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depositors rush to withdraw their savings causing the collapse of 246 other banks
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acts as a lender of last resort. the 16th amendment is passed to allow congress to charge a federal income tax on all citizens
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developed by heny ford and becomes popular through the social ramifications of mass production.
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known as black thursday is the worst economic crash in U.S. history. it signals the start of the 12 year great depression
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10,000 U.S. banks failed and the nations workforce reaches 25% unemployment
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declares a four day bank holiday and abandons the international gold standard. congress passes the emergency banking act to prevent more banks from closure
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huge economic boom from WWII causes the end of the great depression. american industry slows production of cars and starts the production of aircraft. expanded production brings the nation close to full employment.
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the korean war creates prospects of additional government deficits and the issuance of new government debt.
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congress passes the unemployment assistance act establishing a needs test and requiring the federal government to share 50% of the costs
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congress passes JFK's $12-billion tax cut and causes the economy to take off. the job corps is created
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a decline in agriculture and rising gas prices causes unemployment to rise and inflation to reach 10%
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inflation shoots up as Paul Volcker announces that the fed will try to break the back of inflation by targetting the money supply itself
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the alaska land act designates over 100 million as park and wilderness land preventing of expansion on alaskas huge mineral and oil reserves
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the U.S. stock market plunges dangerously
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the debt ceiling has been raised
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