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Herbert Hoover becomes President
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Recession begins
The recession begins in August, two months before the crast. During the period, production declined at an annual rate of 20%, wholesale prices at 7.5 percent and personal income at 5 pecent. -
Black Tuesday
The day the Market crashed. Looses for the month totalled $16 Billion. -
Smooth-Hawley Tariff Act is signed into law
An Act To provide revenue, to regulate commerce with foreign countries, to encourage the industries of the United States, to protect American labor, and for other purposes. -
Committee for Unemployment relief formed
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Funding of $150 million public works program
President Herbert Hoover asks Congress to fund a $150 million public works program. -
1350 banks have suspended operations during 1930
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Unemployment reaches 4 to 5 million
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Enforcement of Prohibition has become almost impossible
Hoover's Wickersham Commission reports that enforcement of Prohibition has become almost impossible. -
Empire State Building dedicated
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Austria's largest bank collapses
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New York Federal Reserve Bank's discount rate raised to 2.5 percent
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New York's bank of the United States collapses
by the end of the year 2,293 banks have suspended operations during 1931. -
Reconstruction Finance Corporation crreated
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Revenue Act of 1932 passed, the largest peacetime tax increase in history
raised top tax rates from 25% to 63%
reduced personal exemptions from $1,500 to $1,000 for single persons
reduced personal exemptions from $3,500 to $2,500 for married couples
imposed the first gas tax in the United States, at 1 cent per gallon sold -
Emergency Relief and Construction Act passed
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Bonus Army Riot begins in Washington D.C
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Glass-Steagall Act is passed
liberalized the terms under which member banks could borrow from the Federal Reserve -
Franklin D. Roosevelt becomes President
He defeats Herbert Hoover to become the 32nd President (electoral vote count 472 to 59) -
By the end of the year 1,493 more banks closed
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20th Amendment ratified
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Adolf Hitler becomes Chancellor of Germany
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Construction begins on San Francisco's Golden Gate Bridge
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Emergency Banking Relief Act passed
providing for federal bank inspections -
Credit Act passed
identifying those veterans and dependents of veterans who were entitled to a persion -
FDR signs Economy Act
an Act of Congress that cut the salaries of federal workers and reduced benefit payments to veterans, moves intended to reduce the federal deficit in the United States. -
America goes off the gold standard
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Congress passed the Emergency Banking Bill
Congress passes the Emergency Banking Bill, the Glass-Steagall Act of 1933, the Farm Credit Act, the National Industrial Recovery Act and the Truth-in-Securities Act. -
Agricultural Adjustment Act passed
Authorizing paying farmers not to grow crops -
Federal Emergency Relief Administration created
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Unemployment rises to 24.9
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Congress authorizes creation of the Federal Communications Commission
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The Unemployment falls to 21.7 percent
Recovery begins. -
The Supreme Court declares the National Recovery Administration unconstitutional
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Congress passes the Acts of 1935
Congress passes the Banking Act of 1935, the Emergency Relief Appropriation Act, the National Labor Relations Act, and the Social Security Act. -
Unemployment falls to 20.1 percent
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Unemployment Falls to 16.9 percent.
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Roosevelt seeks to liberalize the Supreme Court.
This attempt not only fails, but outrages the public. -
The Supreme Court declares the Natioinal Labor Relations Board to be unconstitutional
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Unemployment falls to 14.3 percent.
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No major New Deal legislation is passed after 1938
This is due to Roosevelt's weakened political power. -
The U.S. begins to emerge from the Depression
it borrows and spends $1 billion to build its armed forces. From 1939 to 1941, when the Japanese attack Pearl Harbor, U.S. manufacturing will have shot up a phenomenal 50 percent! -
The Depression ends worldwide!
Being that all the nations begin to prepare for war.
