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Great Depression Timeline
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Late Summer 1929
Late Summer 1929
A recession hits the United States in the summer of 1929. From 1921 to 1929, the stock market had quickly expanded, with stock prices soaring to levels that were beyond what they were worth.
Fall of 1930
Fall of 1930
The first of four banking panics begins. A banking panic occurs when people who had deposited their money in banks lose confidence in the security of the banks and withdraw their cash. The United States experiences three more banking panics, in the spring of 1931, in the fall of 1931, and in the fall of 1932
1930–31
1930–31
President Hoover opposes direct federal relief programs for individuals and attempts to alleviate the effects of the depression by appealing to state and local governments. In 1931 he supports the formation of the Reconstruction Finance Corporation to help banks and industries.
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