The Great Depression

By facebooker_10102913184397188

  • Banks warned

    Some financial experts warned banks were making too many loans for stock speculation

  • Peak hit

    Stock market hits its peak, however the economy is showing signs of slowing down.

  • Stock market crashes

    The banks no longer have investors for stocks, the stock market crashes

  • Smoot-Hawley Tarrif Act passed

    This legislation increased already high tariffs. This also caused other countries to pass similar legislation and many overseas banks began to fail, showing the effects of the US depression worldwide.

  • Veterans march on D.C.

    In an effort to receive an early payout of their benefits from fighting in WWI, veterans backed by the Bonus Army of the U.S. marched on Washington. Their benefits were to be paid by 1945, however due to the failing economy, veterans needed their money sooner to help survive.

  • Unemployment hits its peak

    Due to limited jobs and a poor economy still, unemployment hit its highest peak at 24% meaning more than 15 million people were without jobs.

  • Franklin Roosevelt becomes president

    Many people were frustrated with current president Herbert Hoover and his lack of interfering to help restore the economy. Franklin Roosevelt ran against him in the 1932 election promising the country will continue to endure, and will revive and prosper. He was elected by a landslide.

  • FDR's New Deal

    Within his first 100 days, Franklin Roosevelt set his first New Deal in action. Many laws were passed to try and help stabilize the economy. These laws included giving the first "bank holiday" to close bank for four days, repealing prohibition, and giving rights to people to unionize and bargain collectively. People did not like everything he passed, but were impressed with the swift action he took in keeping his inaugural promises.

  • Securities and Exchange Commission (SEC) established.

    The SEC was established to help continue the revival of the stock market. Its role is to protect investors, promote full disclosure, and monitors corporate takeover actions in the US. These actions were all to help restore confidence of investors in the stock market after the crash of 1929.

  • Unemployment hits 16.9%

    The recovering economy continues to show as unemployment makes its biggest fall since the start of the Great Depression. It went from 20.1% in 1935 to 16.9% in 1936.

  • WWII

    With the start of WWII in Europe, the US finds the economy stabilizing while it prepares for incoming hostilities. Money is borrowed and put into the armed forces and more jobs are created to help the increase need of manufacturing.

  • FDR elected for 3rd term

    Due to his popularity and help during the Great Depression, Franklin Roosevelt becomes the only president elected for a third term of presidency. While he received some backlash for running for a third term, he felt it was his duty to continue serving his country through the rising crisis in Europe.