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Hoover Takes Office
Hoover was the unfortunate president holding the office when the Stock Market crashed and started the Great Depression - even though the causes (uneven distribution of wealth, easy credit, high tariffs strangling world trade, unsafe banking practices, careless speculation in the Stock Market and a global depression since the end of World War 1) had already doomed the nation. MORE on the causes of the Great Depression -
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Herbert Hoover Administration
Hoover was the unfortunate president holding the office when the Stock Market crashed and started the Great Depression - even though the causes (uneven distribution of wealth, easy credit, high tariffs strangling world trade, unsafe banking practices, careless speculation in the Stock Market and a global depression since the end of World War 1) had already doomed the nation. -
Stock Market Crash / “Black Tuesday” (VUS.10b)
In the 1920’s business was booming, but investments were made with borrowed money (over speculation), excessive expansion of credit, business failures led to bankruptcies, bank deposits were invested in the market, when the market collapsed, the banks had no money. Panic selling of stocks caused prices to plummet, and the Federal Reserve could not save the banking industry. Many investors lost everything! Read MORE -
Victory for Prohibitionists – Major bootlegging operation SHUTDOWN (VUS.10a)
Even though the 18th Amendment banned production, sale and transportation of alcohol, organized crime found a way to continue to supply the illegal liquor and made a huge profit from it! This is going to challenge the traditional values, and the government will learn that in spite of small victories like this raid, it is virtually impossible to enforce an unpopular law. MORE -
Hoover Signs the Hawley-Smoot Tariff Act (VUS.10c)
This act raised tariffs on foreign goods so high that other nations passed tariffs against American products in retaliation. Rather than protecting American industry, it stifled global trade and made the global depression even worse. This will increase international tensions and the propensity of nationalist dictators to rise to power. MORE -
A bank panic begins… (VUS.10c)
In September and October, approximately 800 banks will fail due to lack of funds and unsound banking practices during the 1920’s. The Federal Reserve failed to have policies in place to prevent such a collapse, worsening the Great Depression. MORE -
Construction of the Hoover Dam Begins (VUS.10c)
As an effort to put people to work, Hoover received money from Congress to build public works projects – unfortunately this will be “too little and too late”. This dam in Las Vegas would finally be completed in 1936, helping with flood control and supplying hydro-electric power. -
Japan Invades Manchuria (VUS.11)
A violation of the Kellogg-Briand Pact of 1928, Japan invaded and brutalized Manchuria. Seeking expansion and raw materials, this marks the beginning of “Imperialist Japan”. Eventually, Japanese aggression will draw the United States into World War 2. MORE -
The Stimson Doctrine (VUS.11)
The Secretary of State delivers a message which denounced Japanese aggression, and that America would refuse to recognize any such territorial gains. -
Election of 1932 (VUS.10d)
Franklin Roosevelt, offering a “New Deal” for Americans, crushed Herbert Hoover. The election illustrated the widespread opinion that Hoover was to blame for the extent of the nation’s economic problems. With unemployment rising to nearly 25%, the nation turned to FDR! -
20th Amendment is Ratified
The “lame duck amendment”; this change established the date of beginning and ending of federal offices. The date moved from March 4 to January 20 for the President, January 3 for Congress. This would shorten the time that federal officers are “lame ducks”.
