Herbert Hoover, Republican, wins presidential election over Al Smith, Democrat.
Year of record prosperity; real GNP (value of all goods and services, adjusted for price changes) is up 38 percent over 1922; unemployment rate is 3.2 percent of work force, an all-time low; common stock values have tripled since 1922.
Values on New York Stock Exchange peak; they have doubled since July 1926.
Black Tuesday; after several trading days of decline, stock market falls disastrously. By year’s end market has lost one-third of its value at the peak.
Real GNP falls by 10 percent; unemployment rises to 9 percent; common stocks fall to half their value in September, 1929.
Smoot-Hawley Act substantially increases U.S. tariffs on imports.
Real GNP falls by another 8 percent; unemployment rises to 16 percent; common stocks continue to fall.
Congress passes Bonus Bill, providing partial payment of sums due veterans at later date, over Hoover’s veto.