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. Agriculture went through a bubble in soaring land prices that collapsed in 1921, and that sector remained depressed. Coal mining was shrinking as oil became the main energy source. Otherwise most sectors prospered. Construction flourished as office buildings, factories, paved roads, and new housing was evident everywhere. Automobile production soared, suburban housing expanded and the nation's homes, towns and cities were electrified, along with some farms.
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November 6 – U.S. presidential election, 1928: Republican Herbert Hoover wins by a wide margin over Democratic Governor of New York Alfred E. Smith.
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The Wall Street Crash of 1929 and the ensuing Great Depression led to government efforts to restart the economy and help its victims. The recovery, however, was very slow.
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Hoover signed the Smoot-Hawley Tariff Act, which raised taxes on 900 imports.7 It originally was supposed to help farmers but ended up imposing tariffs on hundreds of other products.
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Hoover created the Department of Veterans Affairs that provides integrated life-long healthcare services to eligible military veterans at the 1700 VA medical centers and outpatient clinics located throughout the country
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The Bank of Tennessee failed. That led to failures of affiliate banks in the next few days. Although the economy was improving, weaknesses in the banking system pulled it back down. Only one-third of the nation's 24,000 banks belonged to the Federal Reserve banking system. Non-members did not have enough access to reserves to fend off bank runs. As bank failures grew, depositors rushed to banks to pull out their savings
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The drought continued, hitting eight Southern states the worst. It was the worst drought in the 20th century for Arkansas. The economy shrank 6.4%. The unemployment rate rose to 15.9%. Prices fell another 9.3%. People began to suffer the worst
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Congress created the Reconstruction Finance Corporation to lend $2 billion to financial institutions to prevent further failures.10 In July, Congress authorized it to lend money to states for relief. February: The Fed purchased $1 billion in securities from banks as part of its open market operations. That added liquidity to cash-strapped banks.
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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%. He wanted to reduce the federal deficit. Hoover believed it also would restore confidence. Instead, higher taxes worsened the depression.
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Fourteen dust storms hit the Midwest. The economy shrank 12.9%, unemployment rose to 23.6%, and prices fell 10.3%.
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FDR began his second term. He launched a third New Deal. The Wagner-Steagall Act funded state-run public housing projects. The Bonneville Power Administration delivered and sold power from the Bonneville Dam. The Farm Tenancy Act provided loans for tenant farmers to buy farms. The Farm Security Administration replaced the Resettlement Administration.
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Hitler invaded Poland, starting World War II,FDR convinced Congress to repeal the U.S. military arms embargo to France and Britain.
