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On Black Monday, stocks prices fell 13%.
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The Bank of the United States failed. It was the fourth-largest bank in the nation, and the largest bank failure in history at that time.
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Food riots broke out in Minneapolis. The drought continued, hitting eight Southern states the worst. It was the worst drought in the 20th century for Arkansas.
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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 would also restore confidence. Instead higher taxes worsened the Depression.
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FDR stopped a run on gold by abandoning the gold standard. He ordered everyone to exchange private gold for dollars.
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Black Sunday was the worst dust storm ever. FDR passed the Soil Conservation Act to teach farmers sustainable methods.
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paid farmers to plant soil-building crops.
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The hottest summer on record began. Eight states experienced temperatures at 110 degrees or greater.
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The economy started contracting again,as the Depression resumed. The economy grew 5.1%, unemployment fell to 14.3%, and prices rose 2.9%. The debt rose to $37 billion.
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Hitler invades Poland.
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Japan attacked the Pearl Harbor Navy base. Congress declared war on Japan.
