Key Points of the Great Depression
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Who: the entire United States
What: the bottom fell out of the market, and shareholders frantically tried to sell before the prices plunged. 16.4 billion shares were dumped that day. People who bough stocks on credit were stuck with huge debts, and others lost most of their savings.
Why: because panicked investors unloaded their shares at the same time
When: October 29, 1929 (by mid November investors lost about $30 billion)
Where: the stock market
Hawley- Smoot Tariff
Who: congress passed. Protect farmers and manufacturers.
What: established the highest protective tariff in US history. The tariff made unemployment worse in industries that could no longer export goods to Europe.
Why: to prevent other countries from earning American currency to buy American goods.
When: 1930
Where: united states
*Boulder Dam (aka Hoover Dam)
Who: Hoover authorized.
What: it gave jobs to unemployed workers. 726 ft high and 1,244 feet long. World’s tallest dam, and second largest dam. Provided electricity and flood control, and regular water supply.
Why: to help the nation’s economy and give jobs
When: 1928
Where: Colorado river basin
Federal Home Loan Bank
Who: Hoover signed
What: lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure.
Why: to pass a series of measures to reform banking, provide mortgage relief, and funnel more federal money into business investment
When: 1932
Where: united states
Reconstruction Finance Corporation
Who: Hoover’s idea. Approved by congress
What: authorized $2billion for emergency financing for banks, life insurance companies, railroads, and other large businesses.
Why: Hoover believed that the money would trickle down to the average citizen through job growth and higher wages.
When: