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Recession begins - production falls by 20%
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The Stock Market Crashes. (Black Tuesday)
The Wall Street Crash was one of the main causes of the Great Depression. It was the worst crash in the history of America. -
Federal Reserve cuts interest rates
from 6% to 4% -
Farmers economic troubles worsen
Farmers are forced to sell their land because they werent making money. -
New York's Bank of the United States collapses.
it was the largest bank failure in american history loosing $200 million in deposits. -
More than 3.2 million people are unempolyed.
This number increased from 1.5 million from before the stock market crash. -
Almost thirty two percent of Australians were unemployed
This was when unemployment reached its peak in Australia -
Franklin D. Roosevelt becomes president of the U.S.A during the time of economic depression
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Employments rates begins to drop
from 29% in 1932 to 10% in 1939 -
America enetrs into World War ||
this brought the united states out of the depression.