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A mini-stock market crash occurs after the Federal Reserve warns of excessive speculation. However, the mini-crash was averted two days later when National City Bank pumped $25 million in credit into the stock market.
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The Agricultural Marketing Act of 1929 is signed into law, providing some $100 million in emergency loans to struggling farmers.
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Wall Street Crash of 1929 begins.
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The Reconstruction Finance Corporation is created to lend $2 billion to troubled financial institutions that were not part of the Federal Reserve System that were solvent in the long-run.
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When Franklin Roosevelt takes office, the country is in desperate straits. He will take quick steps to declare a four-day bank holiday, during which time Congress will come up with the Emergency Banking Act of 1933.
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The Agricultural Adjustment Act is enacted, designed to boost agricultural prices by reducing surpluses.
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The Civilian Conservation Corps opens the first soil erosion control camp in Clayton County, Alabama.
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The largest agricultural strike in America’s history begins. More than 18,000 cotton workers with the Cannery and Agricultural Workers Industrial Union (CAWIU ) strike for 24 days.
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Black Sunday. The worst “black blizzard” of the Dust Bowl occurs, causing extensive damage.
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Congress declares soil erosion “a national menace” in an act establishing the Soil Conservation Service in the Department of Agriculture.