Great Depression/Timelines: Difference between revisions
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imported>Nick Gardner mNo edit summary |
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1920-28 | 1920-28 | ||
: Britain returns to the [[gold standard]] [http://nber15.nber.org/bookcv_1/THE%20INTERNATIONAL%20GOLD%20STANDARD%20REINTERPRETED%201914-1934-BROWN-JR_WILLIAM-ADAMS-1940.CV.pdf] | : Britain returns to the [[gold standard]] [http://nber15.nber.org/bookcv_1/THE%20INTERNATIONAL%20GOLD%20STANDARD%20REINTERPRETED%201914-1934-BROWN-JR_WILLIAM-ADAMS-1940.CV.pdf] | ||
:US stock market boom | |||
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:National income is 50 percent below that of 1929. | :National income is 50 percent below that of 1929. | ||
:Stock market is 75 percent below its 1929 high. | :Stock market is 75 percent below its 1929 high. | ||
: | :10,000 banks have failed since 1929, (40 percent of the 1929 total). | ||
1933 | 1933 | ||
:Franklin D. Roosevelt elected president. | :Franklin D. Roosevelt elected president. | ||
| Line 33: | Line 36: | ||
:Approximately 4,000 commercial banks fail. | :Approximately 4,000 commercial banks fail. | ||
:1,700 S&Ls fail | :1,700 S&Ls fail | ||
1934 | 1934 | ||
:US recovery begins: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | |||
1935 | 1935 | ||
:US recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. | |||
1936 | 1936 | ||
| Line 43: | Line 47: | ||
1937 | 1937 | ||
:US Recession of 1937 [http://www.answers.com/topic/recession-of-1937]: industrial production down 40 percent; unemployment rises by 4 million; stock market drps by 48 percent. | |||
1938 | 1938 | ||
Revision as of 09:51, 5 January 2009
1920-28
- Britain returns to the gold standard [1]
- US stock market boom
1929
- The stock market crash of 1929
1930
- Hawley-Smoot Tariff Act [2][3]
- 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
- Britain leaves the gold standard [4]
1932
- Reconstruction Finance Corporation [5] created
- Federal Home Loan Act [6]
- Unemployment is 25 percent.
- National income is 50 percent below that of 1929.
- Stock market is 75 percent below its 1929 high.
- 10,000 banks have failed since 1929, (40 percent of the 1929 total).
1933
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[7].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [8]
- Federal Deposit Insurance Corporation [9] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
1934
- US recovery begins: GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
1935
- US recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- US Recession of 1937 [10]: industrial production down 40 percent; unemployment rises by 4 million; stock market drps by 48 percent.
1938
1939