The Great Depression is notorious period of American history. A formative time in 20th century America, it came about after the riotous exuberance of the roaring twenties and lasted nearly a decade. The result of a complex bundle of factors, the crash of economies worldwide and the enduring poverty that followed make the Great Depression an essential component of American history. Its legacy on the country’s identity, laws, and economy is still readily apparent to this day.
The Great Depression Timeline and facts - stock market crash 1929
STOCK MARKET HITS PEAK
DOW JONES AVERAGE: 381....AND COUNTING $$$$$$$$
TIMELINE OF EVENTS: THE GREAT DEPRESSION
BLACK TUESDAY: STOCK MARKET CRASHES
On September 8, 1929, the Dow Jones Industrial stock price average reached a peak 381 points. The price average dominated the news and media. However, the real value of many stock prices soared far above their real value, leading to overspeculation and risky investments.
October 29, 1929, the stock market plummets. After days of downed averages, the Dow Jones Industrial stock average fell to 198.7 points. Many began selling their stock in a panicked, last-ditch effort to make out on their investments. However, many lost their entire life savings. The American economy entered a depression.
We lost EVERYTHING!
FDR ELECTED PRESIDENT
We will persevere!
FDR'S INAUGURAL ADDRESS
After multiple failures to resolve the depression on President Hoover's part, Franklin Delano Roosevelt defeated the incumbent in a landslide. FDR's ideas about a "New Deal" brought hope and determination to an already defeated, impoverished American population.
INTRODUCTION OF SOCIAL SECURITY
FDR gives his first inaugural address on a rainy, cold day to hundreds of thousands of listeners, reminding them that "the only thing we have to fear is fear itself". Immediately, in his first hundred days in office, FDR pushes through a tremendous amount of public works initiatives and attempts to save banks across the country.
FDR passes the Social Security Act, which will be financed through a payroll tax. The act is met with opposition, as for the first time in history, the federal government has a strong hand in the welfare and security of its citizens. It is one of many initiatives that alter perception on government interference with people's wealth and economics.
FDR ELECTED FOR SECOND TERM
Despite controversy surrounding FDR's New Deal initiatives, he is elected in a landslide to a second term. Public works programs, such as the Tennessee Valley Authority, keep people working and earning wages. Banks are more secure. The Dust Bowl is in full swing, ruining the agricultural industry. The depression is far from over.
FDR ELECTED FOR UNPRECEDENTED THIRD TERM
R & C Stock
At the dawn of a new decade, FDR is elected to an unprecedented third term. With trouble brewing in Europe regarding Nazi Germany, many support FDR's war policies and continuation of government aided programs. Eventually, the US will be swallowed up into WWII with the attack on Pearl Harbor on December 7th, 1941, leading to an economic boom.