Great Depression/Timelines: Difference between revisions
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1930 | 1930 | ||
: | :Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | ||
:US GNP drops 9.4% from the previous year. The unemployment rate climbs from 3.2 to 8.7%. By the end of the year, 1,350 banks have closed. | :US GNP drops 9.4% from the previous year. The unemployment rate climbs from 3.2 to 8.7%. By the end of the year, 1,350 banks have closed. | ||
| Line 18: | Line 18: | ||
1932 | 1932 | ||
:[[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | :[[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | ||
:Federal Home Loan Act | :[[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf] | ||
:Unemployment is 25 percent. | :Unemployment is 25 percent. | ||
:National income is 50 percent below that of 1929. | :National income is 50 percent below that of 1929. | ||
Revision as of 08:37, 5 January 2009
1920-28
1929
1930
- Hawley-Smoot Tariff Act [1][2]
- US GNP drops 9.4% from the previous year. The unemployment rate climbs from 3.2 to 8.7%. By the end of the year, 1,350 banks have closed.
1931
1932
- Reconstruction Finance Corporation [3] created
- Federal Home Loan Act [4]
- Unemployment is 25 percent.
- National income is 50 percent below that of 1929.
- Stock market is 75 percent below its 1929 high.
- Bank runs and closings are common
1933
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[5].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [6]
- Federal Deposit Insurance Corporation [7] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
1934
1935
1936
1937
1938
1939