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Black Thursday
- As prices fell, some stocks became literally worthless.
- This resulted in a Stock Market Crash which affected nearly all countries with trade connections in the US Stock Market.
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Complete Economic Depression
A weak upswing in 1930 fooled many into believing that the economy was recovering, but then it crashed into a complete economic depression. -
Period: to
Hoover Takes Action
Hoover forms the Emergency Committee for Employment, National Credit Corporation, and the Reconstruction Finance Corporation to try to reduce the effects of the depression. -
Election of 1932
- The Democrats rejected 1928 candidate Al Smith and nominated Franklin D. Roosevelt. Roosevelt offered a 'New Deal' for the American people.
- Both houses went heavily democratic, and FDR won in a landslide.
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Emergency Banking Act
FDR ordered all banks closed on March 5, and reopened them again on March 9. -
Federal Securities Act
Required corporations to inform the Federal Trade Commission fully on all stocks and made executives liable for any mistakes. -
Agricultural Adjustment Acts
- Producers of major agriculture commodities received subsidies for cutting production, which were funded by a tax on food processors.
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Indian Reorganization Act
Halted sale of tribal lands and enabled tribes to regain title to unallocated lands but cut down on Collier's call for tribal self-government and traditional tribal culture. -
Taylor Grazing Act
restricted grazing on public lands and the TVA helped control flooding which worsened erosion. New Deal planners also promoted new national parks. -
2nd New Deal Begins
FDR called for:
- improved use of national resources
- security against old age, unemployment and illness, and slum
clearance
- a national welfare program -
Resettlement Administration and Rural Electrification Administration
Founded to help farmers by providing utilities and loans. -
Emergency Relief Appropriation Act
Congress passed the $5 billion Emergency Relief Appropriation Act and set up the Works Progress Administration (WPA). -
Election of 1936
- FDR and Alfred Landon nominated
- FDR won due to gaining support of farmers, women, and Northern Blacks
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Farm Tenancy Act Passed
- replaced the Resettlement Administration with the Farm Security Administration.
- The FSA offered clean shelter, medical services, and low interest loans to tenant farmers so they could buy their own farms.
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Roosevelt Recession Begins
Economy went down again due to New Deal policies reducing immediate consumer income. -
Housing Act
Provided urban slum clearance and public housing -
Fair Labor Standards Act
Banned child labor, limited to 40 hours a week, and set a national minimum wage. -
New York World Fair Begins
- symbolized a grand consumer show covering many products produced in America at the time for transportation, living, and consumer electronic needs
- Created in an attempt to bring the world together and lift America out of the Depression.
