THE GREAT DEPRESSION
Gregory M. Gershowitz
The "crash" begins on October 24 (Black Thursday). By October 29, stock values drop and banks call in loans from customers 30 billion in stock values disappears by the following month.
President Herbert Hoover says, "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish."
- 3.2 million people are unemployed
- Food riots break out
New York's Bank of the United States collapses with over 200 million dollars in deposits .
- Congress establishes the Reconstruction Finance Corporation. The R.F.C. is allowed to lend billion to banks
- More than 750,000 New Yorkers rely on the city government for survival
The Civil Works Administration is established. Devised as a wide scale program that could employ up to 4 million people, the C.W.A. is involved in the building of bridges, schools, hospitals, airports, parks and playgrounds. Additionally, C.W.A. funds go toward the repair and construction of highways and roads. Early in 1934, Congress will authorize 0 million for the continued operation of the C.W.A.
Timeline of the Great Depression - PBS
FDR signs legislation creating the Works Progress Administration. The administration provides jobs for 8.5 million people across the nation. These new employess are paid .57 a month. They , will repair or create highways, roads, bridges, and airports.The WPA will remain in existence until 1943.
The Social Security Act of 1935 is signed into law by FDR Social Security will be financed through a payroll tax and this upsets many people.
The Japanese attacked America at Pearl Harbor. This caused America to no longer observe a policy of isolationism .The United States now got into the war which sparked industry in America and brought an end to the Great Depression.