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40 Years of Economic Growth after the Great Depression
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Housing Boom #1
In the late 70's we see the first housing boom which led to a recession -
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Financial Industry Boom in the 1980's
Investment banks go public which leads to more stockholder money and more money for the people on Wall Street -
D. Regan becomes Treasury Secretary
President Reagan appoints Donald Regan, CEO of Merrill Lynch, for Treasury Secretary -
Financial Deregulation Begins
Reagan Administration starts 30 year period of financial deregulation -
Deregulate Savings and Loan Companies
Reagan Admin. deregulates savings and loan companies, allowing them to make risky investments with depositors money -
Housing Bubble #2
In the late 80's we see the second housing bubble which led to a recession -
CRISIS
By 1990, hundreds of the deregulated investments fail. This crisis cost tax payers $124 billion dollars -
Alan Greenspan: Chairman of Federal Reserve
In 1990, President Reagan appoints Alan Greenspan to Chairman of the Federal Reserve. He is later reappointed by presidents Clinton and GW Bush -
Robert Ruben: Treasury Secretary
Robert Ruben, former CEO of Goldman Sachs, is appointed Treasury Secretary -
Deregulation continues
Under the Clinton Admin. deregulation continues with Alan Greenspan -
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Clinton Administration
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Period: to
Housing Prices Double
Between 1996 and 2006 housing prices double in value