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On Black Thursday, stocks dropped by 11%, but due to the Wall Street bankers buying stocks only 2% of them were lost. Between Black Monday and Black Tuesday, 25% of stocks had fallen. On Black Tuesday 16 million trades were shared. -
Hoover had gained a bad reputation as the Great Depression began. He believed capitalism could prevent major economic downturns through a free market economy. He thought the crash and depression would quickly end and government interference was unnecessary. -
Since the Wall Street Crash, another 1.5 million people had been made unemployed. Hoover remained calm about the situation, believing that the effects of the crash will be gone within the next 60 days. -
Food riots erupt as people struggle for food. A few hundred people smash the windows of a grocery market, taking bacon, ham and canned goods with them as they run away. -
The fourth largest bank in the United States fails. Hoover brought the tax income rate up to 25% due to being concerned about budget deficits. This was the largest bank failure in the history of the United States. -
More than 750,000 people In New York were on city relief. Expenditures allowed around $8.20 per month for people on relief. -
President Hoover signed the Revenue Act, increasing the top income tax rate to 63%. He believed it would restore confidence and reduce federal deficit. -
When president Roosevelt begins his first 100 days in office he rapidly introduced 15 new laws to tackle the Great Depression. 5 days into presidency he introduced the Emergency Banking Act, launching the New Deal. He created many more acts to try and create more jobs. -
The Gold Reserve Act was introduced changing gold price history. The act banned ownership and doubled the price of gold -
On Black Sunday the worst dust storm hits the United States. president Roosevelt introduces the Soil Conservation Act to help farmers learn how to work sustainably. -
More than 5,000 Townsend Clubs nationwide brought together more than 2 million members. Around 25 million Americans asked their representatives to support the plan in Washington by signing petitions. -
8 States were record a high temperature of 109.4 degrees or warmer. Throughout the year 12 other states were recorded with the same temperature. $ other states were recorded with a high of 118.4 degrees -
By the end of the year the heat wave had killed 1,693 people. 3,500 people died from drowning by trying to stay cool. -
Roosevelt had difficulty trying to keep the economy out of depression but also trying to manage the debt. He cut back on the New Deals program trying to relieve the debt, but only pushed the economy back into depression. After a $5 billion relief program, the economy grew by 5.1% -
As the economy grew, it slowly took the country out of depression. Although they were taken out of depression, unemployment rates were still extremely high.