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President Warren Harding dies in office
Calvin Coolidge becomes new president -
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KKK claims 9 million new members
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Congress signs the Agriculture Market Act
This was to help farmers get back up on their feet. -
Herbert Hoover becomes president
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Stock Market Crashes
This was known as Black Tuesday. The stock market started to crash on October 24. $16 billion were lost in this month alone. -
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The umemployment rate jumps
The unemployment rate jumps from 3.2% to 8.7% -
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The Dust Bowl
Several dust storms swept through the United States and ruined most of the crops causing even more damage for the Great Depression -
The Smoot-Hawley Tariff Act is signed into law
This raised U.S. tariffs (taxes) on over 20,000 imported goods. This tariff was the second highest in U.S. history. -
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The unemployment rate jumps again
This time the unemployment rate jumps from 8.7% to 15.9% -
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One of the worst years of the Great Depression:
Unemployment rates jump all the way up to 23.6% (13 million people)
Industrial stocks lose 80% of their value
10,000 banks have failed since 1929
The Federal Home Loan Bank Act was put into effect by Herbert Hoover to lower the cost of home ownership.
The top tax rate was raised from 25% to 63%
