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Birth of America by the Signing of the Declaration of Independence
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First Bank of United States
First Bank of the United States
There was still no set medium of exchange in the States. The first bank was a central one, fought for by Alexander Hamilton whileThomas Jefferson and James Madison opposed the establishment because they felt it was unconstitutional. The first bank , which chartered for twenty years, is located in present day Philadelphia, Pennsylvania as a national historical landmark. -
Second Bank of the United States is established
After the First bank of the united states proved to be instable, the second bank began as the main operating branch for twenty five offices across the country by 1832. -
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Civil War
banking from civil war to worl war IIMade Wall Street the second-biggest financial market in the world, and lead to the first income tax to be charged. The national debt rose from $65 million in 1860 to $2.7 billion in 1866. The banking and monetary systems became uniform. -
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National Banking Acts of 1863 and 1864
Allowed the incorporation of national banks, similar to state banks except national banks received charter from the federal government as apposed to state government. Create uniform national currency and help finance the Civil War. By 1870 there were 1,638 national banks and only 325 state banks. -
Gold Standard
[the gold standard](www.econlib.org/library/Enc/GoldStandard.html)This ended the use of silver as a standard of U.S currency and established gold as the sole standard. This meant the country tied the value of its currency to gold, for every dollar there was a peice of gold to back it up. A fixed price at which gold could be bought or sold was set by the government. Supported by William Mckinley. -
Federal Reserve Act
Powers of Federal Reserve Banks Congress passed the Federal Reserve Act in 1913, in hopes of solving the nation's financial problems. This led to the establishment of the Federal Reserve System, which consists of a group of 12 independent regional banks. These group of banks can lend money to other banks in times of need. -
The Great Depression Begins
The day of the stock market crash, October 29, 1929, also known as Black Tuesday, was beginning of the Great Depression. During the 1920s, banks loaned large amounts of money to high-risk businesses who were unable to repay their loans. Farmers were also unable to repay their loans due to crop failures and hard times on farms. -
1933 Roosevelt helps restore nations bank
national recovery Franklyn Roosevelt eliminated "cut throat competition" by seting fair priices
wages were set and hours were given -
nra unconstitutional
the supremem court declared the NRA unconstitutional and they stopped opperations everntuazlly unions grew power -
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Savings and Loans crisis
The failure of 747 out of 3,234 savings and loans associations in the United States. Some effects included long term frauds and increase in fraud causing economic losses. -
Garn- St. Germain Act of 1982
The Garn-St.Germain Act Depository Institutions Act of 1982 is an Act of Congress which deregulated savings and loan associations and allowed banks to provide adjustable-rate mortage loans. It allowed savings banks to issue credit cards, and make non residential real estate loans and commercial loans, which was previously only allowed to commercial banks. -
Economic Growth and Tax Relief Reconciliation Act
Economic Growth and Tax RElief ActThis acted was implemented in order to lower taxes, and create more opportunities for retirement plans such as 401k plans and individual retirement accounts. These tax cuts were set to expire in 2010, but were extended by Congress -
Beggining of the Great Recession
Not only did the economy of America slow down, but this recession affected everyone globally. Some effects included high levels of debt, trade imbalances, high percentages of unemployment, liquidity, and limited potential for economics growth. -
Stock Market Fall
Stock Market Crash of 2008One of the greatest declines in stock market history, the Dow Jones Industrial Average dropped 2,399.47 points in October of 2008. Global financial systems seemed to collapse and many people lost all money that they invested. -
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Coming out of a Recession
Since the election of President Obama, many Americans have seen an improvement in our economy. Some problems we still face include many people losing their jobs and budget cuts in schools and other public faciltiies. We also are experiencing problems due to inflation and a big drop in the value of homes .
