Great Depression in the United States/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
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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 | 1922 | ||
| Line 29: | Line 32: | ||
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 63: | Line 67: | ||
:Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | :Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ||
:March | :March | ||
:: Inauguration of Franklin D. Roosevelt | :: 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]. | :: 4-day banking holiday (temporarily closes all U.S. banks using the Emergency Banking Act) 1933[http://www.fdic.gov/about/history/index.html]. | ||
:: Reforestation Relief Act. | :: Reforestation Relief Act. | ||
Revision as of 01:15, 12 February 2009
1921-23
- Post-war recession [1].
1921
- Warren G Harding becomes President [2]
1922
- The Fordney-McCumber Tariff Act [3]
1923
- Calvin Coolidge becomes President [4].
1924
- Start of 1924-26 "Coolidge Prosperity" [5].
1925
- Florida land boom [6]
1926
1927
- Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [7].
1928
- Death of Benjamin Strong, Governor of the Federal Reserve Bank of New York [10]
- Federal Reserve Bank raises its discount rate to 5%
1929
- Herbert Hoover becomes President [11]
August
- Start of a downturn in economic activity [12]
- 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%
1930-33
- The "Great Contraction"
- Banking crises
- Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.
1930
- Failure of the Bank of United States [13].
- Hawley-Smoot Tariff Act [14][15]
- 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
- Banking crisis, with the failure of over 1800 banks.
1932
- Chicago Banking Panic [16].
- Revenue Act: income tax rates increased and allowances reduced [17].
- Reconstruction Finance Corporation [18] created
- Federal Home Loan Act [19]
- Recorded unemployment reaches 25 percent.
1933
- Trough of depression and start of recovery [20]
- March
- April
- Departure from gold standard
- May
- Federal Emergency Relief Act [23].
- Agricultural Adjustment Act.
- Federal Securities Act.
- June
- National Employment System Act.
- National Industrial Recovery Act[24].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [25]
- Federal Deposit Insurance Corporation [26] created
- Approximately 4,000 commercial and 1,700 "Savings and Loans" banks fail.
1934
- Social Security Act: unemployment compensation introduced [27].
- 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 [28]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- Start of upturn