Great Depression

In November 1928, Republican Herbert Hoover is elected President of the United States. His presidency would be overshadowed by the Great Depression that struck shortly after.

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries, it started in 1929 and lasted until the late 1930s.

Herbert Hoover became president on March 4, 1929. His laissez-faire economic policies did little to stop the Great Depression. He believed in a free-market economy and lowered the top income tax rate from 25% to 24%.

The American stock market collapses, marking the beginning of the Great Depression. The Dow Jones Industrial Average reaches its peak in September 1929 at 381.17, but does not recover until 1954. It hits a Depression-era low of 41.22 in 1932.

In October 1929, the stock market experienced a severe crash, leading to the onset of the Great Depression.

Black Thursday prompts the start of the stock market crash, plunging the country and the rest of the world into the Great Depression. The price of stocks dropped by 11%, leading to a significant economic downturn.

The Wall Street crash of 1929 marked the beginning of the Great Depression, a severe worldwide economic depression in the 1930s.

On October 28, 1929, stocks prices fell 13%, marking the infamous Black Monday during the stock market crash of 1929.

On 'Black Tuesday', the New York Stock Exchange collapses, with the Dow Jones closing down over 12%, marking one of the most devastating events of the Great Depression.

The event where the stock market in the United States collapsed, leading to a severe economic downturn known as the Great Depression.

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. It was the longest, deepest, and most widespread depression of the 20th century.

The Smoot-Hawley Tariff Act was passed, placing more stress on the weakening global economy, primarily through the collapse in trade of agricultural products, which strained banks that had lent heavily to farmers. It further decreased trade of manufactured products, leading to layoffs and reduced corporate profits, weakening the economy.

On December 11, 1930, the failure of the Bank of the United States, the fourth-largest bank in the nation at the time, marked the largest bank failure in history. This event further deepened the economic crisis, leading to significant budget deficits, an 8.5% contraction in the economy, and a rise in unemployment to 8.7%.

By the end of 1931, over 2200 banks had failed, leading to widespread panic among the population. The Stock Market had not recovered, the drought persisted, and the country was in a state of desperation.

Creditanstalt, Austria's premier bank with major stakes across a variety of industries, becomes insolvent after being forced to assume liabilities from three other insolvent banks, triggering a cascading effect of bank failures across Central Europe. The collapse of Creditanstalt caused the Bank of France, the National Bank of Belgium, the Netherlands Bank, and the Swiss National Bank to begin a run on the U.S. dollar for their gold reserves, and forced the Federal Reserve to raise interest rates from 1.5% to 3.5% to maintain the gold standards, which in turn contributed to the deepening of the Depression and the second round of banking failures in the U.S. during the summer of 1931.

On September 21, 1931, Britain left the gold standard, leading to a 25% depreciation of the pound sterling. Despite warnings of disaster, the departure proved beneficial to the British economy, as exports became more competitive. This event also allowed the Bank of England to engage in money creation and reduce interest rates, leading to economic growth and reduced unemployment.

On December 11, 1931, the Bank of the United States failed, causing the biggest bank failure in the history of the United States. This event had a significant impact on the economic crisis during the Great Depression.

In 1932, during the peak of the Great Depression, the unemployment rate in the United States reached a staggering 20%. This high level of unemployment caused immense hardship for millions of people.

Congress establishes the Reconstruction Finance Corporation on January 22, 1932, aiming to provide federal financial support to the banking systems during the Great Depression, which was a crucial step in stabilizing the economy.

On July 2, 1932, Franklin Delano Roosevelt delivers a speech accepting the Democratic nomination for president, where he pledges 'a new deal for the American people,' setting the stage for his presidency and the New Deal policies.

The Dow Jones Industrial Index bottoms out at 41.22, the lowest level recorded in the 20th century and representing an 89% loss from its peak in September 1929.

On July 8, 1932, the Dow Jones Industrial Average hit its lowest point during the Great Depression, closing at 41.22, which was a staggering 89 percent drop from its peak in 1929.

On July 28, 1932, thousands of unemployed World War I veterans and their families, known as the Bonus Army, march on Washington, DC, seeking early payment of previously promised bonus pay, but are denied by Congress, leading to violence and reflecting badly on the Hoover Administration during the Great Depression.

Democratic candidate Franklin D. Roosevelt is elected President of the United States after defeating Herbert Hoover in a landslide victory. Roosevelt got 22,800,000 popular votes, compared to Hoover who got 15,750,000. Unemployment Rate: 23.6%.

A series of programs and reforms implemented by President Franklin D. Roosevelt to address the economic challenges of the Great Depression.

Franklin D. Roosevelt becomes President and launches the New Deal, a series of programs and reforms aimed at addressing the economic challenges of the Great Depression. In his inaugural address, he delivers the iconic line: 'The only thing we have to fear is fear itself.'

President Roosevelt orders a nationwide “bank holiday” from Monday, March 6 through Thursday, March 9, and then extends it through March 12 to restore public confidence in the banking system.

On March 9, 1933, President Franklin D. Roosevelt initiated the New Deal with the Emergency Banking Act, which aimed to stabilize the banking system by temporarily closing all U.S. banks to prevent further failures during the Great Depression.

Congress finishes the special session, an intensive period of lawmaking that becomes known as the First Hundred Days, marking a significant milestone in President Roosevelt's New Deal program.

President Roosevelt establishes the Civil Works Administration (CWA) to assist unemployed workers through the winter months, providing crucial relief during the Great Depression.

Black Sunday, the worst dust storm ever recorded, occurred during the Great Depression, prompting FDR to pass the Soil Conservation Act to address the environmental devastation and promote sustainable farming methods.

Congress passes the Security Exchange Act that prohibits certain activities in stock market trading, sets penalties, and establishes the Securities Exchange Commission (SEC) to oversee stock market trading, aiming to restore confidence in the financial system during the Great Depression.

The Nuremberg Laws, enacted by the Nazi regime, deprive German Jews of their citizenship and impose severe restrictions on their rights, leading to widespread discrimination and persecution within the society.

On May 6, 1935, the Works Progress Administration was created, hiring millions of people to address the unemployment crisis, and undertaking various public works projects to stimulate the economy during the Great Depression.

President Roosevelt signs the Social Security Act into law, establishing a system of social insurance to provide economic security for the elderly, unemployed, and disadvantaged individuals, representing a landmark initiative in the development of social welfare programs during the Great Depression.

Huey Long is assassinated inside the Louisiana Capitol Building, marking the end of his influential political career.

On May 24, 1937, the U.S. Supreme Court upholds the constitutionality of the Social Security Act, a pivotal decision that secures the future of social welfare programs in the United States.

To avert war, Britain and France give in to Hitler's claim to the Sudetenland, the German-populated part of Czechoslovakia. Critics denounce the agreement as 'appeasement.'

Germany invades Poland, triggering the start of World War II. This aggressive action by Germany leads to a global conflict that reshapes the course of history.

On December 7, 1941, Japan launched a surprise military strike on the United States naval base at Pearl Harbor, Hawaii, leading to the United States' entry into World War II.

On April 12, 1945, Franklin Roosevelt suddenly died at 63 years of age from a cerebral hemorrhage, marking the end of his presidency and a significant loss for the nation.