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Period: to
Economics Hundred Years Timeline Kanach
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Gold Standard Act
This act placed the United States on the gold standard. Later on during the Great Depression the US would get off the gold standard only to return in the 1940's. -
Knickerbocker Crisis
The New York Stock Exchange falls 50% from its peak of the year before. The public began to panic after some bankers tried to corner the market in copper. -
Aldrich-Vreeland Act
This act created the National Monetary Commission, which researched banks and the economy oin North America and Europe. The information found by the National Monetary Commission would be used when making the Federal Reserve Act. -
16th Amendment
Congress ratifies the 16th Amendment allowing the government to impose a Federal Income Tax. This greatly increases the amount of money the governemnt can take in from their own citizens. -
Automobile Assembly Line
Henry Ford unveils his new vehicle assembly line in Highland Park, Michigan. The assmebly line allows Ford to mass-produce vehicles to the American public,. -
Federal Reserve Act
The Federal Reserve Act is passed by the Government creating the Federal Reserve. The Federal Reserve System is the central banking system of the Unired States. -
Prohibition
Prohibition goes into effect banning all alcohol in the United States. This creates a strong black market economy for smuggling and selling alcohol in the US -
World War Foreign Debt Commission
This commission organized how debts of $11.5 billion would be paid back to the US after World War I.nThe debts were supposed to be paid back after 62 years, however they were never fully paid back. -
Black Tuesday
The Stock Exchange crashes sending the United States into a Great Depression. On that day many people tried to sell all their stocks at once, by the end oif the day most stocks were worth nothing. -
Reconstruction Finance Corporation
The RFC, although not very effective at first, was an important part of the New Deal. It distributed more than $9 billion dollars in loans over the years. -
Banking Act of 1933
The Banking ACt of 1933 created the FDIC. This insured people's deposits in banks in order to prevent people's money from being lost. -
Social Security Act
President Roosevelt signs the Social Security Act into affect. This provided people with old-age insurance, unemployment compensation, and aid to the disabled families with children. -
Silver Purchasing
The United States agree to buy silver from Mexico. This was meant to stabilize the peso and give Mexico a stronger economy. -
Removal of Nickel from Coins
Congress agrees to remove nickel from five-cent coins. Nickel was needed for armor plating in World War II vehicles. Instead they were made of silver, copper, and a manganese alloy. -
United Nations Loan
President Truman authorizes a $65 million dollar loan to the United Nations. The United Nations would use this money to build their headquarters in New York City. -
Tax Deadline Changed
The deadline for filing for income tax is changed to April 15th. The change would take place in 1955. The previous deadline was March 15th. -
Bank Holding Company Act
The Bank Holding Company Act is passed. This act limited what businesses and security bank holding companies could purchase. -
Charter of the Inter-American Development Bank
The government signs in this charter providing more economic stability in Latin America and the Caribbean. It also promoted more trabe between Central America and the US. -
Silver Certificate Production Stopped
Congress declares that production of silver certificates as currency be stopped. Silver certificates were the first currency to bear the motto, "In God We Trust." -
Cuban Assets Control Regulations
This embargo on Cuba, not only hurt the Cuban economy, but also prevented all trade and travel to Cuba fro the US. -
Asian Development Bank
This bank provided economic stability in Asia and well as caused an increase in trade between the US and Asia -
Price of Gold Rises
President Nixon declared the price of gold would increased to $38 an ounce, this in turn devalued the dollar. -
United States Savings Bonds
An interest rate of six percent is put on all new and outstanding savings bonds in the US -
Tax Reform Act of 1976
President Ford increases the standard tax deduction. Americans are now able to get more money back on their taxes. -
Economic Tax Recovery Act
This act lowered income by 23% over three years. It also decreased estate tax. -
Firearms Owners Protection Act
This act limited the sale of automatic weapons and redefined who could buy firearms. This lowered sales in the amount of firearms. -
Black Monday
The second worst stock market crash in history occurs. It causes mass panic and will take a while for the economy to recover. The Dow Jones drops 508 points. -
Omnibus Budget Reconciliation Act
This act signed by President Clinton increased taxes. It also created a difference beween incomes of $150,000 and $250,000, causing the higher paid to pay more taxes. -
Federal Reserve Interest Rate Increased
The Federal Reserve interest rate is increased from 3% to 6%. This was used to prevent rapid inflation after a major economic boom in the 1990's. -
Personal Responsibility and Work Opportunity Reconciliation Act of 1996
Personal Responsibility and Work Opportunity Reconciliation Act of 1996, it gave the poor federal cash assistance and decreased poverty in the US in the 90's. -
9/11 Attacks Cause Major Drop in Stock Market
The terrorist attacks on the World Trade Center not only caused emotional pain, but also economic pain. The Dow Jones as well as many other stocks experienced the worst single-day point and percentage drop in history. -
NASDAQ Crash Hits Low Point
After a crash that began in September of 2000, the NASDAQ falls more than 3000 points since the crash began sending the US economy into a recession. -
Tax Increase Prevention and Reconciliation Act of 2005
This act prevented certain tax increases from occurring in the near future. It also extended the AMT tax reduction.