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Herbert Hoover becomes president and is an individualist but not as committed to laisses-faire as Coolidge.
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Recession begins in August, 2 months befoe the stock market crash. During this 2 month period, production will decline at an annual rate of 20 percent.
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The stock market crash begins in October 24th. Investors call October 29th Black Tuesday. Losses for the month will total in 16 billion dollars.
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The unemployment rate rises from 3.2 percent to 8.7 percent. then in 1932 it climbs from 15.9 percent to 23.6 percent.
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Industrial stocks have lost 80 percent of their value since 1930.
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In 1933, Roosevelt was inagurated and he began the "First 100 Days" of intensive legislative activity.
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Roosevelt had a plan to redistribute wealth from the rich to the poor.
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In 1934 Congress passed the Securities and Exchange Act and the Trade Agreement Act.
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World War II starts with Hitler's invasion of Poland.
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In 1945 America will experience the greatest economic boom it has ever known.
