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Black Monday
On Black Monday, stocks prices fell 13%. -
Failing Banks
The Bank of the United States failed. It was the fourth-largest bank in the nation, and the largest bank failure in history at that time. -
Food Riots
Food riots broke out in Minneapolis. The drought continued, hitting eight Southern states the worst. It was the worst drought in the 20th century for Arkansas. -
Fed
The Fed purchased $1 billion in securities from banks as part of its open market operations. That added liquidity to cash-strapped banks. -
Revenue Act
Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%. He wanted to reduce the federal deficit. Hoover believed it would also restore confidence. Instead higher taxes worsened the Depression. -
Gold Standards
FDR stopped a run on gold by abandoning the gold standard. He ordered everyone to exchange private gold for dollars. -
Black Sunday
Black Sunday was the worst dust storm ever. FDR passed the Soil Conservation Act to teach farmers sustainable methods. -
Soil Conservation & Domestic Allotment Act
paid farmers to plant soil-building crops. -
Hottest Summer
The hottest summer on record began. Eight states experienced temperatures at 110 degrees or greater. -
Rising Debt
The economy started contracting again,as the Depression resumed. The economy grew 5.1%, unemployment fell to 14.3%, and prices rose 2.9%. The debt rose to $37 billion. -
WWII
Hitler invades Poland. -
Pearl Harbor
Japan attacked the Pearl Harbor Navy base. Congress declared war on Japan.
