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Which sent Wall Street into a panic and wiped out millions of investors.
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From 1929-1931, most of the unemployment was getting higher.
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1932, an additional 5,102 banks went out of business.After 1929, 659 banks closed.
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Unemployment was at 25 percent more and more people were losing jobs.
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Saw the turning point in the Great Depression in America with unemployment decreasing to 22 percent, but lots of things around the world were seeing political changes in German Hitler and Stalin were taking control.
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Congress passed the Social Security Sct, which for the first time, provided Americans with unemployment, disability, and pensions for old age.
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Germany becomes 2nd in country to come out of depression with military build up, getting read for war.
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The Supreme Court declares part of the Agricultural Adjustment Act to be unconstitutional. In response, Congress passes the Soil Conservation and Domestic Allotment Act.
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The year-long recession makes itself felt: the GNP falls 4.5 percent, and unemployment rises to 19.0 percent.
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Economists attribute economic growth so far to heavy government spending that is somewhat deficit. Roosevelt, however, fears an unbalanced budget and cuts spending for 1937. That summer, the nation plunges into another recession. Despite this, the yearly GNP rises 5.0 percent, and unemployment falls to 14.3 percent.
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Britain becomes the 3rd nation to recover as it begins deficit spending in preparation for war.
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The united States will begin emerging from the Depression as it borrows and spends $1 billion to build its armed forces. From 1939- 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing will have shot up a phenomenal 50 percent. The Depression is ending worldwide as nations prepare for the coming hostilities. World War ll starts with Hitler's invasion of Poland.
