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Herbert Hoover was president at the time, and he said "Any lack of confidence in economic future or the basic strength of buisness in the United States is foolish"
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October 29, 1929, the stock market crashed sending the economy into the Great Depression.
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The begging of the stock market crashing starts a new era called the Great Depression.
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More than 3.2 million people are unemployed, up from 1.5 million before the stock market crashed.
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New York streets were full of nearly 6,000 people selling apples for $0.5 each.
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Several hundred men and women would bust out the windows of a grocery market to get fruit, canned foods bacon and ham. Causing the beginning of Food Riots.
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At the time of the collapse, the bank had over $200 million in deposits making it the largest single bank failure in the nations history.
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Franklin Roosevelt is elected president in a landslide over Herbert Hoover.
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President Rossevelt, under the Emergency Banking Act, orders the nation off of the Gold Standard.
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Congress passed the Glass-Steagall Act that seperates commercial from investment banking and set ups the Federal Deposit Insurance Coroperation tp gaurentee bank deposits.
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Black Sunday, a day when winds had reached up to 60 mph, promped a reporter to coin the term "Dust Bowl" for the first time.
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At Republic Steel's South Chicago plant, workers and their families try to combine a picnic with a rally and demonstration. Ten people are killed and a dozen more are wounded in the "Memorial Day Massacre."
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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.
