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Economic Events
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Panic of 1907
Economic TimelineThe Knickerbocker Bank fails, and everyone panics and withdraws money. 249 other banks also fail. JP Morgan and his friends use their own money to keep the U.S banking system from failing. -
Assembly Line
Economic TimelineHenry Ford develops the assembly line and mass produces the Ford Model T making them cheap. He also introduces high wages to workers at the Ford Company. -
Black Thursday
Economic TimelineWall Street crashes, and it is the greatest stock market class in U.S history. It starts the 12 year Great Depression which affects all western industrialized countries. -
THe Great Depression
Economic TimelineThe Great Depression gets worse as 10,000 banks fail. Franklin D. Roosevelt becomes president. 25% unemployment rate -
World War II
Economic TimelineHuge government spending brings the United States out of the Great Depression. The industry gears up to make supplies for the war. The U.S is close to full employment. -
Unemployment Assistance Act
Economic Timeline Congress passes the Unemployment Assistance Act requiring the federal government to share fifty percent of the costs. -
Economic Opportunity Act
Economic Timeline Congress passes President John F. Kennedy's $12-billion tax cut and the economy takes off. The Jobs Corps is created under the Economic Opportunity Act -
Federal Reserve
Economic TimelineInflation shoots up because Federal Reserve try to stop inflation by targeting the money supply.
