Ulysses Simpson Grant8 September 1873
Financial panic is caused by over-production & withdrawal of foreign capital
United States of America · Government / Republican Party Government. Chronological records rendered directly from the World History Database.
Financial panic is caused by over-production & withdrawal of foreign capital
To solve an impasse during the 1909 tariff debate, Taft proposes income taxes for corporations and a constitutional amendment to remove the apportionment requirement for taxes on incomes from property (taxes on dividends, interest, and rents)
Emergency Tariff Act, increases duties on farm products & other goods
Presides over the National Conference on Unemployment, estimated at 5.7 million
Wants return to "normalcy", favors protective tariffs & high taxes on war profits
Harding signs the Capper-Volstead Act, exempting the farmers from federal antitrust laws permitting them to share prices and orchestrate supply
Black Friday on the stock exchance of New York starts the world economic crisis
The market loses $14 billion in one day, bringing the loss for the week to $30 billion, ten times more than the annual budget of the federal Government, far more than the U.S. had spent in all of World War I. The market bottoms out at 41.22 on July 8 1932, concluding a shattering 89% decline from the peak
When the depression spreads to Europe Hoover accepts a moratorium on debts
Bans US trade with the Peoples Republic of China
Announces a 90 day freeze on prices, wages & rents
The US devalues the dollar by 7.9% & lifts the import surcharge
The USA imposes a 10% surcharge on all imports, aimed in particular at Japan. Floats the American dollar
Dow Jones closes above 2,500 (2,510.04) for 1st time
The stock market advanced significantly, with the Dow peaking in August 1987 at 2722 points, or 44% over the previous years closing of 1895 points
The DJIA dropped 95.46 points (a then record) to 2412.70, and fell another 58 points the next day, down over 12% from the August 25 all-time high
US Congressman Edward J. Markey, who had been warning about the possibility of a crash, stated that "Program trading was the principal cause"
"Black Monday", the Dow Jones index falls by 22. 6% a volume of 604. 33 million shares. A record stock market fall from a record high of 2722 in Aug to 1738 points, the Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.
74 (22. 61%)
The crash began in Far Eastern markets the morning of October 19,later that morning, two US warships shelled an Iranian oil platform in the Persian Gulf in response to Irans Silkworm missile attack on the US flagged ship MV Sea Isle City.
US Congressman Edward J. Markey, who had been warning about the possibility of a crash, stated that "Program trading was the principal cause".
The US & Canada sign a free trade pack
President Bush, in his first major speech to Congress, proposes a $1.16 trillion "common sense" budget for fiscal 1990
The most high profile of the currency market investors, George Soros, makes over US$1 billion profit by short selling sterling
Signs the North American Free Trade Treaty
The Federal Reserve cuts interest rates to help prevent a recession
President Bush says the $2.9 trillion budget will eliminate the federal deficit by 2012 without increasing taxes
Bush proposes a $145 billion stimulus package, responding to a crisis in the housing market and rising oil prices, president says a combination of tax cuts for individuals and businesses will "provide a shot in the arm" to the economy
Responding to fears that the US is headed for an imminent recession, stock markets fall drastically in Frankfurt, Mumbai, Hong Kong, Paris, London, and other major cities in Europe and Asia
In response to the plunge in markets around the world, the Federal Reserve bank cuts interest rates by .75%, the largest single-day reduction in the bank's history
The Bush administration hands out a $146 billion stimulus package that gives rebates of $300-$600 for individuals earning up to $75,000 and to couples with incomes up to $150,000
This factsheet is generated from stored World History Database records matching the country, broad category, detailed category and exact Event value shown above. Duplicate display records are collapsed; database wording is otherwise preserved. Source provenance varies by record, so formal academic citation should be checked against the relevant primary source, archive or specialist historical reference.