Great Depression in the United States/Timelines: Difference between revisions

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:''(For brief notes on the New Deal legislative measures, and institutions referred to see the Addendum subpage of the article on the New Deal [http://en.citizendium.org/wiki/New_Deal/Addendum])''


1921-23
1921-23
:Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
:Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
1921
:Warren G Harding becomes President [http://www.whitehouse.gov/about/presidents/WarrenHarding/]
1922
:The Fordney-McCumber Tariff Act [http://eh.net/encyclopedia/article/Kaplan.Fordney]


1923
1923
:Calvin Coolidge becomes President [http://memory.loc.gov/ammem/coolhtml/ccpres02.html].
:Start of  "Coolidge Prosperity" [http://memory.loc.gov/ammem/coolhtml/ccpres01.html].


1924
1924
:Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]


1925
1925
:Florida land boom bubble bursts [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm]


1926
1926
Line 16: Line 24:
1927
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].
: 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].
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3% and purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf][http://findarticles.com/p/articles/mi_qa5407/is_200004/ai_n21464816/pg_2].
:: Renewed economic upturn  
:: Renewed economic upturn  


1928
1928
: Death of Benjamin Strong, Governor of the Federal Reserve Bank of New York [http://www.newyorkfed.org/aboutthefed/BStrongbio.html]
: Federal Reserve Bank raises its discount rate to 5%
: Federal Reserve Bank raises its discount rate to 5%
    
    
1929
1929
: Herbert Hoover becomes President [http://www.whitehouse.gov/about/presidents/herberthoover/]
August
August
: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
Line 33: Line 43:
::29 Black Tuesday DJIA falls by 11.7%
::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
1930
: Failure of the Bank of United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm].
:June
: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html]
:: 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.
:December
. 
:: Failure of the Bank of United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm].
 


1931
1931
: Banking crisis, with the failure of over 1800 banks.
: Banking crisis, with the failure of over 1800 banks.
: Federal Reserve raises rediscount rates.
: Drought on the Great Plains - start of the 10-year dustbowl


1932
1932
Line 55: Line 64:
      
      
1933
1933
:Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
:March
:March
:: Inauguration of  Franklin  D. Roosevelt  
:: Inauguration of  Franklin  D. Roosevelt [http://www.whitehouse.gov/about/presidents/franklindroosevelt/]
:: 4-day banking holiday (temporarily closes all U.S. banks using the Emergency Banking Act) 1933[http://www.fdic.gov/about/history/index.html].
:: 4-day banking holiday (temporarily closes all U.S. banks using the Emergency Banking Act) 1933[http://www.fdic.gov/about/history/index.html].
:: Reforestation Relief Act.
:: Reforestation Relief Act.
: April
: April
:: Departure from gold standard
:: Departure from gold standard [http://www.the-privateer.com/1933-gold-confiscation.html]
: May
: May
::Federal Emergency Relief Act.
::Federal Emergency Relief Act [http://www.u-s-history.com/pages/h1598.html].
::Agricultural Adjustment Act.
::Agricultural Adjustment Act.
: 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 Securities Act.
: [[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created
: June
: [[Federal Emergency Relief Administration]] [http://www.u-s-history.com/pages/h1598.html] created
:: National Employment System Act.
: Money supply is 40 percent lower than 1929.
:: National Industrial Recovery Act[http://www.civics-online.org/library/formatted/texts/recovery_act.html].
: Approximately 4,000 commercial banks fail.
::: The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] [http://www.civics-online.org/library/formatted/texts/recovery_act.html]
: 1,700 "Savings and Loans" fail
:: [[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created


1934
1934
: Gold Reserve Act
: President fixes $/gold rate at $35 an ounce (devalued from $20)
: Reciprocal Trade Agreement Act [http://www.asycuda.org/cuglossa.asp?term=Trade%20Agreements%20Act%20of%201934]
:  Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml].
:  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.  
:  GNP rises 7.7 percent, and unemployment falls to 21.7 percent.  
Line 82: Line 93:


1937
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.  
:  Recession of 1937 [http://www.economist.com/node/13856176]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
 
1938
:Start of upturn

Latest revision as of 23:01, 21 April 2014

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https://en.citizendium.org/wiki/index.php?title=Great_Depression_in_the_United_States/Timelines&printable=yes
A timeline (or several) relating to Great Depression in the United States.
(For brief notes on the New Deal legislative measures, and institutions referred to see the Addendum subpage of the article on the New Deal [1])

1921-23

Post-war recession [2].

1921

Warren G Harding becomes President [3]

1922

The Fordney-McCumber Tariff Act [4]

1923

Calvin Coolidge becomes President [5].
Start of "Coolidge Prosperity" [6].

1924

1925

Florida land boom bubble bursts [7]

1926

1927

Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [8].
Federal Reserve Bank cuts its discount rate cut from 4% to 3% and purchases US government securities [9][10].
Renewed economic upturn

1928

Death of Benjamin Strong, Governor of the Federal Reserve Bank of New York [11]
Federal Reserve Bank raises its discount rate to 5%

1929

Herbert Hoover becomes President [12]

August

Start of a downturn in economic activity [13]
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

June
Hawley-Smoot Tariff Act [14][15]
December
Failure of the Bank of United States [16].


1931

Banking crisis, with the failure of over 1800 banks.
Federal Reserve raises rediscount rates.
Drought on the Great Plains - start of the 10-year dustbowl

1932

Chicago Banking Panic [17].
Revenue Act: income tax rates increased and allowances reduced [18].
Reconstruction Finance Corporation [19] created
Federal Home Loan Act [20]
Recorded unemployment reaches 25 percent.

1933

March
Inauguration of Franklin D. Roosevelt [21]
4-day banking holiday (temporarily closes all U.S. banks using the Emergency Banking Act) 1933[22].
Reforestation Relief Act.
April
Departure from gold standard [23]
May
Federal Emergency Relief Act [24].
Agricultural Adjustment Act.
Federal Securities Act.
June
National Employment System Act.
National Industrial Recovery Act[25].
The National Recovery Administration and the Public Works Administration [26]
Federal Deposit Insurance Corporation [27] created

1934

Gold Reserve Act
President fixes $/gold rate at $35 an ounce (devalued from $20)
Reciprocal Trade Agreement Act [28]
Social Security Act: unemployment compensation introduced [29].
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 [30]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
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