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Beginning of the Great Depression
Stock market crashing causing the great depression. The “crash” begins on October 24 (Black Thursday). By October 29, stock prices will plummet and banks will be calling loans. An estimates $30 billion in stock values will “disappear” by mid-November. -
The Great Depression Cont.
More than 3.2 million people are unemployed. President Hoover remains optimistic, stating that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days." -
The Great Depression causes
Food riots break out in Minneapolis, hundreds of people destroying stores to get to the food. 100 policemen needed to stop the riot for continuing. Seven people arrested. -
R.F.C or reconstruction finance corporation
Congress establishes the R.F.C (reconstruction Finance Corporation) which allows them to lend $2 billion to banks. Insurance companies, building and loan associations, agricultural credit organizations and railroads. Critics call it “the millionaires’ dole” -
Unemployed workers
Three thousand unemployed workers march on the Ford Motor Company's plant in River Rouge, Michigan. Dearborn police and Ford's company guards attack the workers, killing four and injuring many more. -
CCC or civilian conservation corps is established
President Roosevelt, under the Emergency Banking Act, orders the nation off of the gold standard. The Civilian Conservation Corps (CCC) is established. Designed as a relief and employment program for young men between the ages of 17 and 27, the CCC is made up of groups of young men who work in national forests, parks, and federal land for nine-month stints. -
Federal agricultural program
In an effort to stabilize prices, the Federal Agricultural program orders the slaughter of more than 6 million pigs. Many citizens protest this action since most of the mean went to waste. This event is important because people were taking advantage of pigs and it shows that the FAP didn’t really care about what the people had to say about killing so many pigs and wasting them. -
Civil Works Administration is established
The Civil Works Administration is established. Devised as a wide scale program that could employ up to 4 million people, the C.W.A. is involved in the building of bridges, schools, hospitals, airports, parks and playgrounds. Additionally, C.W.A. funds go toward the repair and construction of highways and roads. Early in 1934, Congress will authorize $950 million for the continued operation of the C.W.A. This event is important to me because of the statistics and it explains what -
Roosevelt recession
The slow economic recovery made possible by New Deal programs suffers a setback as unemployment rises. FDR’s detractors call it the start of the “Roosevelt recession.” -
Helping the economy
FDR asks congress to authorize $3.75 billion in federal spending to stimulate the sagging economy. Economic indicators respond favorably over the next few months. Still, unemployment will remain high and is predicted to stay that way for some time.