-
Black Tuesday
"Black Friday" was first used to describe Sept. 24, 1869, when several financiers tried to corner the gold market and instead crashed the market and caused a depression. In 1873, another panic in the financial markets also began on a Friday. The Great Depression began after the stock market collapsed on Oct. -
Period: to
The Great Depression
October 24: The stock market begins to crash. Many people lost their jobs and their money. This was known as the great depression. Their is no exact end date so the only true end date is the 1939. -
Banks begin to fall
The Smoot-Hawley Tariff Act is passed. Many economists say this act contributed to the Great Depression. -
The Depression Worsens
Food riots begin to break out in parts of the United States. -
Unemployment Rises to 23.6 percent and over 10,000 banks have failed since 1929
July 28: The Bonus Army of U.S. veterans march on Washington and demand their bonus pay. They are removed by the U.S. Army by force. -
The first new deal begins
The "First One Hundred Days" of Roosevelt's presidency begins. Over 15 new laws are quickly enacted to fight the Great Depression. -
Bank Stabilization
Franklin D. Roosevelt calls Congress into special session, sending up as his first piece of proposed legislation a bill to stabilize the country's failing banking system. Congress passes the bill that very day. We mention this only to point out that Congress can, in theory, do things. -
Economy Bill
Congress passes Franklin D. Roosevelt's economy bill, slashing government spending by cutting $500 million in scheduled payments to veterans and federal employees. Kind of a jerk move there, Roosevelt. -
Confidence in banks restored
Franklin D. Roosevelt lifts the nationwide bank holiday he imposed one week earlier. Customers, buoyed by FDR's confidence in the banking system, deposit more money than they withdraw, ending the country's banking crisis. -
Prohibition Ends
At Franklin D. Roosevelt's request, Congress ends Prohibition, legalizing the sale of beer with an alcohol content of up to 3.2%. While a few old-line "dry" Senators attempt to filibuster the bill, House members invade the Senate chamber, chanting "Vote! Vote! We want beer!" Most historians agree that Journey's "Any Way You Want It" should have been playing. -
Gold Standards End
The United States goes off the gold standard, allowing inflationary forces to begin to lift the economy. Before this, all currency was backed with gold, having the unintended side effect of turning us all into old-timey prospectors. -
Federal Emergency Relief Act
Congress passes the Federal Emergency Relief Act, distributing hundreds of millions of dollars to the states for dispersal to the one-fourth of the national workforce unable to obtain jobs. -
Agricultural Adjustment Act
Franklin D. Roosevelt signs into law the Agricultural Adjustment Act, which seeks to help out farmers by reducing farm output and raising prices. -
Federal Securities Act
Congress passes the Federal Securities Act, for the first time committing the federal government to the regulation of Wall Street. -
National Industrial Recovery Act
Congress passes the National Industrial Recovery Act, the signature piece of legislation of the First New Deal, which Roosevelt hopes will lift the industrial economy out of Depression. The Act itself was pretty nervous about it, too. -
Banking Act of 1933
Congress passes the Banking Act of 1933, which establishes the Federal Deposit Insurance Corporation, which virtually ends bank failures in America. You know, for the moment. -
21st Amendment
The 21st Amendment takes full effect, ending Prohibition not only on beer and wine—legalized in March—but also on hard liquor. This means that one Amendment of the Constitution (the 18th) was now completely repealed by another. -
Social Security Act
Franklin D. Roosevelt signs the Social Security Act, the signature piece of legislation of the entire New Deal era, which permanently changes the relationship between the American people, their government, and the free market. You might have heard of this one. -
Roosevelt Re-Elected
Franklin D. Roosevelt is elected to a second term as president, winning in a landslide over Republican Alf Landon. Roosevelt wins every state but Maine and Vermont. Landon returns to his home planet. -
Period: to
The First New Deal Begins
March 4: The "First One Hundred Days" of Roosevelt's presidency begins. Over 15 new laws are quickly enacted to fight the Great Depression. March 5: Roosevelt calls for a "bank holiday" where all banks are closed. March 9: The Emergency Banking Act becomes law. March 12: President Roosevelt gives his first Fireside Chat. He explains the new banking laws. April 19: The United States moves off the gold standard.
