Crash of 1929/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
imported>Nick Gardner |
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| Line 51: | Line 51: | ||
1929 | 1929 | ||
February | February | ||
: Bank of | : Bank of England raises the bank rate fron 4.5% to 5.5% | ||
August | August | ||
: Federal Reserve Bank raises discount rate to 6% | : Federal Reserve Bank raises discount rate to 6% | ||
| Line 61: | Line 61: | ||
1930-33 | 1930-33 | ||
: 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 | : 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. | |||
1933 | |||
: Banks close in "banking holiday" | |||
Revision as of 04:23, 13 January 2009
Stock price changes
- (see also the chart for the period 1920 to 1940 [1])
- Dow Jones Industrial Average: Low [2]
| 03/09/29 | 07/09/29 | 14/09/29 | 23/10/29 | 24/10/29 | 26/10/29 | 28/10/29 | 29/10/29 | 02/01/30 | 02/01/31 | 02/01/32 | 03/02/33 | 02/01/34 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 381[1] | 375 | 365 | 303 | 272 | 296 | 256 | 212 | 242 | 161 | 74 | 59 | 99 |
- ↑ peak value
Timeline
1921 - 1929
- Strong economic growth: GDP increases by 42% (growth rates: 10.5% pa 1921-23; 3.4% pa 1923-29)
- Stock market boom: the DJIA index at the 1929 peak is six times its minimum level in 1921 [3].
1927
- Discount rate cut from 4% to 3.5%
1928
- Discount rate raised to 5%
October
- Death of Governor Strong of the New York Federal Reserve Bank
1929 February
- Bank of England raises the bank rate fron 4.5% to 5.5%
August
- Federal Reserve Bank raises discount rate to 6%
October
- 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"
- 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.
1933
- Banks close in "banking holiday"