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The Great Depression

The Depression started in 1929 and ended around 1940. The first signs of trouble appeared in the American economy. Prices start to fall with not many people purchasing things. One place tried to stabilize the downfall but it only lasted a couple days. On that day the market lost about $10 million.
The Hawley-Smoot Tariff raised tariffs to their highest levels in United State history. Its proponents included president Hoover, believed that the high tariffs would help American industry and agriculture in a time of severe depression. In fact the opposite out come occurred. As the United States was a net explorer of both agricultural goods and industrial products, the ensuing worldwide tariff was simply lengthened the depression.
With the jobless rate on the rise, and increasing bank failures, Hoover was forced to take some action. In December 1931 he called on Congress to establish the Reconstruction Finance Corporation. The corporation was authorized to loan money to banks, railroads, etc. But the R.F.C. did not help reverse the depression.
President Roosevelt moved decisively upon assuming office. His first act was to declare a national banking holiday for four days. He then called the Congress to a special session. Congress stayed in session from March 9 until June 16, in what became known as the "100 Days."
The overwhelmingly Democratic Congress passed all of the acts that the President requested. The first act was banking reform, which approved federal deposit insurance for all depositors. Roosevelt then went to the airwaves and gave one of his first fireside speeches, in which he assured Americans that the banks were safe places to keep money.
Roosevelt created the Civilian Conservation Corps, which employed three million young men in forestation, flood control and other programs. The Federal Emergency Relief Administration was created, distributing $3 billion in welfare payments and work projects.
The Agricultural Adjustment Act was passed, and it...