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Hoover elected President
Herbert Hoover is elected president and took a laissez-faire approach towards economic policies. He helped very little to stop the Depression. -
Black Tuesday
The stock market crashed and people are frantic to get their money. Most people bought their shares using credit causing people to accumulate a huge amount of debt once the crash hit. People begin to sell their shares but no one would buy. -
Banks begin to fail
The first bank failed in Tennessee causing affiliate banks to fail. Bank failures grew as American's were frantically withdrawing their money. By the end of 1930 over 600 banks failed and by the end of 1933 America saw $140 billion disappear through bank failures. -
The Dust Bowl
Farmers break up soil in the drought which is followed by high winds causing dust storms to travel across America. These dust storms cause farmers to leave their land and lead to many farmers loosing their jobs. -
Hoover signs the Smoot-Hawley Tariff Act
The signing of this act placed a higher tax on 900 imports. The act was supposed to help farmers but it started a trade war and international trade starts to collapse. -
Food Riots
People do not have enough money for food and resort to getting food from food pantries. However, when people couldn't find a source of food they broke out in riots in parts of America. These food riots added to the chaos and caused stores to lose food and money. -
Franklin D Roosevelt elected president
Roosevelt wins the election by a landslide. He provides a new hope to America. He gives hope to stop The Great Depression. -
New Deal
The new deal introduces an economic policy to end The Great
Depression. Roosevelt introduced new programs to provide relief for Americans. The new deal consisted of Congress passing laws to address crisis in banking, unemployment, and industrial performances. -
Unemployment Rate
During The Great Depression many Americans did not have any source of income. By 1933 nearly 15 million Americans, about 20%, were unemployed. Americans didn't have enough money to provide for their family. -
21st Amendment
The 21st amendment repeals the 18th amendment which prohibited alcohol. Alcohol is now legal to purchase, placing a tax on the drinks. These taxes provided the government with very much needed money to boost the economy. -
The Gold Reserve Act
This act lead to government to seize gold in hopes to help balance the economy between the rich and the poor. -
World War 2
When America entered the war many Americans were hired to work in the military giving them a source of income and lowering Americas unemployment rate. America now needed more supplies for the war which increased manufacturing. Overall World War 2 boosted our economy putting an end to The Great Depression.
