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1929
In 1929, the U.S. had a decline in industrial production which caused the recession to begin. Then production falls by 20%. On October 24 Wall Street bailout occurs & 'Black Tuesday" follows right after. -
1930
In 1930, the Smoot Hawley Tarriff Act was passed to try to increase U.S. farmer protection against agricultural imports. This year was also the first year of U.S. bank failures. -
1932
In 1932, the governmnt conducted open market transactions to increase money supply. This year Franklin D. Roosevelt was elected U.S. president. -
1933
In 1932, Franklin D. Roosevelt began his 'First Hundred Days' of legislative duty. In this year the National Bank Holiday also occurred while Roosevelt does a lot of work to redistribute wealth from the rich to the poor, but he is concerned about keeping a balanced budget. Roosevelt also turned down the idea of extreme deficit spending. -
1934
1934 began with the Gold Reserve Act , later in the year Black Sunday occurred, which was the worst dust storm to ever happen, which made 1934 to be known as the hottest year ever. During the summer, the Federal Housing Administration provided Federal mortgage insurance and the Securities and Exchange Commission regulated the stock market, which affected the economy in 10.8 percent growth. -
1935
In 1935 many acts and were passed. In February, the Soil Conservation & Domestic Allotment Act passed, which paid farmers to plant soil-building crops. In April the Emergency Relief Act created the Works Progress Administration, which in total employed 8.5 million people. Later this year the National Labor Relations Act was passed & protected workers rights. Shortly after the Social Security Act was passed to provide income to those in need. Overall, in 1935 unemployment fell & the economy rose. -
1937
During 1937 president Roosevelt began his second term & created his third New Deal. Roosevelt cut spending to try to reduce debt. But, instead the cutback actually worsened the Depression. Roosevelt then pushed Congress to create a 5 billion dollar relief program, which included the Federal National Mortgage Act that resold mortgages, then the New Agricultural Adjustment Act passed. Soon after, the Fair Labor Standards Act passed. The economy grew 5.1% & unemployment fell to 14.3%. -
1938
In early June of 1938, the economy began to grow again and the Great Depression was over.
