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Stock Market Crash of 1929
On October 29, 1929, sixteen million shares were traded and millions of shares ended up worthless. Thousands of investors were completely wiped out. The Wall Street stock market had completely collapsed. -
Start of the Dust Bowl
In 1930s, a serious drought hit 23 states from the Mississippi to the mid-Atlantic region. Agricultural and farming practices went downhill due to the dryness. The period of severe dust storms damaged the economy of US. -
The Smoot-Hawley Tariff
The Smoot-Hawley Tariff raised US tariffs on foreign agricultural imports. This further supported US isolationism and retaliation from foreign governments. -
Bank of the United States Fail
The fourth largest bank in the nation, The Bank of the United States, failed. Because of this, President Hoover made the top income tax rate 25 percent. The economy shrank by 8.5 percent and the unemployment rate rose to 8.7 percent. -
Founding of the Reconstruction Finance Corporation
On January 22, 2932, the Reconstruction Finance Corporation was founded. Congress created the corporation to lend money to financial institutions to prevent further failure. -
The Revenue Act of 1932
The Revenue Act of 1932, signed by President Hoover, was raised the tax rates on top incomes from 25 percent to 63 percent. Estate taxes were doubled and corporate taxes were raised by around 15 percent. Hoover believed the act would restore the economy, but it ultimately ended up worsening the Depression. -
The Civilian Conservation Corps
The Civilian Conservation Corps was founded on April 5, 1933 to give jobs to unemployed, unmarried men to conserve the natural resources of land owned by the government. -
Black Sunday
The severe dust storm that took place on April 14, 1935, that is referred to as Black Sunday caused major agricultural and economic issues. 300 million tons of topsoil was dislocated. The winds that carried the dust at high speeds killed multiple and was the cause of relocation for more. -
Soil Conservation and Domestic Allotment Act of 1936
The Soil Conservation and Allotment Act encouraged the use of soil to promote economic use and decrease the exploitation of natural soil resources. The act was signed into law on February 29, 1936 by President Franklin. D. Roosevelt. -
The End of the Great Depression
1939 is said to be the end of the Great Depression. In that year, economy rose 8 percent, unemployment fell to 17.2 percent, and prices remained flat.