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The Great Depression Begins
The stock market plunges. This day will became known as "Black Tuesday." -
The Bank of the United States failed.
It was the fourth-largest bank in the nation, and the largest bank failure in history at that time. Worried about budget deficits, Hoover returned the top income tax rate to 25%. The economy shrank 8.5%. The unemployment rate rose to 8.7%. Deflation set in as prices fell 6.4%. -
Hoover signed the Revenue Act of 1932.
It increased the top income tax rate to 63%. He wanted to reduce the federal deficit. Hoover believed it would also restore confidence. Instead, higher taxes worsened the Depression. -
Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act.
It closed all U.S. banks to stop devastating failures. -
The Civilian Conservation Corps
Launched to hire three million workers to maintain public lands. -
The Civil Works Administration
Created four million construction jobs. -
The Gold Reserve Act
Prohibited private ownership of gold and doubled its price. The act changed gold price history. -
Black Sunday
The worst dust storm ever. FDR passed the Soil Conservation Act to teach farmers sustainable methods. -
The Soil Conservation & Domestic Allotment Act
Paid farmers to plant soil-building crops. -
The Emergency Relief Appropriation
Created the Works Progress Administration to hire 8.5 million people. -
The Rural Electrification Act
Helped farms to generate electricity for their areas. -
Start of WWII
Adolf Hitler invades Poland and triggers the final straw to start the 2nd World War
