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The Start of the Great Depression
The Stockmarket crashed on this day causing a chain reaction of banks closing, bussinesses failing, and unemployment. -
Unemployment
The unemployment rate of the country is higher than it has ever seen, millions of people remain on the streets of New York trying to sell apples for a nickel a piece for a living. -
Hoovervilles
The homeless lived in shacks in shantytowns known as Hoovervilles, this was politcialy based blaming president Hoover and the Republican party for the Great Depression. -
Credit Coporation
The National Credit Corporation was created to persuade banks to lend money as loans, this was an attempt to boost the economy. However this did fail. -
The New Deal
The New Deal was a promise from Roosevelt he could take country out of the depression, In the first hundred days, congress passed 15 major acts to new legislation. -
Reconstruction Finance Corporation
This was to make loans available for businesses, by the end of 1932 the RFC had lent of $238 million to 160 banks, 60 railroads, and 18 building-and-loan organization. -
Emergency Banking Relief Act
This act was created in FDR's first five days as president. The new law approved in only 38 minutes of debate, the law required federal examiners to survey the nation's banks and issure Treasury Department licenses ot those that were financially stable. This now meant that the peoples' money would be secure if they put them in the approved banks. -
Agriculture Adjustment Act
Farmers now begin to recieve payments to destroy their crops in an effort to push up prices. -
Home Owners Corporation
The HOLC was authorized to make low interest mortgage loans to homeowners. -
Deflict Spending
At first Roosevelt had cut goverment spending which had started a ressesion, then FDR abondoned a balanced budget to pass the Second New Deal, and was now spending more than the goverment took in. -
The Dust Bowl
In the 1920s when crop prices crashed many farmers left their fields uncultivated, which left the soil loose and dry. Then windstorms,causing a massive duststorm buring crops and livestock. -
The Works Progess Administration
The WPA was the largest work program ever, it spent 11 billion dollars, and employed 8.5 million workers. They built 650,000 miles of road, 125,000 public buildings, 8,000 parks and 124,000 bridges. -
Social Security
The Social Security Act might be the most important act of the Great Depression. The core of the act was the monthly retirement benefits, which pople could collect when they stopped working at age 65, which got the old out of the work force and the new in. It also helped the unemployed and disabled. -
The end of the Great Depression, but the start of WW2
America didn't fully come out of the depression until the start of WW2, which kicked started the economy with the demand of products.
