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Hoover believed a free-market economy would allow the forces of capitalism to fix any economic downturn. As a result, he lowered the top income tax rate from 25% to 24%.
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Black Thursday is the name given to Thursday, October 24, 1929, when panicked investors sent the Dow Jones Industrial Average plunging 11%. Black Thursday kicked off the stock market crash of 1929.
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This was a period of severe dust storms the greatly damaged the ecology and agriculture of the American and Canadian Prairies during the 1930s.
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This raised taxes on 900 imports. It was originally supposed to help farmers but ended up imposing tariffs on hundreds of other products.
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This led to failures of affiliate banks in the next few days. Although the economy was improving, weakness in the banking system pulled it back down. Non-members did not have enough money access to reserves to fend off bank runs.
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It was the 4th largest bank in the nation and the largest bank failure in history at that time. Hoover was worried about budget deficits so he returned the top income tax rate to 25%.
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Congress had created this to lend $2 billion to financial institutions to prevent further failures. In July, Congress authorized it to lend money to states for relief.
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This increased the top income tax rate to 63%. He wanted to reduce the federal deficit. He also believed that it would also restore confidence.
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This deal was a series of programs, public work projects, financial reforms, and regulations enacted by him. This aimed at promoting economic recovery and putting Americans back to work.
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This act prohibited private ownership of gold and doubled its price. This changed the gold price history
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In June, 8 states experienced temperatures of 110 degrees or higher. By July, another 12 states experienced temperatures at or above 110 degrees including 4 that broke 120 degrees. Throughout the year the heat killed 1,693 people. 3,500 people drowned while trying to cool off during this period.
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He invades Poland because he wants to regain lost territory and ultimately rule their neighbor to the east. This started World War ll.
