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Period: to
timeline
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The conservative Supreme Court strikes down federal child labour legislation
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Supreme court nullifies minimum wage for women in district of Columbia
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the avergae prices of stocks will rise 40%
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Anual per-capita income is $750
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Herbet Hoover becomes President
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Backlog of business inventories grows three times larger than the year before
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Recession begins two months beofre the stock market crash
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Stock market crash begins. Investors call October 29 Black Tuesday. Losses for the month $16billion
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The federal reserve has cut prime interest rate from 6-4%
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The Smoot Hawley Tariff passes
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the GNP falls 9.4%from the year before. The unemployment rate climbs from 3.2 to 8.7%
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the GNP falls another 8.5; unemployment rises to 15.9%
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No major legislation is passed adressing the Depression
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This and the next year are the worst years of the Great Depression
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GNP has also fallen 31% since 1929
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GNP falls a record 13.4%:unemployment rises 23.6%
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Popular opinion onsiders Hoovers measures too little too late.
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10,000 banks have failed since 1929, or 40% of the 1929 total
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Top tax rate is raised from 25-63%
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Over 13million Americans have lost their jobs since 1929
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Internation trade has fallen by two-thirds since 1929
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The free fall of the GNP is significantly slowed, it dips only 2.1% this year. Unemployment rises slightly 24.9%
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Alarmed by Roosevelts plan to redistribute wealth from the rich to the poor, a group of millionaire bussinessmen, led by the Du Pont and J.P.Morgan empires,plans to over throw Roosevelt with a military coup and install a fascist government
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Franklin Roosevelt easily defeats Hoover in the fall election
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A third banking panic occurs in March. Roosevelt declares a bank holiday
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Roosevelt does much to redistribute wealth from the rich to the poor, but is concerned with a balanced budget
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Sweden becomes the first nation to recover fully from the Great Depression. It has followed a policy of Keynesian deficit spending.
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The economy turns around GNP rises 7.7%and unemployment falls to 21.7%. Along road to recovery begins
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Sweden becomes the first nation to recover fully from the Great Depression. It has followed a policy of Keynesian deficit spending.
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Economic recovery continues: the GNP grows another 8.1%, and unemployment falls to 20.1%
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Economic recovery continues : GNP grows a record 14.1% unemployment falls to 16.9%
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Top tax rate raised 79%
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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.
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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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Roosevelt seeks to enlarge and therefore liberalize the Supreme Court. This attempt not only fails, but outrages the public.
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No major New Deal legislation is passed after this date, due to Roosevelts weekend political power
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The year long recession makes itself felt the GNP falls 4.5% and unemployment rises 19%
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Industrial stocks have lost 80% of their values since 1930
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World War II starts with Hitlers invasion of Poland
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The Depression is ending worldwide as nations prepare for the coming hostilities.
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• 1939 The United States will begin emerging from the Depression as it borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing will have shot up a phenomenal 50 percent!
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The top tax rate is 91%. it will stay at least 88% until 1963 when it is lowered to 70% during this time, America will experience the greatest economic boom it had ever known until that time
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Although the war is the largest tragedy in human history, the United States emerges as the world's only economic superpower.
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Deficit spending has resulted in a national debt 123 percent the size of the GDP. By contrast, in 1994, the $4.7 trillion national debt will be only 70 percent of the GDP!