1978-1994 Economic Timeline

  • Fuel Economy Mandate

  • Iranian Revolution

    created an oil crisis in the U.S., cost of oil rose
  • Sugar Hill Gang release Raper's Delight, recognized as the 1st Hip Hop record released

  • Energy Crisis

  • Reaganomics

    encouraging saving and investments, tax cuts, & government policies that encouraged increased productions
  • Recession

    business bankrupcies rose 50% from the previous year - farmers where impacted by import/export decline, interest rates rose, crop prices fell
  • MTV

  • Apple rolled out the 1st personal computer

  • Oprah Winphrey took over AM Chicago Talk show

    Within months it became the highest rated talk show in Chicago. Economic impact of her media empire continues to this day.
  • Nuclear Energy replaces Hydroelectric power

  • VH1

  • Stock collapse - Black Monday

    size caused Dow Jones to fall by 22.6% which is a larger decrease than 1929's.
  • Exxon Valdez Oil Spill

  • Savings & Loan crisis

  • High yield market (junk bonds)

    temporary market collapse
  • USSR Communist party agrees to allow opposition parties

  • Operation Desert Storm

  • Aerosmith: 1st major band to let fans download a FREE full track from the internet