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Period: to
Banking History Timeline
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Because of the First Bank opening, Alexander Hamilton is named the first Secretary of the Treasury
Agreed to put Capital on the Potomac River. -
First Bank of the United States established
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Dollar was allowed to float?
Wage controls were in place during the 1970s because of the high inflation rate and rapid economic growth, money was stretched the the American people. -
Second Bank of the United States established
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The Second bank is finally opened after being approved last year
The bank had problems from the start including bad management and fraud. -
Panic of 1907
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The Aldrich-Vreeland Currency Act is passed by Congress after the Panic of 1907
Tt established the National Monetary Commission to study banking and over 40 banking treatises led to the esablishment of the FRS. -
Income Tax begins with the start of the Federal Reserve System
Federal Reserve Act was signed the day before Christmas. -
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The Office of the Commissioner of Accounts and Deposits was established.
when stronger credit was available for American people -
Stronger Credit
Lasted in the 1920s -
Credit made available to most Americans
1920-1980 -
War debt incresed between the US and other countries
France owed 4 billion dollars to the US from war debt when credit was available to Americans. -
Stock Market Crash
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Great Depression; decade of consumer distrust of credit and investment
1930s -
800 banks closed
In two months because of bank panic when the Great Depression hits, 800 banks close -
Stable inflation rates; low inerest rates
1940s- 1960s -
Fiscal Deficit is up
The deficit was up by 12 billion 427 million dollars because of the rising inflation rates and low interest rates to the US -
Rapid economic growth; overuse of credit; high inflation rate; consumer credit protection legislation; birth of credit counseling
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Credit as a major marketing tool across industries; major stock market gains; longest peace time expansion
1990s -
Cigar imports and sales began to rise
When the economy recovered industries got back on the feet and starting importing and exporting more goods including cigars, this caused the major stock market gains to keep rising through the 1990s. -
Markets begin the slide
Since the fall back in 2008, the market still is falling every year. The markets fell because of the lack of interest in stock trading and now today more and more people are trying to buy and sell stock to make money. -
Terrorists attack World Trade Center, the Pentagon and Pennsylvania led to major stock market
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J.P Morgan and Co. halts because of Stock Market Crash
Sold all of its shares and disbanded.
