Key Points of the Great Depression

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: