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Major Economic Events in 1990
There are no specific dates for these events in 1990 but they did have a huge impact on the American economy. 168 FDIC insured banks fail. Mutual funds grow to $1.5 trillion from $250 billion in 1983, partly because of the exodus of deposits from banks and S&Ls. By year-end, the FDIC has 19,247 employees, including 4,899 RTC employees. -
Government Money on Hubble Telescope
The Federal government used a large amount of its funding in 1990. This was when the Hubble Telescope was sent into space. A lot of United States citizens supported this action because they thought it was good to have more scientific research. -
Lowest GDP
The GDP comes to its lowest point of the decade, -0.1%. -
More Government Money Spent
At the beginning of 1991, the United States was forced to spend more of its money. This happened due to the decision to have our military fight in Iraq. Iraq invades Kuwait, and the subsequent war between the U.S. and Iraq leads to higher oil prices, reduced consumption, and declining demand. -
GM Cuts Jobs
GM announces to cut more than 75,000 jobs. This seems like a minor event but actually had a large effect on the economy. They did this because the their business was struggling and needed to make a larger profit. -
Highest Unemployment Rate
This was the time of the highest unemployment rate in the decade 7.5%. -
Banking Industry Breaks Record
The banking industry earns record profits of $43.1 billion. This happens in the beginning of the decade that marks the longest bull-market in United States history. -
NAFTA
NAFTA is a trade agreement that has a huge impact on the United States economy. Just this year (2018) it was voted out and President Trump came up with a new plan. This trade agreement helped the American economy by allowing better trade between the three main North American countries. These countries were the United States, Mexico, and Canada. -
The World Trade Agreement
The World Trade Agreement not only affected the United States, but almost all the countries in the world. All in all this agreement made it much easier for money, from trading, to flow from country to country. -
Clinton Bars Cloning Funding
Though only a minor event, in 1993 President Clinton decided there would be no more funding from the United States government concerning the research of human cloning. Many people agreed with this decision for moral and economic reasons. Most people did not want their tax money going towards something that they believed was not right. -
Tornadoes in Oklahoma
In the years 1997, 1998, and 1999 there was a large number of tornadoes in the Midwest and Oklahoma. The government put a lot of money into natural disaster relief. Along with this the economy of the Midwest was damaged due to the large amount of businesses that were destroyed and lost their buildings and in some cases their inventory. -
ATM Dough
Another economic record is broken at the end of the great decade. ATM transactions add up to over one billion dollars. -
Euro Currency
The Euro currency is introduced as a competitive tool to stem the power of the dollar and maximize the economic power of the European Union nations. -
Baking Act Repealed
In 1999 the Baking Act of 1933 is repealed. This act was put in place in order to get the country out of economic depression. It prohibited commercial banks from engaging in the investment business and created the FDIC. Economists believe this is one of the first events that led to the downfall of the American economy after a great bull-market. -
Highest GDP
This was the time of the highest GDP in the decade 4.7%. -
Lowest Unemployment Rate
The time of the lowest unemployment rate in the decade 4.2%.