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The Great Depression
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Stock Market Crash
This day is also known as Black Tuesday. 16 million shares were traded on this day, causing billions of dollars to be lost by investors. This was one of the main causes of the Great Depression. -
The Dust Bowl Begins
The farmers over farmed the land in the Great Plains region, causing the soil to dry out. The wind picked up the loose pieces of soil as it blew across the plains creating large clouds of dust. The large clouds of dust were harmful to the lungs and caused many cases of pneumonia. -
The Revenue Act of 1932
The Revenue Act increased taxes in hopes of balancing the budget and to lower interest rates.This was one of the misguided attempts of Herbert Hoover that stopped most consumption and investment. -
1932 Election
Franklin Delano Roosevelt was nominated by the Democratic Party for president. The nation's unhappiness with Herbert Hoover caused FDR to be elected President. -
100 Days
During FDR's first months as president, he passed 15 major bills focusing on bank failures, agricultural overproduction, business slump. and unemployment. Congress was mainly Democrats, therefore allowing bills to be passed more quickly. Some of the main bills were The Emergency Banking Act, The National Recovery Act, and Agricultural Adjustment Act -
Wagner Act
This act reinforced the right of workers to join a union. This act also outlawed practices by employers to end unions such as firing workers for organizing activies. The National Labor Relations Board was also created. -
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The Second New Deal
Conservative Right and Liberal Left groups protested the New Deal. FDR decided to drop finding middle ground and focused on the middle and lower classes. -
Schechter v. US
The Schechter Poultry Corp in Brooklyn violated the NRA codes by selling dieased chickens to local store keepers. The Supreme Court ruled that the NRA was unconstitutional by extending the federal authority to intrastate commerce. -
Social Security Act
The Social Security Act created old-age pensions paid by taxes on the workers and employers. FDR believed adding a health insurance clause would have made the bill even more difficult to pass. -
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Roosevelt Recession
FDR drastically decreased the Federal Budget which had a modest defict, causing Congress to decrease WPA's spending by 50%. This caused 1.5million lay offs and the beginning of Keynesian Economics.
