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The stock exchange created its first permanent headquarters near Wall Street in New York.
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John D. Rockefeller introduced the Standard Oil of Ohio company. By 1890, it controlled 88% of refined oil flow in the United States.
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Dry goods begin distribution to rural areas by way of mail order.
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The first Federal statute to limit cartels and monopolies to prevent raising prices by restriction of trade or supply.
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The tariff set to protect United States manufacturing by setting the average ad valorem tariff rates for imports at 48.7%.
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Henry Ford creates an automobile company for mass production.
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The first successful man-powered airplane takes flight for 59 seconds over 859 feet.
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Ford Motor Company introduces the Model T for $850. Efficient production later brings it down to $368.
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Congress is given the power to collect an income tax without regard to census or enumeration.
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Ford introduces the continous moving assembly line. It can produce a completed car in 2.5 minutes. This forced other manufacturers to produce at the same rate to compete.
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FTC created in promotion of consumer protection and elimination of anti-competitive business practice and to enforce antitrust laws.
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Archduke Franz Ferdinand was killed by Serbian Nationalist; Austria declared war on Serbia marking the beginning of World War I.
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Congress passes the Revenue Act mandating a tax on incomes above $3,000.
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Panama Canal opens after 34 years of construction, allowing connection for shipping from Atlantic to Pacific.
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United States enters WWI after telegram from Germany to Mexico is intercepted. The telegram promised Mexico the territories it lost in the Mexican-American War in return for joining forces against the United States.
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WWI ended in a series of conferences in teh Palace of Versailles and resulted in the creation of the League of Nations.
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The manufacture, sale, and transportation of liquors became prohibited.
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Congress established commission to round debts owed to the United States ($11.5 billion) over a course of 62 years.
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Investors abandoned the stock market and put their money into commodities. The stock market crash caused people to withdraw tehir money from the banks. Gold prices soared; Federal Reserve increased the value of the dollar by raising interest rates to avoid inflation.
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Act that expanded the powers of the Federal Reserve Board.
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A commission created to instill trust back into the banking system.
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The Japanese bombing on Pearl Harbor marked the United States entry into World War II.
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North Korea invades South Korea resulting in President Truman committing American troops to battle.
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Prolonged conflict of communist and anti-communist forces result in America's involvement in communist foreign affairs and war.
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The Soviet Union becomes the first natin to successfully launch an unmanned satellite into space. Previous attempts by the United States had failed. Sputnik marked the era of the Space Race.
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President Johnson enacts the Civil Rights Act, outlawing the discrimination in public facilities, public accomodations,and prohibits employment discrimination based on race, religion or ethnicity.
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President Lyndon Johnson signs into law a housing act allocating more than $5 billion to meet the housing needs of low-income families. The bill finances the construction or renovation of 1.7 million units and provides subsidies for housing purchases and rentals.
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Nixon took on a series of actions that caught the American public by surprise, most notably the removal of the Gold Standard. The Gold Standard ended after teh value of the dollar continued to drop globally.
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12 OPEC members made the deicsion to stop exporting oil to the United States resulting in teh quadrupling of oil prices over the next 6 months.
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Inflation rose to 13.5%. The Federal Reserve increased interest rates to counteract inflation. Unemployment rose to 10.8%
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Dow Jones Industrial Average lost over 22% in one day.
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The failure of 1,043 out of 3,234 savings and loan associations in the United States.
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The result of the restrictive monetary policy of Federal Reserve. The loss of consumer and business confidence added onto the recession as a result of the 1990 oil price shock.
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Congress rejected the bank bailout bill; DJIA dropped 777.68 points in intraday trading; Lehman Brothers filed bankruptcy.
