Harry S. Truman, Winston Churchill, and Joseph Stalin issued coordinated announcements of the Allied Powers’ victory in Europe. Major celebrations took place, though victory in the Pacific was yet to be achieved.
Thirty minutes after Japan declared war against the United States, Japanese planes attacked the American naval base at Pearl Harbor, Hawaii. Naval forces were severely diminished by the unexpected attack and more than 2,300 Americans were killed.
Five days after the October 24 crisis, on Black Tuesday—October 29, 1929—the stock market experienced the greatest crash in its history. As soon as the stock exchange's gong sounded, a mad rush to sell began. Trading volume soared to an unprecedented 16,410,030 shares and the average price of a share fell 12 percent. This dive came with the convergence of economic problems of production, income, and credit. The crash destroyed the fortunes of brokers and speculators and set off a long period of economic panic. It also marked the beginning...
At Roosevelt’s urging, Congress passed the Emergency Banking Bill, which took the nation off the gold standard, allowed some Federal Reserve System banks to reopen, and permitted the Federal Reserve and the Reconstruction Finance Corporation to provide funds to buy stocks in chosen banks.