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Herbert Hoover Presidency Timeline The Wall Street Crash of 1929 leading to a important recession |
Herbert Hoover Presidency Timeline |
Herbert Hoover Timeline: Presidential Timeline of Important Events 1929 - His inauguration as 31st President of the United States 1929 - The Stock Market Crash of 1929, also known as Black Tuesday and the Wall Street Crash, began in late October 1929 following a boom on the stock market which enticed many ordinary Americans to invest their entire savings in stocks and shares. Billions of dollars were lost in a single day and had dire consequences on the nation, stock market didn't return to pre-depression levels until 1954. 1929 - The Great Depression followed the Wall Street Crash when the average income of the American family dropped by 40 percent from 1929 to 1932. It was a time of most terrible hardship when more than 10,000,000 Americans were unemployed 1930 - June: The Hawley-Smoot Tariff raised US tariffs to historically high levels and provoked a storm of foreign retaliatory measures which did not help during the Great Depression 1932 - June: The Bonus Army March: As a result of the Great Depression bread riots and shantytowns grew in number and Americans criticised the President for his perceived lack of action. In 1924, Congress had voted to give a bonus to World War I veterans - $1.25 for each day served overseas, $1.00 for each day served in the States to be paid in 1945. Over 15,000 WW1 veterans marched on the 'Bonus Army March' to demand payment when they needed it the most 1932 - July: The veterans camped on government property and President Hoover ordered the army to clear out the veterans, their camp was set ablaze and tear gas was released under the command of General Douglas MacArthur 1933 - The Lame Duck Amendment (20th amendment) was ratified reducing the amount of time between election day and the beginning of Presidential, Vice Presidential and Congressional terms. Hoover tried to combat the Great Depression with government projects such as the Hoover Dam, the Smoot-Hawley Tariff, and increasing corporate taxes and the top tax rates from 25% to 63%. The public blamed their problems on the President who was not re-elected 1933 - His presidency and term in office ends. The next US President was Franklin D. Roosevelt Herbert Hoover Timeline of important Events Herbert Hoover Timeline - American Historama Herbert Hoover Presidency Timeline |