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a record 12,894,650 shares were traded. Major banks and investment companies bought up stocks in an attempt to hold up prices and stem the panic, but the panic began again on “Black Monday”, and on “Black Tuesday”, October 29, 16,000,000 shares were sold, and prices on the stock market collapsed completely.
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Bankruptcies and skyrocketing unemployment spread from the US to every country in the world, except the USSR, where production continued to expand after the devastation.Also When the value of stocks fell, those who had invested in them lost money, including banks who had loaned money to failed firms; banks in trouble called in their loans, borrowers were invariably unable to pay and were repossessed and their businesses closed down; employees were put off and creditors remained unpaid.
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Severe drought and Dust Bowl conditions began to ruin farmers’ land.Intersesting fact about the Dust Bowl: Dust plus wind at high speed produces static electricity, farmers were often shocked and knocked off their feet when opening car doors.
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Food riots broke out, workers marched on Detroit, and “foreign workers” were deported
No major legislation is passed addressing the Depression. -
Congress established the Reconstruction Finance Corporation to lend $2 billion to banks, insurance companies, building and loan associations, and farming organizations.
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President Roosevelt delivers his first radio "fireside chat," explaining to the American people what has happened in the U.S. banking system.
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Franklin D. Roosevelt took office More than 11,000 of the nation’s 25,000 banks had closed oosevelt announces a three-day “bank holiday” to prevent a third run on banks and to shore up the banking system Unemployment reached its highest level, at 25% The Civilian Conservation Corp (CCC) was established to put young men to work in federal and state parks
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Roosevelt establishes the Civil Works Administration (CWA) to assist unemployed workers through the winter months.
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Congress passes the Emergency Relief Appropriation Act creating the Works Progress Administration (WPA) and providing almost $5 billion for work relief for the unemployed for such projects as construction of airports, schools, hospitals, roads, and public buildings. This act marks the beginning of the Second New Deal
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Roosevelt creates the Resettlement Administration (RA) to help poor farmers either improve the use of their lands or move to better lands. The agency's Historical Section begins a major photodocumentary project of the Depression.
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Congress passes the National Labor Relations Act, better known as the Wagner Act, to support the right of workers to organize and bargain collectively with employers over working conditions, benefits, and wages. The act also bans certain unfair business practices.
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he Work Projects Administration (WPA) was formed to employ up to 8.5 million people on public works projects across the country
The Social Security Act was signed into law, financed through payroll taxes -
FDR was elected to a second term as president
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FDR asked Congress for an additional $3.75 billion to stimulate the still floundering economy
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A new look in women’s fashion emerged in the 1930s. In response to the economic crisis, designers created more affordable fashions with longer hemlines, slim waistlines, lower heels, and less makeup. Accessories became more important as they created the impression of a “new” look without having to buy a new dress.f
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FDR was elected to a third term as president
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suffering American economy was given a boost when the fighting countries needed supplies and looked to America to make them.After Pearl Harbor was bombed on December 7, 1941, America entered the war. The U.S. enlisted more than 10 million men and women into the military. Since so many were fighting in the war, it was left for those left at home to work in the factories to make supplies for the war effort.
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Japan bombed Peal Harbor and America decleared war on
Japan.
