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Period: to
Great Depression
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Stock Market crashes
The stock market crashes, marking the end of six years of unparalleled prosperity for most citiznes of the American economy. By October 29, stock prices were dropping and banks were calling in loans. -
President Herbert Hoover
President Herbert Hoover says, "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish." -
Unemployment
More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. -
New York City unemployments
The street corners of New York City are crowded with unemployed people. Nearly 6,000 unemployed individuals work at selling apples for five cents apiece. -
Collapses of New York's Banks
New York's Bank of the United States collapses. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history. -
Dependence of New Yorkers
More than 750,000 New Yorkers are reported to be dependent upon city relief, with an additional 160,000 on a waiting list. Expenditures average about $8.20 per month for each person on relief. -
World War I
More than 300 World War I veterans leave Portland, in route to Washington, D.C. to urge Congress to pass the Bonus Bill. It took them 18 days to reach Washington, D.C. -
Franklin D. Roosevelt elected Presdient
Franklin D. Roosevelt is elected president in a landslide over Hoover. Roosevelt receives 22.8 million popular votes to Hoover's 15.75 million. -
Stabilized prices
In an effort to stabilize prices, the Federal Agricultural Program orders the killings of more than 6 million pigs. Many citizens protest this action since most of the meat went to waste. -
Memorial Day Massacre
At Republic Steel's South Chicago plant, workers and their families try to combine a picnic with a rally and demonstration. Ten people are killed and a dozen more are wounded in the "Memorial Day Massacre." -
Roosevelt recession
The slow economic recovery made possible by New Deal programs suffers a setback as unemployment rises. FDR's detractors call it the start of the "Roosevelt recession." -
Franklin D. Roosevelt
FDR asks Congress to authorize $3.75 billion in federal spending to stimulate the sagging economy. Still, unemployment will remain high and is predicted to stay that way for some time.
