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World War I Ends
During World War I, federal spending grows three times larger than tax collections, a severe recession results when the government cuts spending, however, we are able to mostly recover from this before the great depression hits -
The Stock market skyrockets
The stock market begins a spectacular rise, however, bears little resemblance to the rest of the economy, meanwhile, americas middle class shrinks as the lower class grows. -
Farmers share of income Plumets
Farmers share of the national income drops to only 9 percent. -
The Construction boom ends
As the economy deteriorates, construction across the contry halts -
U.S. Stock Prices Fall
The fall of stock prices is seen as marking the begining of the great depression. -
Stock Market Crash (black Tuesday)
The Most devestating stock market crash in the history of the united states, the market lost $30 billion in two days -
First Bank Panic
The first bank panic ensues causeing bankruptcies -
Period: to
The Great Depression
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Smoot-Hawley Tariff
Congress passes the Smoot-Hawley Tariff, steeply raising import duties in an attempt to protect American manufactures from foreign competition. The tariff increase has little impact on the American economy, but plunges Europe farther into crisis. -
2nd bank panic
Another bank panic occurs, meanwhile,no new major legislation is passed concerning the great depression. -
Reconstruction Finance Corperation
The Corperation aimed to loan money to banks and rail roads to keep them from going bankrupt, unfortunately, this had little effect on the great depression as a whole, and didnt help to turn the economy around. -
100,000 Total banks have failed
100,000 banks have failed since 1929, crippling the economy. -
Hitler Comes to power
Thanks to Germany's economic desperation, hitler was able to push his way to the top, and gain the people's love by turning the economy around. -
Unemployment Hits 25 Percent
Unemployment sky rockets to an unbelievable 25 Percent average for the year. -
The New Deal Begins
President Roosevelt begins to implement the new deal, this began to help the economy, it implemented things like minimum wage and maximum work week, and child labor laws, and unemployment compensation. As well as agricultural loans, civilian constervation corps were formed, and bank reform was put into action. -
Franklin D. Roosevelt Becomes President
Franklin D. Roosevelt turned around America's Unemployment rate, when he became president the unemployment rate was 25 percent, and in 1937, it had fallen to 14.3 percent, a dramatic difference. -
Germany Recovers
Germany's war preparations and Heavy defecit spending finaly pulls Germany out of it's depresion -
Roosevelt Reelected
Franklin D. Roosevelt is reelected for another term -
Agricultural adjustment act
The agricultural adjustment act established a minimum wage and maximum work week -
World War II Begins
When World War II hit, it pulled the vast majority of the world out of the Great Depression through all of the government spending on the war. -
America Enters World War II
When the United States enters the war in 1941, it destroys the last remanents of the great depresion, and American unemployment decreases to below 10 Percent
