-
Many Americans were heavily investing in the stock market during the 1920s with little consciousness. This caused speculation that a stock market crash could possibly occur. On October 24, 1929, the market experienced a massive sell-off as investors panicked, leading to a record 12,894,650 shares being traded, this was also known as "Black Thursday". The market continued to decline on October 28 and reached its lowest point on October 29, 1929, now known as Black Tuesday. -
During the Great Depression, homeless Americans built makeshift shantytowns called Hoovervilles, named after President Herbert Hoover, whom many blamed for the crisis. These communities reflected the widespread poverty and hardship of the era. -
In late 1929, many banks across the country began to fail but the failures were not yet spread across the nation. In late 1930, the first major wave of widespread bank failures began with the collapse of the Bank of Tennessee in Nashville, an affiliate of the powerful investment firm Caldwell and Company. This triggered a chain reaction of bank failures in the Southeast and sparked panic across the country. -
The Dust Bowl occurred during the 1930s, when severe drought and poor farming practices caused massive dust storms across the Great Plains. It forced thousands of families to abandon their farms and migrate west in search of work and better living conditions. -
The Smoot-Hawley Tariff Act was a protectionist trade measure enacted in 1930 that significantly raised U.S. tariffs on imported goods, exacerbating the Great Depression. Intended to protect American farmers and businesses from foreign competition, the act instead triggered a global trade war as other nations retaliated with their own tariffs on American products. -
The Scottsboro Boys case happened in 1931 when nine African American teenagers were falsely accused of raping two white women in Alabama. The case highlighted racial injustice and led to important legal reforms in fair trial rights. -
In 1932, during the Great Depression, the Bonus Army, a group of World War I veterans, marched on Washington, D.C., demanding early payment of promised bonuses. The protest ended when the U.S. Army forcibly removed them, sparking public outrage. -
Herbert Hoover served as the 31st President of the United States from 1929 to 1933. His single term in office was dominated by the onset of the Great Depression, which began with the stock market crash just eight months into his presidency. -
During the Great Depression, President Roosevelt began his Fireside Chats in 1933 as radio broadcasts to calmly explain his policies to Americans. These talks helped build trust and reassure the public during hard times. -
The Bank Holiday was issued by President Roosevelt on March 6, 1933, and lasted until March 9, 1933. This nationwide closure was a response to a wave of banking panics and runs on banks across the country, as people rushed to withdraw their deposits amidst undermined public confidence. By the time of the holiday, 20% of banks in existence in 1930 had failed. -
The Federal Deposit Insurance Corporation (FDIC) was created in June 1933 through the Banking Act of 1933 (also known as the Glass-Steagall Act) in response to the massive bank failures during the Great Depression. The economic crisis and subsequent loss of public trust in the banking system led to its creation. -
The Indian Reorganization Act was passed in 1934 to restore Native American self-government and preserve their culture. It ended the policy of dividing tribal lands and encouraged tribes to manage their own affairs. -
The National Housing Act of 1934 was passed to make housing more affordable during the Great Depression. It created the Federal Housing Administration (FHA), which insured mortgages and helped more Americans buy homes. -
The Social Security Act was signed into law on August 14, 1935, during the Great Depression. It provided financial support for the elderly, unemployed, and disabled, creating a lasting safety net for Americans. -
Roosevelt’s Black Cabinet was an informal group of African American advisors who met during the 1930s and 1940s to advise President Roosevelt on racial issues. Led by Mary McLeod Bethune, they helped advocate for Black Americans during the New Deal era. -
Franklin D. Roosevelt (FDR) was the 32nd President of the United States, serving from 1933 until his death in 1945. He is the only president to have served more than two terms, having been elected to four consecutive terms. His presidency was defined by two major crises: the Great Depression and World War II, and it fundamentally expanded the power and role of the federal government.