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The Great Depression
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Stock Market Crash of October 1929
The Stock Market Crash of October, 1929 was the start of the Great Depression. Billions of dollars were lost in a single day and the loss of this money wiped out thousands of investors. -
Stock Market Crash of November 1929
Between the weeks of Oct. 29th, 1929 and Nov. 13th, 1929, the stocks continued to fall. Nov. 13th, 1929 was the day the stocks finally bottomed out. People were outraged because banks were closing and all their money was gone. The unemployment rate also rose very high. -
Unemployment rate rises
Nearly 3.2 million U.S. citizens are left unemployed from the stock market crash -
Smoot-Hawley Tarrif
"A high tarrif enacted in 1930 during the Great Depression. By taxing imported goods, Congress hoped to stimulate American Manufacturing, but the tariff triggered retaliatory tariffs in other countires, which further hindered trade and led to greater economic contraction." -
Bonus Army marches on Washington, D.C.
The Bonus army was a group of 15,000 unemployed World War I veterans that camped out near the Capitol building and demanded "immediate payment of pension awards due to be paid in 1945". -
Emergency Banking Act
The Emergency Banking Act was a bill passed by President Roosevelt. It was "a four-day mandatory shut down of U.S. banks for inspections before they could be reopened, sought to re-instill investor confidence and stability in the banking system. Banks were only allowed to re-open once they were deemed financially sound". -
National Industrial Recovery Act (NIRA)
"Federal agency established in June 1933 to promote industrial recovery during the Great Depression. It encouraged industrialists to voluntarily adopt codes that defined fair working conditions, set prices, and minimized competition." It was a part of President Roosevelt's "New Deal" and was the "centerpiece of his initial efforts to reverse the economic collapse of the Great Depression." -
Securities and Exchange Commission (SEC)
"A commission established by Congress in 1934 to regulate the stock market. The commission had broad powers to determine how stocks and bonds were sold to the public, to set rules for margin (credit) transactions, and to prevent stock sales by those with inside information about corporate plans." -
Share Our Wealth Society
The "Share Our Wealth Society" was a program developed by Senator Huey Long and "designed to provide a decent standard of living to all Americans by spreading the Nation's wealth among the people." -
Social Security Act of 1935
"A 1935 act with three main provisions: old-age pensions for workers; a joint federal-state system of compensation for unemployed workers; and a program of payments to widowed mothers and the blind, deaf, and disabled" -
Works Progress Administration (WPA)
"Federal New Deal program established in 1935 that provided government-funded public works jobs to millions of unemployed americans during the Great Depression in areas ranging from construction to the arts." -
WWII
World Was II was the end of the Great Depression. The war sent more than 12 million people into the military and created nearly 17 million jobs, helping the unemployed. The U.S. debt and production of products increased.
