Chapter 23: The Great Depression (19201934)

1920
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1925
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1929
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1930
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1931
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Durable-goods output declined to 43 percent

Decline in both residential and nonresidential construction.
Economy began to slow.
Stock market crashed.
Federal farm board.
First Baking crisis
Failure of the Bank of the United States.
Smoot-Hawley Tariff was passed.
Second Banking crisis in the United State.
Failure of the Kreditanstal.
Closing of the German banks.
Britains departure of the gold standard.
President Hoover asked for a huge tax hike to balance the federal
budget

1932
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1933
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1934
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Beginning of large-scale open-market purchases.

Reconstruction Finance Corp. (RFC).
The banking panic of 1933.
Unemployment rose to 24.9 percent of the labor force.
President Roosevelts announce a nationwide bank holiday.
Ended Gold Hording.
Deposit Insurance Corporation (FDIC) was established.
The number of bank failures fell from 4,000 in 1933 to 61 in 1934.
Recommitment to a version of the gold standard.