed to restore the confidence into banks.
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From 1930 to 1936 the unfavorable weather conditions and the overuse of soil through agriculture lead to massive dust storms known as the Dust Bowl. Many farmers have to leave their farm and make their way toward California.
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This act created federal regulations for wages and hours including the right to receive minimum wage. It was effective starting October 24th 1938.
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After the attack on Pearl Harbor, the U.S. enters WWII. The manufacturing went up by 50% which markes the end of the Great Depression.
