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Rise of Buying On Credit
As inflation grew, companies began to allow consumers to "buy now and pay later" in order to sell their products and make money off them. -
Agricultural Marketing Act Passed
When Hoover became president in March 1929, he had some progressive and traditional ideas. He did not support absolute laissez-faire. He encouraged voluntary partnerships between business and government in order to work towards collective economic goals. -
Black Tuesday Shattered the U.S. Economy
The day in which the stock market crashed in the U.S., and marked the beginning of the Great Depression. -
Great Depression Starts
The Great Depression was an economic shock that negatively impacted most countries by making their economy drastically drop. This was longest depression in the world. The global unemployment rate rose to 25%. -
Dust Bowl
The nickname for the Southern Plains after Farmers began to plant Wheat during a drought, which resulted in erosion of the soil and then the accumulation of dust storms across the region. -
Hawley Smoot Act Passed
Championed by President Hoover, the Hawley Smoot Act was intended to bolster the U.S. economy; however, it backfired miserably. Initially, it raised import duties on agricultural and industrial goods in an attempt to protect U.S. business. In retaliation, other countries also raised taxes on imported goods which ultimately hurt U.S. exports. This massive decrease in exported products coupled with the generally unaffordable costs of imports is why the Hawley Smoot Act was largely a failure. -
Scottsboro Nine Were Convicted
In Scottsboro, Alabama, nine African-American men were accused of raping two white women. The growing Communist Party defended these nine men and brought national attention to their case. Eight of the nine were imprisoned while the ninth was executed. -
Creation of the Reconstruction Finance Corporation
Established by Congress, the RFC was established to loan money to failing corporations, such as banks, railroads, and insurance companies, in the hope that fixing these corporations would "trickle down" and help American citizens. -
Bonus Army Protested
The Bonus Army Protest was a massive protest of just under 20,000 veterans from World War 1 who were hard-hit victims of the depression. These veterans were angry that their service to the government didn't get them out of debt. Ultimately, the current US Army shot out the crowd, and the veterans were given money, but not nearly what was deemed to be deserved. -
Tydings-McDuffie Act Passed
Enacted during Hoover's administration, the U.S. granted the Philippines independence but restricted immigration of Filipinos into the country.