Great Depression in the United States/Timelines: Difference between revisions
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:''(For brief notes on the New Deal legislative measures, and institutions referred to see the Addendum subpage of the article on the New Deal [http://en.citizendium.org/wiki/New_Deal/Addendum])'' | |||
1921-23 | 1921-23 | ||
:Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039]. | :Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039]. | ||
1921 | |||
:Warren G Harding becomes President [http://www.whitehouse.gov/about/presidents/WarrenHarding/] | |||
1922 | |||
:The Fordney-McCumber Tariff Act [http://eh.net/encyclopedia/article/Kaplan.Fordney] | |||
1923 | 1923 | ||
:Calvin Coolidge becomes President [http://memory.loc.gov/ammem/coolhtml/ccpres02.html]. | |||
:Start of "Coolidge Prosperity" [http://memory.loc.gov/ammem/coolhtml/ccpres01.html]. | |||
1924 | 1924 | ||
1925 | 1925 | ||
:Florida land boom bubble bursts [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm] | |||
1926 | 1926 | ||
| Line 16: | Line 24: | ||
1927 | 1927 | ||
: Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | : Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | ||
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3 | :: Federal Reserve Bank cuts its discount rate cut from 4% to 3% and purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf][http://findarticles.com/p/articles/mi_qa5407/is_200004/ai_n21464816/pg_2]. | ||
:: Renewed economic upturn | :: Renewed economic upturn | ||
1928 | 1928 | ||
: Death of Benjamin Strong, Governor of the Federal Reserve Bank of New York [http://www.newyorkfed.org/aboutthefed/BStrongbio.html] | |||
: Federal Reserve Bank raises its discount rate to 5% | : Federal Reserve Bank raises its discount rate to 5% | ||
1929 | 1929 | ||
: Herbert Hoover becomes President [http://www.whitehouse.gov/about/presidents/herberthoover/] | |||
August | August | ||
: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | : Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ||
| Line 33: | Line 43: | ||
::29 Black Tuesday DJIA falls by 11.7% | ::29 Black Tuesday DJIA falls by 11.7% | ||
1930 | 1930 | ||
: | :June | ||
: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | :: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | ||
: | :December | ||
:: Failure of the Bank of United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | |||
1931 | 1931 | ||
: Banking crisis, with the failure of over 1800 banks. | : Banking crisis, with the failure of over 1800 banks. | ||
: Federal Reserve raises rediscount rates. | |||
: Drought on the Great Plains - start of the 10-year dustbowl | |||
1932 | 1932 | ||
| Line 55: | Line 64: | ||
1933 | 1933 | ||
: | :March | ||
: | :: Inauguration of Franklin D. Roosevelt [http://www.whitehouse.gov/about/presidents/franklindroosevelt/] | ||
: | :: 4-day banking holiday (temporarily closes all U.S. banks using the Emergency Banking Act) 1933[http://www.fdic.gov/about/history/index.html]. | ||
: The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] | :: Reforestation Relief Act. | ||
: [[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created | : April | ||
:: Departure from gold standard [http://www.the-privateer.com/1933-gold-confiscation.html] | |||
: May | |||
::Federal Emergency Relief Act [http://www.u-s-history.com/pages/h1598.html]. | |||
::Agricultural Adjustment Act. | |||
::Federal Securities Act. | |||
: June | |||
:: National Employment System Act. | |||
:: National Industrial Recovery Act[http://www.civics-online.org/library/formatted/texts/recovery_act.html]. | |||
::: The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] [http://www.civics-online.org/library/formatted/texts/recovery_act.html] | |||
:: [[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created | |||
1934 | 1934 | ||
: Gold Reserve Act | |||
: President fixes $/gold rate at $35 an ounce (devalued from $20) | |||
: Reciprocal Trade Agreement Act [http://www.asycuda.org/cuglossa.asp?term=Trade%20Agreements%20Act%20of%201934] | |||
: Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | : Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | ||
: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | : GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | ||
| Line 75: | Line 93: | ||
1937 | 1937 | ||
: Recession of 1937 [http://www. | : Recession of 1937 [http://www.economist.com/node/13856176]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent. | ||
Latest revision as of 23:01, 21 April 2014
- (For brief notes on the New Deal legislative measures, and institutions referred to see the Addendum subpage of the article on the New Deal [1])
1921-23
- Post-war recession [2].
1921
- Warren G Harding becomes President [3]
1922
- The Fordney-McCumber Tariff Act [4]
1923
1924
1925
- Florida land boom bubble bursts [7]
1926
1927
- Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [8].
1928
- Death of Benjamin Strong, Governor of the Federal Reserve Bank of New York [11]
- Federal Reserve Bank raises its discount rate to 5%
1929
- Herbert Hoover becomes President [12]
August
- Start of a downturn in economic activity [13]
- Federal Reserve Bank raises discount rate to 6%.
October
- The stock market crash of 1929.
- 24 Black Thursday DJIA falls by 13%
- 28 Black Monday DJIA falls by 12.8%
- 29 Black Tuesday DJIA falls by 11.7%
1930
1931
- Banking crisis, with the failure of over 1800 banks.
- Federal Reserve raises rediscount rates.
- Drought on the Great Plains - start of the 10-year dustbowl
1932
- Chicago Banking Panic [17].
- Revenue Act: income tax rates increased and allowances reduced [18].
- Reconstruction Finance Corporation [19] created
- Federal Home Loan Act [20]
- Recorded unemployment reaches 25 percent.
1933
- March
- April
- Departure from gold standard [23]
- May
- Federal Emergency Relief Act [24].
- Agricultural Adjustment Act.
- Federal Securities Act.
- June
- National Employment System Act.
- National Industrial Recovery Act[25].
- Federal Deposit Insurance Corporation [27] created
1934
- Gold Reserve Act
- President fixes $/gold rate at $35 an ounce (devalued from $20)
- Reciprocal Trade Agreement Act [28]
- Social Security Act: unemployment compensation introduced [29].
- GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
1935
- GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- Recession of 1937 [30]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.