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when 16 million shares of stock were quickly sold by panicking investors who had lost faith in the American economy
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banks do not have there costumers money and forced to closed down causing riots and panic.
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Food riots broke out in Minneapolis.
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Dow bottomed at 41.22. That was a 90% slide from its September 1929 pre-crash high.
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Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures.
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Black Sunday was the worst dust storm ever. FDR passed the Soil Conservation Act to teach farmers sustainable methods.
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The Supreme Court declared the National Industrial Recovery Act unconstitutional. FDR launched more programs focused on the poor, the unemployed, and farmers.
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The hottest summer on record began. Eight states experienced temperatures at 110 degrees or greater.
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FDR pushed Congress to enact a $5 billion relief program. It included the Federal National Mortgage Association that resold mortgages on the secondary market. The New Agricultural Adjustment Act remedied the 1933 AAA. The Fair Labor Standards Act established the U.S. minimum wage, overtime pay, and youth employment standards.
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The economy started contracting again,as the Depression resumed.
For the year, the economy grew 5.1%, unemployment fell to 14.3%, and prices rose 2.9%. The debt rose to $37 billion. -
The economy started to grow again. The Great Depression was over. For the year, the economy shrank 3.3%. Unemployment rose to 19%. Prices fell 2.8%. The debt remained steady at $37 billion.
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In 1938, FDR abolished mark to market accounting. Some experts believed it forced many banks out of business. The rule forced banks to write down their real estate as values fell. FDR's new rule allowed them to keep these assets on their books at historical prices.
