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Herbert Hoover becomes President.
During the Great Depression Herbert Hoover became president at that time, American production, wholesale prices, and personal income declined and the stock market collapsed. -
The Great Depression was a worldwide economic depression that lasted 10 years.
Its kickoff was “Black Thursday," October 24, 1929. That's when traders sold 12.9 million shares of stock in one day, triple the usual amount. Over the next four days, stock prices fell 23 percent in the stock market crash of 1929. The Great Depression had already started in August when the economy contracted. -
Smoot-Hawley Tariff
The Smoot-Hawley Act is the Tariff Act of 1930. It increased 900 import tariffs by an average of 40 to 48 percent. Most economists blame it for worsening the Great Depression. ... In June 1930, Smoot-Hawley raised already high U.S. tariffs on foreign agricultural import. but the Modern economists agreed that tariffs were not only a small contribution to the U.S. Great Depression, but also a major cause of Europe. -
GNP
Federal revenues for administrative budgets to nibble on in 1928 and 1929 accounted for an average 3.80 percent of the GNP, while federal income accounted for 5.50 percent of the GNP in 1939.This figure indicates that the role of the depressed federal government in the 1930s has been greatly expanded. -
a gain in the value of the dollar
When the stock market crashed, investors turned to the currency markets. At that time, the gold standard supported the value of the dollars held by the U.S. government. Speculators began trading in their dollars for gold in September 1931 -
The worst years of the Great Depression
Since 1929, the U.S. has been struggling economically. Many people lost their jobs, decreased international trade, and many banks went bankrupt. -
the country elected Franklin D. Roosevelt as president.
He promised to create federal government programs to end the Great Depression. Within 100 days, he signed the New Deal into law. It created 42 new agencies. They were designed to create jobs, allow unionization, and provide unemployment insurance. Many of these programs still exist. They help safeguard the economy and prevent another depression. -
The Glass-Steagall Act
Members of the House of Representatives passed the bill on May 23, 1933, It was signed into law by President Franklin Roosevelt on June 16, 1933. The Act came as an emergency response to the massive bank failures during the Great Depression.
