-
The stock market crash of 1929, which began on Black Thursday October 24, 1929 and continued through Black Tuesday October 29, 1929. -
During the Great Depression 1930-1933, approximately 9,000 banks failed, resulting in the loss of $7 billion in depositors' assets. A key factor contributing to these failures was the speculative investment of bank assets, including customer deposits, in the stock market. -
The Smoot-Hawley Tariff Act was passed in 1930, at the start of the Great Depression, but was the result of a political push that began in the 1920s. The act significantly raised U.S. tariffs on imported goods, sparking retaliatory tariffs from other countries and contributing to a collapse in global trade -
The Federal Deposit Insurance Corporation (FDIC) was created in 1933 in direct response to the bank failures and banking panics that occurred during the Great Depression. By insuring deposits, the FDIC restored public confidence in the nation's banking system -
During the Great Depression, President Franklin D. Roosevelt declared a nationwide bank holiday from March 6 to March 9, 1933. This was a critical first step in his plan to stabilize the U.S. financial system, which was suffering from widespread bank failures and a loss of public confidence.