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The US Economics in One Hundred Years - Gallagher
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2nd Term
president william mckinley is elected for a 2nd term. -
New Oil
The first major discovery of oil is found in Texas. -
The Panic Of 1907
Panic ensued when New York's Kinckerbocker Bank failed. Depositers quickly took out their savings which caused 246 banks to collapse. -
World War One
World War One lead to the goverment expanding their power and responsibility. America had to borrow money from whereever they could get it from when Britain owned the US for 4 billion dollars and never paid them back. This grew the industry. -
Germany Allies End WW1
Germany and its allies sign an armistice to end the finghitng that occured in World War One. -
The Roaring Twenties
During the roaring twenties, the Alchohol Prohibition was taken off the market. People had more free time so they spent more money on entertainment such as music, movies, shopping and dancing. This is when the culture of America developed. -
Stock Market Crash of 1929
People became afraid becusae of speculation so they took thie rmoney out of banks which caused the stock market to crash. Many people lost their jons and homes and were struggling for money, Directly after this was the Great Depresssion -
The Great Depression
The Great Depression was a very long recession that includes massive amounts of job loss and poverty. The rich got richer while the poor only got poorer. There was also a drought which caused farmers to lose buisness, money and food. The Great Depression also includes The Great Dust Bowl where farmers lost even more crops and soil and even more poverty occured. -
Federal Home Loan Bank Act
This law was created to lower mortgage rates. Congress hoped that low mortgage rates woud help farmers protect their farms from foreclosure. -
Glass-Steagall Banking Act of 1933
The Glass-Steagall Banking Act of 1933 established the Federal Deposit Insurance Corporation ( the FDIC) which proteccts the savings people put into their banks. -
The Social Security Act
The Social Security Act was put in place to provide for the general wellfare by establishing Federal Old-Age wellfare. -
The Great Depression / WW2
The Great Depression and World War Two are seen as some of the biggest economic changes in US history. -
Occupy Iceland
The US occupies Iceland and takes over its defense from Great Britain. -
The G.I. Bill of Rights
The G.I. Bill of Rights is signed which provides benefits for veterans. -
The Korean War
The Korean War creates added goverment defecits and issued goverment debt. -
New Minimum Wage
A new minimum wage of one dollar per hout is put into effect -
Unemployment Assistance Act of 1956
Establishes a needs test and requires the goverment to share 50 percent of the cost. -
Stable Economy
The stock market rebounded but unemployment was still too high at 5.7%. -
Standard Oil
By 1965, Standard Oil had a bigger income than all fo the farms in the United States. -
A High Income
Americans income rose 50% by 1969 and median family incomes rose from $8,000 to $10,000. -
Microsoft
Microsoft becomes a trademark and its popularity incereases. -
The Chrysler Bailout
The Chrysler Bailout is approved by the federal goverment with a 1.5 billion dollar loan. -
A Raise in Minimum Wage
Minimum wage is raised 25 cents from $3.10 to $3..35 -
The Miners Strike
MIners united to fight back against their bad working conditions in the mines which led to an even bigger strike called The Great Miners Strike in 1984-88. -
Unemploment Rates
The unemployment rates reachs 9.4% for a new post WW2 record. -
No Chemical Weapons
George Bush and his soviet counterpart sign a treaty to eliminate the use of chemical weapons. -
World Trade Bombing
The World Trade Center is bombed, six people die and there are over 1000 injuries, -
The North American Free Trade Agreement
The NAFTA is implemented to remove tariff barriers between the US, Canada and Mexico for 15 years. -
A New President
George W Bush is elected president in 2000 and plans to make many economic changes to the United States of America. -
9/11 Terrorist Attacks
The Terrorist Attacks caused The Dow to drop 600 points this caused the 2001 recession to deepen and led to one of the biggest goverment spending programs in the United States history. ( the War on Terror) -
President Barack Obama is Elected
On November 4, 2008 Barack Obama was elected the 44th president with promises of new ways to have and keep money in the US. -
The American Recovery and Reinvestment Act
This law was passed by President Obama and Congress and provided tax cuts federal funds to create new jobs, save existing jobs and create economic growth.
