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Gold Standard Act establishes gold dollar of 25.8 grains, nine-tenths fine, as standard unit of money in U.S. Also, authorizes 2 percent "consoles" to be sold to National Banks.
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An earthquake hits San Francisco, destroying the business districts and much of the city and leaving 250,000 people homeless, 25,000 building destroyed, and 500 dead
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Congress passes the Aldrich-Vreeland Act to correct deficiencies in the banking system that created the Panic of 1907
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Supreme Court orders Standard Oil Company and American Tobacco Company dissolved for "unreasonable" restraint on trade.
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New York Stock Exchange closes because of European Crisis. (Reopens Dec. 12)
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Emergency Loan Act authorizes issue of $5 billion in bonds at 3.5 percent.
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Postwar recession begins early in year. U.S. food prices are expected to fall 72 percent as farm prices plummet.
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Highly destructive Florida hurricane causes collapse of land boom.
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Steel and automobile production are declining and the whole economy shows signs of weakening. Yet stock market prices rise.
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The economy sinks due to agricultural and commodity prices falling, national income collapsing and unemployment approaches 4 million
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Roosevelt signs the Social Security Act, including pensions and unemployment insurance.
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Germany invades Poland, starting World War II. (Britain and France declare war on Germany on Sept. 3)
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Roosevelt is reelected as President.
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Congress reduces gold reserve requirements for Federal Reserve Banks from 40 percent on notes and 35 percent on deposits to 25 percent on both. Also power to issue Federal Reserve Bank Notes (without gold backing) ended.
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Truman is now elected president. Truman set a minimum wage of 40c to 75c an hour for certain industries engaged in interstate commerce
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Chinese Communist forces come to aid of North Korea, and Truman proclaims national emergency as Chinese drive U.S. forces southward.
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The Chase National Bank and the Bank of the Manhattan Company are merged into the nation's second-largest bank.
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Nationwide strike cuts steel output by 90 percent-116-day strike is by far the longest on record in the industry.
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Emergency measures are ordered to correct growing deficit in balance of payments.
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President Kennedy is assassinated
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Stock prices tumble; the Dow Jones industrial average falls to 744.
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The January economic indicators fall by 1.8 percent, the greatest monthly decline since 1957 recession.
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Minimum wage rises from $2.10 to $2.30 as provided in 1974 law. (Rate went from $2.00 to $2.10 on Jan. 1, 1975)
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Japan agrees to some opening of its domestic market to U.S. products.
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The U.S. prime interest rate reaches an all-time high of 21.5 percent.
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Unemployment hits 10.8 percent, the highest since 1940
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A record 43,000 farms go bankrupt as land prices fall and interest rates soar. Many banks and savings-and-loan institutions go bankrupt in Texas, Oklahoma, and other oil states that are pressured by collapsing world oil prices.
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The U.S. and its allies launch an attack on Iraq. The Gulf war ends on Feb. 27.
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President Clinton signs a compromise bill designed to cut federal budget deficits $496 billion over five years, through spending cuts and new taxes.
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The crises in the Russian financial system leads world markets into turmoil, as its three-month moratorium on debt payments and over 50% devaluation of the ruble crush the Russian stock market.
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China was granted permanent normal trade relations status with the U.S
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President Bush signed a 10-year, $190 billion farm bill that promises to expand subsidies to growers.
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International oil prices hit a 3-1/2 year high
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The "housing bubble" bursts,setting in motion the subprime mortage crisis and the Great Recession. Congress begins to recognize the emergence of the "shadow banking system" and the failure of the regulatory system. The banking system faces a crisis.
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President Obama and Congress pass the American Recovery and Reinvestment Act, providing tax cuts, and federal funds to create new jobs,save existing jobs, spur economic growth. the country's debt rises to 11 trillion while the deficits rises to $1.4 trillion
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In 2010 the job market began to emerge from the most severe downturn since the Great Depression. U.S. employment is up, the layoff rate is down, and the average wage (after adjusting for inflation) has improved modestly
