Great Depression Timeline

By Alex122412

  • Herbert Hoover becomes the 31st President of the United States

    Herbert Hoover becomes the 31st President of the United States
    Hoover became president and did little to stop the depression. Also, lowered income tax from 25% to 24%

  • Stock Market Crash of 1929

    Stock Market Crash of 1929
    Stock prices fell 11%. Wall Street bankers had bought stocks, So only 2% would be lost by the time the market closed.

  • Smoot-Hawley Tariff Act

    Smoot-Hawley Tariff Act
    The Smoot-Hawley Tariff Act, raised taxes on 900 imports. This act was supposed to help farmers but ended up imposing tariffs on hundreds of other products. As a result, International trade began to collapse.

  • Bank of the United States

    Bank of the United States
    The Bank of the United States failed. It was the fourth largest bank in the nation, and the largest bank failure in history at the time. Hoover returned the top income tax rate to 25%. The economy shrank 8.5%.

  • Food Riots Broke Out in Minneapolis.

    Food Riots Broke Out in Minneapolis.
    Food riots broke out. The drought continued, Hitting eight southern states worst. It was the worst drought in the 20th century for Arkansas. Economy shrank 6.4%. Prices fell another 9.3% and people began to suffer.

  • Securities

    Securities
    Fed purchased $1 billion in securities from banks as part of the open market operations. It added liquidity to cash-strapped banks.

  • New Deal

    New Deal
    Franklin Delano Roosevelt had launched the New Deal with the Emergency Banking Act. it closed all U.S. banks to stop devastating failures.

  • Gold Price History

    Gold Price History
    The Gold Reserve Act prohibited private ownership of gold and doubled its price. This act changed gold price history.

  • National labor Relations Act

    National labor Relations Act
    The National Labor Relations Act Protected workers rights and created the N.L.R Board

  • Hottest Summer

    Hottest Summer
    The hottest summer on record began. Eight states experienced temperatures at 110 degrees or greater.

  • Economy started contracting again

    Economy started contracting again
    The depression resumed. For the year, then economy grew 5.1%, unemployment fell to 14.3%, and prices rose 2.9%. The debt rose to $37 billion.

  • The Great Depression was over

    The Great Depression was over
    For the year, the economy shrank 3.3%. Unemployment rose to 19%. Prices fell 2.8%. The debt remained steady at $37 billion.

  • Repeal the U.S. military arms embargo

    Repeal the U.S. military arms embargo
    FDR convinced Congress to repeal the U.S. military arms embargo to France and Britain.