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Germany sign the Treaty of Versailles
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An average of 600 banks fail each year
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Mussolini takes over in Italy
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Supreme Court nullifies minimum wage for women in District of Columbia.
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The stock market begins its spectacular rise. Bears little relation to the rest of the economy.
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The value of farmland falls 30 to 40 percent between 1920 and 1929.
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The top tax rate is lowered to 25 percent - the lowest top rate in the eight decades since World War I.
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The middle class comprises only 15 to 20 percent of all Americans.
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The construction boom is over.
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Farmers' share of the national income has dropped from 15 to 9 percent since 1920.
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World Economy Crisis
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Herbert Hoover becomes President. Hoover is a staunch individualist but not as committed to laissez-faire ideology as Coolidge.
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More than half of all Americans are living below a minimum subsistence level
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Rising nationalism in Europe and Japan
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Hitler takes power
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FDR is elected US President
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Roosevelt inaugurated; begins "First 100 Days" of intensive legislative activity.
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U.S. goes off the gold standard.
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Sweden becomes the first nation to recover fully from the Great Depression.
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Congress passes the Securities and Exchange Act and the Trade Agreement Act.
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Neutrality Act
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The Supreme Court declares the National Recovery Administration to be unconstitutional.
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Economic recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
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Hitler put military to Rhineland
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Top tax rate raised to 79 percent.
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Roosevelt seeks to enlarge and therefore liberalize the Supreme Court. This attempt not only fails, but outrages the public.
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Britain becomes the third nation to recover as it begins deficit spending in preparation for war.
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Hitler and Stalin start WW2
