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Stock Market Crash
The Stock Market Crashes, marking the end of prosperity for many Americans. Around $30 billion in stock values will vanish by November -
Hoover Remains Optimistic
Over 3.2 million people are unemployed. President Hoover states that, "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days." -
New York's Bank of the United States Crashes
The Bank of the United States collapses. At this time, the bank had over $200 million in depostits; this was the largest single bank failure in the nation's history. -
Trying to Find More Money
A Texas Congressman introduces legislation authorizing immediate payment of "bonus" funds to veterans of World War I. President Hoover is against this payment and says it will cost the Treasury $4 billion. -
Reconstruction Finance Corporation is Created
The Reconstrution Finance Corporation is created. The Reconstruction Finance Corporation is allowed to lend $2 billion to banks, insurance companies, building and loan associations, agricultural credit organizations and railroads. -
The Ford Strike
A group of Ford factory workers gathered to prepare for the march and demonstration planned. The workers' fourteen-point list of demands included jobs for laid-off employees, the right to organize unions, medical aid, an end to racially discriminant hiring, and increased wages. -
Franklin D. Roosevelt is Elected to His First Presidential Term
Franklin Delano Roosevelt is elected president over Herbert Hoover. Roosevelt receives 22.8 million popular votes to Hoover's 15.75 million. -
Emergency Banking Act is Passed
The legislation, which provided for the reopening of the banks as soon as examiners found them to be financially secure, was prepared by Treasury staff during Herbert Hoover’s administration and was introduced on March 9, 1933. The Emergency Banking Act was intended to restore Americans’ confidence in banks when they reopened. -
Civil Works Administration is Created
Two million of the four million men that are out of employment will become self-sustaining employees on Federal, State and local public projects on November 16th, and will be taken completely off the relief rolls. An additional two million will be put back to work as soon thereafter as possible.This plan will be administered by the newly created Civil Works Administration. -
Roosevelt Helping the Economy
The slow economic recovery made possible by New Deal programs suffers a setback as unemployment rises. President Roosevelt's detractors call it the start of the "Roosevelt recession." -
Federal Spending to Help the Economy
Roosevely asks Congress to authorize $3.75 billion in federal spending to restorethe sagging economy. Economic indicators respond favorably over the next few months. Still, unemployment will remain high and is predicted to stay that way for some time. -
Franklin Roosevelt Eclected to Third Term as President
Franklin Roosevelt is elected to an unprecedented third term as president, defeating Wendell Willkie. Roosevelt's victory is viewed as proof of the nation's support of his war policies.
