Herbert Hoover Is Inaugurated Then The Shit Hits The Fan

1929

USA

Herbert Hoover is inaugurated.

More than half of all Americans are living below a minimum subsistence level. Annual per-capita income is $750; for people on farms, it is only $273.

The wave of about 1,200 mergers that had occurred during the decade had consolidated more than 6,000 companies. In 1929 only 200 corporations will control over half of US industry.

Recession begins in August, two months before the stock market crash. During this two month period, production will decline at an annual rate of 20 percent, wholesale prices at 7.5 percent, and personal income at 5 percent.

The richest 1 percent own 40 percent of the nation's wealth. The bottom 93 percent have experienced a 4 percent drop in real disposable per-capita income during the period of 1923 to 1929.

The fist of many small crashes and recoveries in the stock market began on Monday, March 25. The FED started daily closed-door meetings.

On October 24, the large brokerages all simultaneously called-in their 24 hour "call-loans." The "Great Depression" begins October 24, 1929 and lasted until the late 1930s. The largest drop will occur on October 29, "Black Tuesday". Stock market losses for the month of October will total $16 billion.

The stock market crash and banking collapse in the United States sparks a global downturn, including a second downturn in the U.S., the Recession of 1937. During this time the Fed reduced the money supply by 33%.

"It was not accidental. It was a carefully contrived occurrence... The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all." - Rep. Louis T. McFadden (D-PA)

"I think it can hardly be disputed that the statesmen and financiers of Europe are ready to take almost any means to re-acquire rapidly the gold stock which Europe lost to America as the result of World War I." - Rep. Louis T. McFadden (D-PA)

"The Federal Reserve definitely caused the Great depression by contracting the amount of currency in circulation by one-third from 1929 to 1933."- Milton Friedman, Nobel Prize winning economist

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