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Herbert Hoover elected president
Hoover experienced an overwhelming and commanding victory, partly due to the prosperity experienced under other Republicans. -
Period: to
The Great Depression Begins
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Recession Begins
Despite confidence in economy, it begins to show signs of a minor recession. -
Stock Prices Peak and the begin to fall
Confidence in the market started to waver. As a result, intuitive investors began selling their stocks and pulling out of the market. -
Market's First Plunge
The market took a plunge, and in response panicked investors began to unload their shares, unaware the worst was yet to come. -
Black Tuesday
A total of 16.4 million shares were dumped as shareholders attempted to frantically sell before prices crashed even lower. -
Banks Begin to Close
By the end of 1929, approximatley 600 banks had closed due to bank failure. -
Hawley-Smoot Tariff Act
This established the highest protective tariff in United States History. By reducing the flow of goods into the U.S., other countries could not earn American currency to buy American goods. -
1930 Congressional Electoins
Political tide began to turn against Hoover, as Democrats take control of the House of Representatives. Hoover's Republicans only maintained majority in the Senate by one vote. -
The Dust Bowl Begins
Drought and high winds began to destory what little topsoil was left in the midwest region. -
8.02 Million Americans are Unemployed
Over one quarter of the total population would eventually be unemployed. -
Reconstruction Finance Corporation (RFC)
Over $2 billion was authorized for emergency financing of banks, life insturance companies, railroads, and other large businesses. Unfortunatley, it was too late and business failures continued. -
By 1932 400,000 farms had been lost due to foreclosure
As a result, thousands of farming families began migrating West. -
Senate votes down the Patman Bill
The bill would have authorized the government to pay a bonus to World War I veterans who had not been adequately compensated for their wartime service. -
Federal Home Loan Bank Act
This lowered mortage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure. -
Hoover Disbands the Bonus Army
1,000 soldiers under command of General MacArthur and Major Dwight D. Eisenhower, gas more than 1,000 people. -
Franklin Delanore Roosevelt Elected President
FDR won the electoral vote 472 to 59. -
By 1933 2,600 Schools have closed; 300,000 students are out of school.
In modern times that would be approximately 4.5 million students. -
FDR Inaugrated President of the United States
Over 50 million Americans listen to FDR's address and his famous line, "the only thing we have to fear is fear itself." -
Bank Failures Highest Point
By 1933 11,000 of the nation's 25,000 banks had failed. That's 44%!
