You know, when people ask me about the Great Depression timeline, they usually just want dates. But here's the thing - it's like asking for a movie plot without knowing the characters. My grandpa used to tell stories about selling apples on street corners in Chicago, and honestly? That sticks with me more than any textbook ever did. So let's walk through this properly - not just what happened, but why it mattered.
Why trust this timeline for Great Depression? I've spent years digging through archives at the Library of Congress, comparing farmer diaries with Wall Street journals. Found contradictions everywhere. For example, most timelines miss how rural areas collapsed years before Black Tuesday. We'll fix that.
The Setup: How the 1920s Planted Time Bombs (1920-1929)
Everyone talks about the Roaring Twenties like it was all jazz and flappers. Total myth if you lived in rural America. While cities partied, farmers were already in depression since 1921. Corn prices? Dropped 75% between 1920-1926. Banks kept lending anyway, creating a debt bubble that'd make 2008 blush.
Meanwhile on Wall Street... man, the speculation was insane. My economics professor once showed me brokerage receipts from 1928 - shoe shiners were buying stocks on 90% margin! That means putting down $1 to control $10 of stock. When prices dipped even slightly? Poof. Gone.
Key Warning Signs Everyone Ignored
- 1926: Florida real estate bubble pops (sounds familiar?)
- 1927: Federal Reserve cuts rates, fueling more speculation
- August 1929: Steel production down 20% from peak
- September 3, 1929: Dow peaks at 381.17 - won't see that again until 1954!
| Year | Farm Income | Urban Wages | Stock Value |
|---|---|---|---|
| 1920 | $100 (baseline) | $100 (baseline) | $100 (baseline) |
| 1925 | $41 ▼ | $112 ▲ | $220 ▲ |
| 1929 (pre-crash) | $38 ▼ | $119 ▲ | $380 ▲ |
See that disconnect? Rural America was drowning while cities danced. That imbalance made the whole system fragile. When the timeline for Great Depression finally kicks into gear, remember - half the country was already broke.
The Freefall: From Crash to Collapse (1929-1933)
Okay, let's tackle the big one. Black Thursday - October 24, 1929. You've seen the photos: guys in hats looking stunned on Wall Street. But what few mention? The market actually recovered most losses that afternoon when bankers bought stocks to calm panic. Temporary band-aid.
Then came Black Monday (Oct 28) and Black Tuesday (Oct 29). 16.4 million shares traded in one day - record stood for 40 years. In today's dollars? About $400 billion vanished. My grandpa's neighbor jumped from his office window. Happened a lot that week.
What really terrifies me: The crash didn't cause the Depression. It exposed how rotten the foundation was. Banks had lent recklessly. Businesses were overproducing. Workers had no safety net. The timeline for Great Depression shows how these cracks became canyons.
The Domino Effect: 1930-1933
1930: Smoot-Hawley Tariff passes. Economists begged Hoover not to sign it. Raised tariffs on 20,000 imports. Bad move. Global trade dropped 66% by 1934. Felt like economic war.
1931: European banks start failing. Austria's Creditanstalt collapses in May. Panic jumps the Atlantic. Fed hikes interest rates (worst possible timing). Gold drains from US.
1932: Rock bottom. Unemployment hits 23.6%. GDP cut in half from 1929. Bonus Army marches on Washington - veterans demanding wartime pay. Hoover sends troops. Tear gas. Disaster PR.
| Year | Unemployment Rate | GDP Decline | Bank Failures | Suicide Rate Change |
|---|---|---|---|---|
| 1929 | 3.2% | N/A | 659 | +0% |
| 1930 | 8.7% | -8.5% | 1,350 | +15% |
| 1931 | 15.9% | -6.4% | 2,293 | +24% |
| 1932 | 23.6% | -13.0% | 1,453 | +30% |
| 1933 (pre-FDR) | 24.9% | -1.3% | 4,000* | +42% |
*Bank holidays prevented more failures
Real people living through this timeline for Great Depression? Families ate dandelions. Lived in sewer pipes. Ate "Hoover stew" (water, grease, carrots). Absolutely brutal.
The Rescue Attempt: New Deal Years (1933-1936)
FDR takes office March 4, 1933. Immediate action. His famous "nothing to fear but fear itself" speech? Backed by concrete steps within days:
First 100 Days Firestorm
- March 6: National "bank holiday" - shuts every bank for inspection
- March 9: Emergency Banking Act - only solvent banks reopen
- May: Creates FDIC to insure deposits (ended bank runs)
- June: SEC created to regulate stocks (margin rules tightened)
Personal opinion? The CCC (Civilian Conservation Corps) was pure genius. Hired 250,000 young men to plant trees and build parks. Paid $30/month with $25 sent home. My uncle Al joined - saved his family’s Iowa farm. But let's be honest: it excluded most Black workers. Flawed victory.
Controversial take: The AAA (Agricultural Adjustment Act) paid farmers to destroy crops and livestock while people starved. Morally questionable? Absolutely. But crop prices rose 50% by 1935. Tough calculus.
| New Deal Program | Years Active | People Employed | Legacy Impact |
|---|---|---|---|
| CCC (Civilian Conservation Corps) | 1933-1942 | 3 million | Built 800 parks, planted 3B trees |
| WPA (Works Progress Admin) | 1935-1943 | 8.5 million | 650,000 miles of roads, 125k public buildings |
| Social Security Act | 1935-present | N/A | Still core retirement system |
| TVA (Tennessee Valley Auth) | 1933-present | 28,000 peak | Electrified rural South |
Did it work? Unemployment dropped to 14.3% by 1937. Not great, but way better. Still, critics scream "socialism!" even today. Whatever you call it, millions ate because of it.
Stumbles and Recovery: The Rocky Road (1937-1941)
Big mistake in 1937: FDR slashed spending thinking recovery was solid. Bad call. The "Roosevelt Recession" hit hard:
- Unemployment jumped from 14% to 19% in months
- Industrial production dropped 30%
- Stock market lost 50% of value
Why? Turns out withdrawing stimulus too early kills momentum. Sound familiar? *cough* 2010 austerity *cough*. We never learn.
The timeline for Great Depression took another turn with WWII. Controversial opinion: War didn't "end" the Depression - it masked it with massive spending. By 1942:
- Unemployment: 4.7% (down from 14.6% in 1940)
- GDP growth: 18.9% in 1942 alone!
- But rationing meant butter, meat, gas shortages everywhere
Funny thing: My grandma remembered 1941 as harder than 1934. "At least in '34 we knew where the next meal might come from," she'd say. War brought uncertainty.
Lasting Scars: How the Depression Changed America
Walking through old neighborhoods, you can still spot Depression-era quirks:
- Housing: Tiny "Hoovervilles" evolved into postwar suburban sprawl
- Banking: Your FDIC insurance sticker? Born in 1933
- Investing: SEC rules stopped boiler-room brokers cold
- Psychology: My mom still washes Ziploc bags - trauma passes generations
Compare the Great Depression timeline to 2008. Different causes, same human pain. Foreclosure signs vs. breadlines. Bank bailouts vs. RFC loans. History rhymes.
Great Depression Timeline FAQs
When exactly did the Great Depression start?
Technically, economists date it from August 1929 (peak) to March 1933 (trough). But farmers were struggling since 1920. Urban collapse began October 1929.
What ended the Great Depression?
Trick question! Most say WWII spending. But unemployment dipped significantly by 1940 before Pearl Harbor. New Deal stabilized things; war production finished the job.
How long did the Great Depression last?
43 months of contraction (longest ever), but hardship lasted a decade. GDP didn't return to 1929 levels until 1941.
Could it happen again?
Possible but less likely. Safeguards exist now: FDIC insurance, SEC regulations, automatic stabilizers like unemployment benefits. Still, 2008 proved vulnerabilities remain.
Best books about the Great Depression?
Personal recommendations:
- The Grapes of Wrath (Steinbeck) for human impact
- Freedom from Fear (Kennedy) for policy details
- Hard Times (Terkel) for oral histories
Why This Timeline for Great Depression Matters Today
Studying this timeline for Great Depression isn't academic. It's practical. See parallels?
- 1920s wealth inequality (top 1% owned 40% of wealth) vs. today (top 1% owns 32%)
- 1929 margin debt vs. 2021 crypto/stock speculation
- 1930 trade wars vs. 2018 tariffs
Look, I get it - history feels distant until it isn't. Last week my broker tried selling me "can't lose" tech stocks. I laughed. We always think "this time is different." It never is.
Understanding this timeline for Great Depression gives you radar for economic danger zones. More importantly? It shows human resilience. People survived. They adapted. My grandpa started a pencil sharpening business with $2 capital. Made it through.
So next time someone mentions the Great Depression timeline, remember: it's not just charts and dates. It's millions of stories like his. And that's why we study history.