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World War I Ends
The first world war gave America a booming economy and made America an international super power. -
Stock Market Boom
The Stock Market skyrockets because of America's great economy at the time -
Farming Income Plummets
New technology allows the farmers to more efficiently grow and harvest crops, however this leads to an over production of goods and farmers lose lots of money -
Black Tuesday
Stock Market crumbles on October 29, 1929.It was the final straw of the Great Depression. Many people played the stock market on the margin and were unable to pay this money back to the banks. This sets the majority of banks back an enormous amount of money. -
Period: to
Great Depression
Great Depression Timeline -
First Banks Close
744 banks close in the first 10 months after the stock market crash. The failing banks causes a scare. People all over begin to withdraw their money from banks in fear of losing their money. However this causes other banks to go bankrupt as well. -
1932 Election
Hoover (Republican) vs. F. Roosevelt (Democrat). Hoover was viewed as insensitive to the millions of struggling Americans. Hoover took much of the blame for the great depression and he was easily defeated by FDR. -
Majority of Banks Close
Just in 1933, an estimated 4000 banks close. By the end of the decade a total of 9000 banks will be out of business resulting in an estimated $140 billion dollars lost. -
Unemployment
Unemployment at 25% -
New Deal
Created by Roosevelt, it implemented; child labor laws, minimum wage, and unemployment compensation It also gave farmers loans, created the CCC and other programs, and reformed banks -
Roosevelt Takes Office
FDR takes office as President of The United States and starts reforming immediatly -
Bank Holiday
Roosevelt closes all banks for a nationwide inspection to give make the public feel their money is safe in banks again. -
2nd New Deal
Roosevelt creates another new deal introducing even more relief, recovery, and reform programs. -
The End of the Great Depression
World War II begins. America sells good to the countries in the war boosting economy. The sharp reductions in spending, taxes and regulation pulled America out of the depression. Once America enters the war the men left for battle and women got their jobs. Unemployment continued to drop until almost 1%
