Filepicker gkthrlqsyzs3mggkloya money

Economics Hundred Years Timeline- Bremer

  • Period: to

    Economic Events

  • The First Model T Automobile

    The First Model T Automobile
    The ford motor co. was established in 1903 and Henry Ford developed the first model T automobile that sold for 850$. These vehicles were bought more and more frequently, puting more money into the economy.
  • The Panamar Canal

    The Panamar Canal
    The Panamar Canal officialy opened, allowing passage from the Atlantic ocen to the Picific ocen. It cuts across the isthmus of Panama. This opens up extreme trade possibilities.
  • Banking Panic of 1907

    Banking Panic of 1907
    IN 1907 the New York stock exchange droped almos 50%. This panic was triggered by a failed attempt to corner the market on stock of the united copper company.
  • The Federal Reserve

    The Federal Reserve
    In responce to a series of financial panics (particularly one in 1907) the Rederal Reserve was created. It had three objectives. Maximum employment, stable prices, and moderate long-term interest rates
  • World War One

    World War One
    World war one has begun involving Japan, France, Russia, The U.S and others
  • The Prohibition

    The Prohibition
    The Prohibition act illegalized alcohol. After the act was established, taxes could not be put on alcohol. Also it effected farmers growing crops for alcoholic bevreges and restturonts who sold the bevreges.
  • 19th Amendment

    19th Amendment
    The 19th amendment was passed py congress extendint the rights of woman. Allowing women to dicide who ran the country.
  • Farms fail

    Farms fail
    Farm prices fall at an extreme rate. The price of weat fell to half the price an the price of cotton fell by three quarters.
  • The Stock Market Crash

    The Stock Market Crash
    The stock market crashed and the great depression has begun. This effects all western industrialized nations
  • Hight of The Great Depression

    Height of great depression; almost 10,000 banks fail and the unemployment rate reached 25%
  • Bank Holoday

    FDR declares 4 day bank holiday; FDIC established
  • Banking Act

    Congress passes the Banking Act, giving Fed Reserve the power to use monetary policy to stabilize the economy
  • Ending the Depression

    Govt spending on WWII ends the depression by causing huge economic boom
  • Global Economic Order

    Global Economic Order
    World economic leaders meet in Bretton Woods,NH, to establish a global economic order and set rules on monetary policy
  • The Microwave

    The Microwave
    The invention of the microwave. This divice allows you to heat up your food.
  • Korrean War

    The Korean War creates prospects for more government debt and issuance of govt debt begins
  • The Unimployment Assistent Act

    Unemployment Assistance Act established requiring the fed govt to share 50% nof unemployment benefits costs
  • Economic Dip

    The economy turned sharply downward in the summer of 1957 and reached its low point in the spring of 1958. Industrial production fell 14 percent, corporate profits plummeted 25 percent and unemployment rose to 7.5 percent.
  • 1960 Economic Growth

    Following a 10-month recession from April 1960 through February 1961, the American economy enjoyed the longest continuous period of economic growth in the nation’s history.
  • Economic Take Off

    Congress passes JFK’s $12 billion tax cut which causes an economic take-off
  • Medicare And Medicaid Programs

    Medicare And Medicaid Programs
    An amendment to the Social Security Act creates the Medicare and Medicaid programs
  • Dixon Administration

    Nixon administration imposes wage and price controls to curb inflation; initially successful, inflation increased dramatically when controls removed
  • Drastic Increase on Oil

    Arab oil embargo drastically increases the price and reduces the supply of oil
  • Targeting the Money Supply

    Fed Reserve Chairman announces plan to target the money supply itself to break inflation
  • Depository Institutions Deregulation and Monetary Control Act

    Congress passes the Depository Institutions Deregulation and Monetary Control Act forcing all banks to follow Federal Reserve monetary policy
  • Source of Liquidity

    In response to plunging U.S. stock prices the Federal Reserve adopts the stance that it would serve as a “source of liquidity” to support the economic and financial systems
  • Financial Institutions, Reform, and Enforcement Act

    Congress passes the Financial Institutions, Reform, and Enforcement Act to establish a more sound economic base on which to base the savings and loan industry
  • North American Free Trade Agreement

    North American Free Trade Agreement implemented to remove tariff barriers between the US, Canada, and Mexico
  • Personal Responsibility and Work Opportunity Act

    President Clinton establishes the Personal Responsibility and Work Opportunity Reconciliation Act to alter the welfare system into one that requires work in exchange for welfare assistance.
  • Stegall Act

    Congress partially repeals the Glass-Stegall Act to allow commercial and investment banks, securities firms, and insurance companies to consolidate their offerings and allowing banks to have interstate branches
  • The Subprime Mortgage crisis of 2008

    The Subprime Mortgage crisis of 2008
    Banks started to laon money to people who couldnt pay it back. This cauzed people to loose equity on their houses.
  • 9/11

    A devistating attack agenst the United States. Other then the extreme loss of human life, there was also economic loss. Banks shut down and the very New York stock exchange shut down for a period of time.
  • Stock Market Crash of 2002

    Stock Market Crash of 2002
    The economicly dameging events of 9/11 the stock market finally collapsed.