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Stock Market Crash of 1929
This began and much contributed to the downfall of the economy in the 1930s. Some blame this event happening because of the international instability. The nation was unprepared for the crash and many people stopped spending, leading to a depression -
Smoot Hawley Tariff Act passed
This act raised tariffs and other countries responded unhappily to this by also increasing their tariffs -
Dust bowl season begins
The "Dirty Thirties"
After the homestead act in 1862, many inexperienced farmers had their hands on a big chunk of land and did not take care of it properly while farming. The agricultural routines affected the climate of the regions and also overplowed farmland eroded away and caused major dust storms, this affected the economy because plants were no longer being regularly being produced locally since the land was so unsuitable -
Federal Banks close
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Unemployment rate increases to over 20%
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Unemployment rate reaches 25%
The unemployment rate reaches an astonishing 25% which is the worst of the depression -
The New Deal
When Roosevelt was inaugurated, he was set on a quest for helping the citizens of his country through it and also was motivated to have it come to a halt. -
Emergency Banking Act passed
This act was to aid for the instability of the banking systems. This act was passed the day after Roosevelt had a four day bank holiday where nobody could withdraw any money so the banks could get back on their feet again -
Initiatives implamented
Initiatives, including the social security act are passed making a "Second New Deal" -
Okie Migration
Citizens of the Dust Bowl states- Texas, New Mexico, Kansas, Colorado, Nebraska and Oklahoma- left their states causing the largest migration in American history. Roughly 2.5 million people migrated -
Recession
After economic growth, another recession is encountered -
Beginning of German Invasion