Great Depression/Timelines: Difference between revisions

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:: 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]
:: 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 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.
:: Money supply is 40 percent lower than 1929.
:: Approximately 4,000 commercial banks fail.
:: Approximately 4,000 commercial banks fail.

Revision as of 10:10, 23 January 2009

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A timeline (or several) relating to Great Depression.

1850-1918

11 US recessions [1] including the panic of 1893

1914-18

First World War
General suspension of the gold standard.

1918

Treaty of Versailles: war reparations [2].

1919-21

UK: Post-war recession [3].

1921-23

USA: post-war recession [4].

1923

Germany: Hyperinflation [5].

1924

USA: Start of 1924-26 upturn [6]

1925

UK: Britain rejoins the gold standard.

1926

UK: General strike [7].

1927

US/UK/France Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [8].
USA: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [9].
Renewed economic upturn

1928

US Federal Reserve Bank raises its discount rate to 5%

1929

February

UK: Bank of England raises the bank rate fron 4.5% to 5.5%

August

USA: Start of a downturn in economic activity [10]
Federal Reserve Bank raises discount rate to 6%

October

USA: 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

USA: The "Great Contraction"
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

USA:
Failure of the Bank of United States [11].
Hawley-Smoot Tariff Act [12][13]
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

USA: banking crisis, with the failure of over 1800 banks.
UK: Sterling (£) Crisis [14].
World: Britain, Sweden and Japan leave the gold standard [15]

1932

USA:
Revenue Act: income tax rates increased and allowances reduced [16].
Reconstruction Finance Corporation [17] created
Federal Home Loan Act [18]
Recorded unemployment reaches 25 percent.


1933

USA: Trough of depression and start of recovery [19]
Franklin D. Roosevelt elected president.
President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[20].
The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [21]
Federal Deposit Insurance Corporation [22] created
Federal Emergency Relief Administration [23] created
Money supply is 40 percent lower than 1929.
Approximately 4,000 commercial banks fail.
1,700 S&Ls fail

1934

USA:
Social Security Act: unemployment compensation introduced [24].
GNP rises 7.7 percent, and unemployment falls to 21.7 percent.

1935

USA:
GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.

1936

1937

USA: Recession of 1937 [25]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.

1938

USA: Start of upturn