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Stock Market Crash
The stock market crash of 1929 was the most significant crash in U.S. history. Although the crash itself only lasted four days, it led to a catastrophic sell-off. The Dow Jones Industrial Average lost 90% of its value between its record high close of 381.2 on September 3, 1929, and its subsequent bottom of 41.22 on July 8, 1932. That was the worst bear market in terms of percentage loss in modern U.S. high. history. It took 25 years for the Dow to regain its September 3 -
Major Unemployment
More than 3.2 million people are unemployed, up from 1.5 million before the October, 1929 crash. President Hoover remains optimistic, however, stating that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next 60 days." -
Food Riots
"Food riots" begin to break out in parts of the U.S. In Minneapolis, several hundred men and women smash the windows of a grocery market and make off with fruit, canned goods, bacon, and ham. One of the store's owners pulls out a gun to stop the looters, but is leapt upon and has his arm broken. The "riot" is brought under control by 100 policemen. Seven people are arrested. -
Bank Collapse
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. -
Ford Motor Company March
Three thousand unemployed workers march on the Ford Motor Company's plant in River Rouge, Michigan. Dearborn police and Ford's company guards attack the workers, killing four and injuring many more. -
Veterans March to Washington
More than 300 World War I veterans leave Portland, Oregon en route to Washington, D.C. to urge Congress to pass the Bonus Bill. It will take them 18 days to reach Washington, D.C. -
FDR is Elected
Franklin Delano Roosevelt is elected president in a landslide over Herbert Hoover. Roosevelt receives 22.8 million popular votes to Hoover's 15.75 million. -
The Civilian Conservation Corps (CCC) is established.
The Civilian Conservation Corps (CCC) is established. Designed as a relief and employment program for young men between the ages of 17 and 27, the CCC is made up of groups of young men who work in national forests, parks, and federal land for nine-month stints. FDR envisions the program as a kind of volunteer "army." The first 250,000 young men are housed in 1,468 camps around the country. At its peak in 1935, the CCC will include 500,000 young men -
The Dust Bowl
A three-day dust storm blows an estimated 350 million tons of soil off of the terrain of the West and Southwest and deposits it as far east as New York and Boston. Some east coast cities are forced to ignite street lamps during the day to see through the blowing dust. -
The National Youth Administration
The National Youth Administration is set up to address the needs of young men and women (who are not allowed in the CCC). The NYA works on two levels: a student-work program and an out-of-school program. The student-work program provides students with odd jobs that pay them enough to stay in school. The out-of-school program sets young people up with various jobs ranging from house painting to cleaning local parks, and eventually comes to include vocational training. -
The Social Security Act of 1935
The Social Security Act of 1935 is signed into law by FDR. Among the most controversial stipulations of the act is that Social Security will be financed through a payroll tax. Historian Kenneth S. Davis calls the signing of the act "one of the major turning points of American history. -
Roosevelt Elected to a Third Presidential Term
Franklin Delano Roosevelt is re-elected for an unprecedented third term as president of the United States.Roosevelt was elected to a third term with the promise of maintaining American neutrality as far as foreign wars were concerned.
