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Timeline of the Great Depression 2 - Timeline Help
Timeline of the Great Depression part 2 of 4 from 1929 to 1931 at Timeline Help.
- 1929
- 1930
- 1931 | The Federal Reserve bans bank loans for margin trades on February 2nd. Over half of all Americans are living below the minimum level of subsistence. The Agricultural Marketing Act is passed on June 15th to help farmers. Public consumption of goods drops. Car sales slow by a third in the first nine months of the year. Construction has dropped by $2 billion since 1926. August sees a recession begin that leads to a decline in production and personal income. Stock market crashes. Black Thursday hits the stock market on October 24th. It rallies slightly the next day. Black Tuesday, October 29th, sees the worst drop in the history of Wall Street. Many lose everything. The worst history event in this timeline of the Great Depression.
In February, the Federal Reserve cuts the prime interest rate from 6 to 4%. They expand the money supply with a large purchase of U. S. securities. The Smoot-Hawley Tariff passes June 17. The Supreme Court decides that U. S. Steel's monopoly doesn't violate anti-trust laws because they do have competition, even if the competition is very small. The first bank panic occurs, resulting in many bankruptcies. The 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.
Food riots occur in various regions of the United States. Grocery stores are looted. Second bank panic occurs in the spring. The GNP drops 8.5%; unemployment rises to 15.9%. The Bank of the United States in New York collapses on December 11th. 2,293 banks have closed during 1931. | Timeline of the Great Depression 2 1 3 4
| Bibliography of the Timeline of the Great Depression Freedman, R (2005). Children of the Great Depression.
Brussee, W (2005). The Second Great Depression.
Kehoe, T and Prescott, E (2007). Depressions of the Twentieth Century.
Terkel, S (2000). Hard Times, An Oral History.
Temin, P (1991). Lessons. Lionel Robbins Lectures.
Bernanke, B (2004). Essays.
Egan, T (2006). The Worst Hard Time, The Untold Story of Those Who Survived the Great American Dust Bowl.
McElvaine, R (2007). Down and Out, Letters from the Forgotten Man.
Kindleberger, C (2005). Manias, Panics, and Crashes. History of Financial Crises. |
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