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In New York, people begin trading stock in companies. This evolved from a meeting between 24 stock brokers. -
Congress passed this act stating that paper money is equal to gold. A new type of currency enters the US. -
In New York, Knickerbocker bank fails. As investors go to withdraw savings, other US banks collapse. -
The Federal Reserve is created in order to prevent financial panic within America -
The Sixteenth Amendment is altered letting Congress collect taxes. Income tax will continue to be steady and unwavering. -
The Wall Street stock market crashes, causing the beginning of a 12-year depression. This significantly effects American Citizens -
The great depression becomes significantly worse as almost 10,000 banks fail across the US. -
Increased spending during the beginning of WWII officially puts an end to the Great Depression giving relief for hundreds of thousands of people. -
Lyndon Johnson signs the act creating Medicare and Medicaid. This helps provide insurance for lower-class families and those over 6. -
The North American Free Trade Agreement is implemented by the US, Canada, and Mexico. This allows for free trade to occur across the continent. -
The housing market implodes causing a mortgage crisis. Congress has started to recognize the usage of shadow banking. -
Congress passes the American Recovery and Reinvestment Act. This provides new jobs while also saving jobs. However, it also brings the nation's debt to 11 trillion dollars. -
Congress votes for an increase in the US debt. Political parties continue to vote over tax cuts and raising revenue. -
A series of airline hijacking attacks by a terrorist group occur killing thousands of people and causing extreme devastation -
This bill means to prevent risky financial issues. It also helps prevent the loss of jobs and collapse of banks.