Great Depression in the United States/Timelines: Difference between revisions
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1921-23 | |||
:Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039]. | |||
1923 | |||
1924 | |||
:Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
1925 | |||
1926 | |||
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]. | |||
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf]. | |||
:: Renewed economic upturn | |||
1928 | |||
: Federal Reserve Bank raises its discount rate to 5% | |||
1929 | |||
August | |||
: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
:: 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 [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | |||
: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | |||
: 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 [http://www.nber.org/papers/w4934]. | |||
: Revenue Act: income tax rates increased and allowances reduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | |||
: [[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | |||
: [[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf] | |||
: Recorded unemployment reaches 25 percent. | |||
1933 | |||
:Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
: Franklin D. Roosevelt elected president. | |||
:: President declares a banking holiday and 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]] created by the National Recovery Act 1933 [http://www.civics-online.org/library/formatted/texts/recovery_act.html] | |||
: [[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created | |||
: [[Federal Emergency Relief Administration]] [http://www.u-s-history.com/pages/h1598.html] created | |||
: Money supply is 40 percent lower than 1929. | |||
: Approximately 4,000 commercial banks fail. | |||
: 1,700 "Savings and Loans" fail | |||
1934 | |||
: 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. | |||
1935 | |||
: GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. | |||
1936 | |||
1937 | |||
: Recession of 1937 [http://www.answers.com/topic/recession-of-1937]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent. | |||
1938 | |||
:Start of upturn | |||
Revision as of 05:18, 29 January 2009
1921-23
- Post-war recession [1].
1923
1924
- Start of 1924-26 upturn [2]
1925
1926
1927
- Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [3].
- Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [4].
- Renewed economic upturn
1928
- Federal Reserve Bank raises its discount rate to 5%
1929 August
- Start of a downturn in economic activity [5]
- 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 [6].
- Hawley-Smoot Tariff Act [7][8]
- 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 [9].
- Revenue Act: income tax rates increased and allowances reduced [10].
- Reconstruction Finance Corporation [11] created
- Federal Home Loan Act [12]
- Recorded unemployment reaches 25 percent.
1933
- Trough of depression and start of recovery [13]
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[14].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [15]
- Federal Deposit Insurance Corporation [16] created
- Federal Emergency Relief Administration [17] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 "Savings and Loans" fail
1934
- Social Security Act: unemployment compensation introduced [18].
- 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 [19]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- Start of upturn