1936-37 Graham: Reaching for a Foothold

摘要

By the middle of the Thirties, Americans were tired and disoriented from a dizzying ride on the out-of-control roller coaster that characterized the Great Depression. This was as true for public corporations as it was for private citizens. The opening act of the great economic calamity was the stock-market crash of October 1929, but matters didn't reach their lowest point until 1932-33. Meanwhile, the 1932 Revenue Act signed by President Herbert Hoover increased the top tax rate for Americans from 25 percent to 63 percent to offset declining government revenues and increasing demand for public assistance.