Government and Economy

By zoeallise

  • Stock Exchange Begins

    Stock Exchange Begins
    In New York, people begin trading stock in companies. This evolved from a meeting between 24 stock brokers.

  • The specie resumption act

    The specie resumption act
    Congress passed this act stating that paper money is equal to gold. A new type of currency enters the US.

  • Knickerbocker Bank fails

    Knickerbocker Bank fails
    In New York, Knickerbocker bank fails. As investors go to withdraw savings, other US banks collapse.

  • The Fed is created

    The Fed is created
    The Federal Reserve is created in order to prevent financial panic within America

  • Income Tax

    Income Tax
    The Sixteenth Amendment is altered letting Congress collect taxes. Income tax will continue to be steady and unwavering.

  • The wall street stock market crashes

    The wall street stock market crashes
    The Wall Street stock market crashes, causing the beginning of a 12-year depression. This significantly effects American Citizens

  • Great Depression

    Great Depression
    The great depression becomes significantly worse as almost 10,000 banks fail across the US.

  • WWII

    WWII
    Increased spending during the beginning of WWII officially puts an end to the Great Depression giving relief for hundreds of thousands of people.

  • Medicare

    Medicare
    Lyndon Johnson signs the act creating Medicare and Medicaid. This helps provide insurance for lower-class families and those over 6.

  • NAFTA

    NAFTA
    The North American Free Trade Agreement is implemented by the US, Canada, and Mexico. This allows for free trade to occur across the continent.

  • The Recession

    The Recession
    The housing market implodes causing a mortgage crisis. Congress has started to recognize the usage of shadow banking.

  • The American Recovery Act

    The American Recovery Act
    Congress passes the American Recovery and Reinvestment Act. This provides new jobs while also saving jobs. However, it also brings the nation's debt to 11 trillion dollars.

  • US Debt is Raised

    US Debt is Raised
    Congress votes for an increase in the US debt. Political parties continue to vote over tax cuts and raising revenue.

  • September 11 Attacks

    September 11 Attacks
    A series of airline hijacking attacks by a terrorist group occur killing thousands of people and causing extreme devastation

  • Congress passes the financial regulations bill

    Congress passes the financial regulations bill
    This bill means to prevent risky financial issues. It also helps prevent the loss of jobs and collapse of banks.