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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.
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The first Ford car was offered for sale
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The federal reserve act was an act of congress. It set up the Federal Reserve System, the centeral banking system of america.
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The assembly line was developed by Henry Ford. Higher wages for employees were introduced.
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Know as Balck Thursday, becomes most devastating stock market crash in U.S. history. Signals begining of twelve year great depression.
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Mearly 10,000 U.S. banks fail and the nation's work forcce reaches 25% unemploment
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Roosevelt became president in 1933. During his presidentcy, he helped in many ways with the Great Deppersion. One of which was the new deal.
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"Black Sunday"
20 of the worst "black Blizzards"occured across the Great Plains. -
Huge goverment spending for WWII caues and economic boom that ends the Great Depression.
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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.
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Korean War creates prospects of additional goverment deficts and the issuance of new goverment debt.
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congress passes the Unemployment Assistance Act, establihing a needs to test and reguiring the federl goverment to share 50% of the costs.
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Congress passed Jonh F. Kennedys $12 billions dollar tax cut and the economy takes off.
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The job corps was created under the Economic Opertunity act.
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President Lyndon B. Johnson signs an amendment to the Social Security Act that created Medicare adn Mediaid.
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Nixons adminstration imposes wage and price conrols to curb inflations in responce to public furor over rising food prices.
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The Arab oil embargo during the Arab-Isreali war causes petroleum supply shocks that raise the price of fuel.
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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.
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Gave the federal reserve greater control over non-member banks. Forced all banks to abid by federal rules.
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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.
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The stock market plunges dangeriosly low
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The NAFTA waa inplemented to remove a tarfiff between the U.S., Canada and Mexico for 15 years
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Designed to change the nations welfare system into one that requires work in exchange for assistance.
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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
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George Bush passed a $350 billion dollar tax cut package. the 3rd largest tax cut passed.
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Congress begins to realize the emergance of the banking system, and the failure of the regulatory system.
