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Economics Hundred Years Timeline-Micchelli
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Panic of 1907
A United States finacial crisis, where the New York Stock Extange fell nearly 50% from its peak in 1906. Many states and local banks went bankrupt. -
Ford Cars
The first Ford car was offered for sale -
Federal Reserve Act
The federal reserve act was an act of congress. It set up the Federal Reserve System, the centeral banking system of america. -
Higher wages and essmbaly line
The assembly line was developed by Henry Ford. Higher wages for employees were introduced. -
Stock Market Crash
Know as Balck Thursday, becomes most devastating stock market crash in U.S. history. Signals begining of twelve year great depression. -
Depession deepens
Mearly 10,000 U.S. banks fail and the nation's work forcce reaches 25% unemploment -
roosevelt becomes preident
Roosevelt became president in 1933. During his presidentcy, he helped in many ways with the Great Deppersion. One of which was the new deal. -
Dust Bowl
"Black Sunday"
20 of the worst "black Blizzards"occured across the Great Plains. -
Economic boom
Huge goverment spending for WWII caues and economic boom that ends the Great Depression. -
Bretton Woods Confrence
A group of economic leders from around the world mett in Bretton Woods, New Hampshire to agree upon a series of new rules for post-WWII international monetary system. -
Korean War
Korean War creates prospects of additional goverment deficts and the issuance of new goverment debt. -
Unemployment Assistance Act
congress passes the Unemployment Assistance Act, establihing a needs to test and reguiring the federl goverment to share 50% of the costs. -
Revenue Act of 1964
Congress passed Jonh F. Kennedys $12 billions dollar tax cut and the economy takes off. -
Job Corps
The job corps was created under the Economic Opertunity act. -
Social Security Act Amendment
President Lyndon B. Johnson signs an amendment to the Social Security Act that created Medicare adn Mediaid. -
Price contols
Nixons adminstration imposes wage and price conrols to curb inflations in responce to public furor over rising food prices. -
Arab-Isreali conflict
The Arab oil embargo during the Arab-Isreali war causes petroleum supply shocks that raise the price of fuel. -
Airline Deregualtion Act
Removes goverment control over fares,routes, and market entry of new comercial airlines. New-low cost airlines appear and airline fares come down, benifitng customers but forcing some airlines out of buisness. -
Depostitory Iintitutions Deregulation and Monetary Conrol Act
Gave the federal reserve greater control over non-member banks. Forced all banks to abid by federal rules. -
Alaska Land Act
The Alsaka land Act designates over 100 million acres as park and wilderness land preventing exploration and development of Alaska's hige mineral and oi reserves. -
Stock market plinges
The stock market plunges dangeriosly low -
NAFTA
The NAFTA waa inplemented to remove a tarfiff between the U.S., Canada and Mexico for 15 years -
Personal Responsibility and Work Opportunity Act
Designed to change the nations welfare system into one that requires work in exchange for assistance. -
Glass-steagall Act
Congress partially repeals the act allowing comercial banks, investment banks, securitly firms,and insurance companies t consolidate and giving banks the opportunity to open interstate branches -
$350 billion tax cut
George Bush passed a $350 billion dollar tax cut package. the 3rd largest tax cut passed. -
Shadow banking system
Congress begins to realize the emergance of the banking system, and the failure of the regulatory system.
