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The Great Depression Key Events
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National Industrial Recovery Act of 1933
A federal law that gave the president power to regulate industry in an attempt to raise prices after severe deflation and stimulate economic recovery.
Dust Bowl
Severe dust storms in the Midwest caused by drought and poor farming practices led to crop failure and mass migration, exacerbating the economic plight.
The New Deal
A series of programs and reforms launched by President Franklin Roosevelt to recover the United States economy, provide relief and create jobs.
Social Security Act of 1935
Provided a safety net for the elderly, the poor, and other vulnerable groups through pensions and unemployment insurance, fundamentally transforming American society.
Bank Failures
Hundreds of banks closed due to their inability to retrieve loans and faced runs from panicking depositors, exacerbating the economic collapse.
Rise of Hoovervilles
Named after President Hoover, these were shanty towns built by homeless people, symbolizing the poverty and failure of government policies during the early depression.
Unemployment Rate Increase
The decline of demand for goods led to workforce cuts, soaring the unemployment rate to around 25% at its peak, contributing to widespread poverty.
Securities Act of 1933 and Securities Exchange Act of 1934
These acts were established to regulate the stock market and prevent corporate abuses related to the offering and sale of securities and corporate reporting.
Bonus Army March
In 1932, World War I veterans marched to Washington, D.C., to demand their service bonus, their protest ended with a violent clash with the army.
Gold Standard Abandonment
In 1933, President Roosevelt abandoned the gold standard which allowed the government to pursue inflationary monetary policy, hoping to stimulate spending.
Emergency Banking Act of 1933
This act provided for the reopening of banks with federal assistance and helped restore public confidence in the banking system during the first months of the New Deal.
Stock Market Crash of 1929
Triggered the beginning of the Great Depression as millions of shares became worthless; led to massive financial panic and the closure of banks.
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