190719131914- Aldrich-Vreeland ActWas brought into effect in 1907. Which allows banks to issue emergency currency to be substituted instead of gold. 19151916- 1917- Woodrow Wilson elected President After the election of 1912, Woodrow Wilson became the 28th President of the United States. He would lead our country throughout the First World War and also passed the legislative that created income tax. 1919- Assassination of Austrian Archduke Ferdinand- June 28th 1914 On June 28th Archduke Ferdinand of Austria was assassinated by a group of 6 Serbians in the Austrian town of Sarajevo. In response to the assassination, Austria along with its allies 19201921- Hungary declared war against Serbia and ultimately led to the start of the First World War. British Blockade The blockade of Germany was done by the British Navy during and after the First World War from 1914-1919. Germany Sinks British Ship- May 7th 1915 On May 7th 1915, German submarines sank the British ship, the Lusitania, which killed 1,200 people out of 1,900 people on board, including 128 Americans. This act became a key factor in turning public opinion against Germany and enraged Americans because of the American civilians that were killed in the attack. This would contribute as one of the factors for America declaring war against Germany and its allies. Federal Aid Road Act Was an act that made the U.S. gov. to spend money to build roads. The 1916 Minnesota Miner’s strike against US Steel Strikers wanted a higher wage but because the employers didn’t meet their demands, they continued to strike. Since the strikers failed, the employers just ended firing them. Federal Farm Loan Act Established 12 long-term land banks to provide to farmers on July 17th 1916 US Declares War After the sinking of the British ship the Lusitania, American opinion about Germany turned mostly negative and the thought of imminent war drew closer. Then on April 6th 1917, after two and a half years of keeping neutral, the United States declared war on Germany and its allies and entered itself into the First World War. Lever Food and Fuel Control Act Congress passed this act in 1917 and appointed Herbert Hoover as the food and fuel Administrator. The purpose was to ensure an adequate food supply domestically and to our allied countries while maintaining an equilibrium price-point. U.S Draft The Selective Service Act went to effect in May of 1917. The guidelines of the act included that all males 21-30 were required to register for military service for the United States. By the end of World War 1, more than 2.8 million men were drafted into the various branches of the military. Prohibition Act The act took place in 1917 where it prohibited alcohol. War Revenue act The war revenue act was passed on October 3rd 1917 and greatly increased income tax in order to raise more money for the war effort. 18th Amendment proposed The 18th amendment was used to prohibit the use/making/disrupting any kind of intoxicating liquors. Year of Strikes In 1917, there was a total of about 4,450 strikes due to low wages and bad working conditions. War Industries Board President Wilson reorganized the War Industries Board with Bernard Baruch as the head. This board was established for the sake of the supply of goods necessary to fuel the war. They used a system called bulk-line pricing to urge efficiency within the supplying manufacturers and reduce cost of raw material. Treaty of Versailles The Treaty of Versailles was one of the first peace treaties that would end the First World War. The Treaty was signed on June 28th 1919, exactly 5 years after the assassination of Archduke Ferdinand, and ended the state of war between Germany and the Allied powers. Volstead Act Took place to tighten the enforcement of the prohibition act. Ponzi Scheme Ponzi was an Italian immigrant who made a statement that if people invested into him he could find a way to make a stamp from Italy be able to be used in the U.S and be sold at a higher price. Recession In 1937 things began to improve but then the process suddenly stopped when prices reached a high and everything fell and deflation began again while unemployment increased. Electric appliances In 1920 electric appliances such as ranges vacuum cleaners radios and refrigerators began to fill the American home although only 8 percent of American families had mechanical refrigeration by 1930 the days of the "ice man" were numbered 1st Commercial Radio Broadcast In 1920 KDKA, a radio station in Pittsburgh became the first to broadcast commercially. This is important because it was a building block to radio broadcasting today. Assembly line Before having some stiff competition with General Motors Henry ford introduced the first moving assembly line which helped him with the mass production of low cost automobiles. Soon leading to improved models that incorporated the self-starter, the windshield wiper, and improved brakes. Warren G. Harding elected President In 1921, Warren G. Harding became the 29th President of the United States in the first election after the 19th amendment was passed, which allowed women the right to vote. Joint Commission of Agriculture Inquiry An inquiry performed by congressing resulting in the discovery that the farming troubles occurring stemmed from the general business decline and decrease in exports during this time. Possible solutions to the problem involved improving the credit available to farmers and research findings provided by the Department of Agriculture. Enforcement of Prohibition In 1920, the 18th amendment was passed and the sale, transportation and importation of alcohol became illegal in the United States. Although actual consumption of alcohol decreased in the country, homicide and crime went up because of gang’s illegal activity of “bootlegging” alcohol. Alcohol remained illegal until the passing of the 21st amendment in 1933 that repealed the 18th amendment. Federal Highway Act of 1921 The act amended the original law by requiring the secretary of agriculture to give preference to states that had designated a system of highways to receive federal aid. Emergency Immigration Act of 1921 Restricted the number of people to be ad- mitted each year from any country to 3 percent of the number of people of that nationality residing in the United States in 1910. 1922- 1923- 1926- Herbert Hoover appointed Secretary of Commerce In 1921, Herbert Hoover was appointed Secretary of Commerce under President Harding and eventually President Calvin Coolidge. During his time as Secretary, he created many sub-departments such as census, radio and air travel and also reached to forge partnerships between government and business, which created the philosophy of “associationalism”. Joint Commission of Agricultural Inquiry created In 1921, Congress created the Joint Commission of Agricultural Inquiry which reported and tried to fix farm troubles that were caused by general business depression and decline in exports. Throughout the 1920’s, these bills aimed to secure “parity prices” and sought to determine a fair exchange value for farm products. Capper-Volstead law Exempted farmers’ cooperatives from the threat of prosecution for violation of antitrust laws. National Agriculture Conference The National Agriculture Conference was convened by Henry C. Wallace, in order to produce a new approach to address the problems concerning agriculture. The idea of “parity”, meaning agriculture was to be entitled to its fair share of the net income if the ratio of prices farmers received to the prices they paid was consistent with the ratio that occurred from 1910 to 1914, was the chosen angle by the deciding parties of the conference. High school movement During the 1920’s, a modern American standard of living that arrived was the American high school. Complete with 45- minute periods, a diverse curricula, and athletic teams. A rapid increase of enrollment would occur during the 1920’s and 1930’s and by 1938, almost half of American boys would graduate from high school. The Automobile Industry Boom During the 1920’s, The Automobile became the economic symbol. Between the years 19211929, annual production of automobiles rose from 1.5 million to 4.8 million. By 1960, 60% of American families owned an automobile. France & Belgium occupy Germany In Response to the failure of payments of reparations by Germany to France following WWl, France and Belgium took back the Ruhr area that they previous had prior to the war. Beginning in 1923, the occupation took 2 years with pretty mild conflict and little to no response by outside countries. Florida Land Boom Real estate boomed in Florida when land that was sold for thousands of dollars was being cut into lot and sold for millions. Although the climate and low cost; over building was clearly obvious. Florida was the earthly paradise until 1926 when a hurricane destroyed most of Miami which was the heart of the boom. President Harding’s death On August 2nd, 1923, President Warren G. Harding died suddenly of what is believed to be a heart attack in San Francisco while on a tour of the west coast. He was succeeded by Vice President Calvin Coolidge. Calvin Coolidge becomes president In 1923, Calvin Coolidge becomes the 30th President of the United States, succeeding President Harding after his death. Coolidge spent a prosperous time in if office during the “roaring twenties”, a period of rapid economic growth in the U.S. Dawes Plan Germany was given more time to pay its reparations, and a large loan, mostly from the United States, was floated to help Germany restore its economy and make its debt payments. McNary–Haugen Bills Which sought to determine the fair-exchange value of each farm product. The fair value was to be a price that would have preserved pre–World War I purchasing power and was to be maintained in two ways: first, a tariff was to protect the home market from imports, and second, a private corporation chartered by the federal government (modeled on the War Finance Corporation) was to buy a sufficient amount of each commodity to force its price up to the computed fair value. Federal Intermediate Credit Act This act provided 12 intermediate credit banks that would rediscount agriculture paper for commercial lending banks and other lending agencies. This act occurred under the President Coolidge, who, vetoed the McNary-Haugen bills just before this time period. Financing Companies after the high demand for consumer durables went up the development of consumer credit also known as "buy now, pay later'' Rather than saving up cash or interest-earning assets to buy a consumer durable, a consumer could make a down payment, take immediate possession of the durable, and pay for it on the installment plan. The finance company that made the loan was protected because it had a claim on the durable and could repossess it if the buyer failed to make the requisite payments. National Broadcasting Company In 1926 the national broadcasting company (NBC) was formed as a medium for advertising particularly towards women. Columbia Broadcasting System In 1927 the Columbia broadcasting system (CBS) was another medium formed as well. Ford Model T discontinued On May 27, 1927, Ford announces the end of the Model T. The Model T would be known most for being America’s first Affordable car and helped the country into the automobile revolution. Polling Systems Polling systems by telephone were used to determine program ratings, and programs with low rating were canceled. Certain goods became tied to particular programs as producers sought any and all means to address the desires, fads, and fancies of the American public. Herbert Hoover elected President In 1929, Herbert Hoover is elected the 31st President of the United States. Months into office, the stock market crashed, which began the Great Depression and lasted throughout his presidency. Bank closure peak The Great Bull Market A financial market in which prices are expected to rise. Characterized by optimism, investor confidence and expectations that strong results will continue. Stock Market Crash By 1929 the cost of the New York Times index of 25 industrial stocks had risen to 338 from 110 in 1924 and investors began to see a huge return on investment. President Hoover attributed this to the readily available credit at low interest rate and in August of 1929 the Federal Reserve raised the discount rate to 6 percent in fear of a crash. The market still persisted through this attempt to curb the increase making the crash imminent. Sharply a break occurred on October 23 and 24 and by the time November came the prices had decreased to half of what they had cost in August. Almost overnight the previous optimism of the future transferred to severe pessimism. rd th Agricultural Marketing Act of 1929 This pre-depression law committed the government to a policy of farm price stabilization and established the Federal Farm Board to encourage the formation of cooperative marketing associations. The paycheck rises Annual earnings rose between 1919-1929 by 23% Because of consumer revolution which produced a strong demand in industrial labor which rose hours to 48 as standard and higher wages. Federal Reserve raises its discount rate Young Plan Germany’s reparation payments were scaled back. During the early 1930s further attempts were made to relieve Germany’s reparations burden, but the deteriorating economic situation and the rise of Hitler soon made these efforts irrelevant. 1930- 19321933- Smoot-Hawley Tariff Act It rose tariffs on a wide array of goods, especially agricultural products. It was one of the reasons why the U.S went into the great depression. 1935- 1941New York's Bank of United States collapses In Dec.11 1930 the New York bank collapsed although it was just a common bank many others had collapses before; the New York bank was the largest failed measured. The name of the bank represent certain importance to the people because it had the United 1944- States. When people viewed the downfall they thought that meant the financial system was in danger. Start of Unprecedented Depression Al Capone In the 1930’s Al Capone was an American gangster who bootlegged alcohol. Jack "Legs" Diamond In the 1930’s Jack Diamond was another major American gangster who also bootlegged alcohol. Harlem Renaissance After the large migration of African Americans to the urban center of Harlem that would follow World War 1, a cultural movement began that emphasized a remarkable flowering of literature and arts in the African American community. Beginning in the 1920’s, the Harlem Renaissance spanned into the 1930’s with many of its ideas living much longer. More Bank Failures People viewed the banking system in danger and quickly wanted to remove their money causing more bank failure and forced to close. Glass-Steagall Act of 1932 Commercial banking, taking deposits from the public and making short-term loans was separated from investment banking. Franklin D. Roosevelt elected President In 1933, Franklin D. Roosevelt becomes the United States 33rd President. Roosevelt would eventually usher the U.S out of the Great Depression and lead during World War ll. First New Deal The First New Deal in 1933-1934 was Franklin D. Roosevelt’s administration’s response of The Great Depression through a passage of a wide range of legislation designed to both provide immediate relief and to promote recovery of the economy. All passed in a span of 100 days, the first achievements of the First New Deal were the Civilian Conservation Corps in March of 1933 and the Agricultural Adjustment Act in May of 1933. Return of Gold On April 5 , 1933 the Roosevelt Administration prohibited transactions of gold and required all holders of gold to return their stockpiles to the Federal Reserve. This occurred for 2 main reasons. The first was that it was becoming popular to transfer your assets to gold, and second to break the direct line from gold to currency to devalue it compared to other foreign markets to increase exports. th President Roosevelt announces bank holiday Beginning March 6th 1933, President Roosevelt announced a bank holiday meaning that all of the banking system would be shut down for four days. The hope was that the holiday would help stabilize the economy and create a newfound confidence in the banking system. Civilian Conservation Corps (CCC) is established March 1933 operated under the army’s control program was intended to promote environmental conservation. The work focused on soil conservation and reforestation. Establishment of the SEC Also in 1934, due to the crash, people were suspicious of the activities of investors in on Wall Street. The result of this was the establishment of the Securities and Exchange Commission. This body was created to regulate and defraud to stock market. Federal Emergency Relief Administration The first relief operation under the New Deal in 1933. The main goal was to alleiviate household unemployment during the Great Depression. In its time, FERA gave up to 20 million jobs during a time period of America’s worst unemployment rate in history. Agricultural Adjustment Act The Agriculture Adjustment Administration decreased the amount of acreage allotted to each farm. The land was subdivided and allotted based on previous crop history. The land was then paid for by the taxes paid by the first processor of any product, yet still the tax was directed at the consumer rather than the producer. National Industrial Recovery Act Were to raise prices and wages, spread work by reducing hours, and prevent price cutting by competitors trying to maintain volume Federal Deposit Insurance Corporation was established A corporation created under the Banking Act of 1933. Guarantees the safety of the depositor’s account under insurance policies. The Second New Deal The Second New Deal (1935-1938) followed the successful First New Deal and Roosevelt called for three goals: improved use of resources, security against old age, as well as a national welfare program. Social Security was started following the start of the Second New Deal. Social Security Act In 1935, Federal old-age and survivors’ insurance program based on workers’ payments of 1 percent of earnings up to $3,600. It further provided for assistance to the needy aged, dependent children, and the blind. Subsequent amendments have added other groups. Empire of Japan attacks Pearl Harbor On December 7th, 1941, The United States naval base Pearl Harbor was attacked by a Japanese surprise air strike. The attack killed over 2,400 Americans and sunk or damaged 8 Navy battleships. In result, America declared war on Japan and entered itself into World War ll. US declares War Following the attack on Pearl Harbor, the United States declared war on Japan. In result the other countries in the Axis Powers, Germany and Italy, declared war on the United States, entering itself fully into World War ll. The war would last until August of 1945, when America dropped the atomic bomb on Japan, forcing them to surrender and end the war. Roosevelt established OPA The OPA was established to police and enforce black markets. This was because the existence of a black market prices would take over that specific market and drive the prices down. Fraud was occurring very frequently in car dealerships by report the cost sold at the OPA but cash payments would be coming in under the radar. Smith–Connally Act Allowed the U.S government to take over mines and factories in essential war industries that were being hampered by strikes. Servicemen's Readjustment Act It is also known as the G.I Bill of Rights. The GI Bill provided a wide range of benefits, including mustering-out pay; health care; assistance with job placement; low-interest loans to buy a home, farm, or business; unemployment benefits; reemployment rights; employment preferences; and education benefits. Women in the workforce After men were called for war women were encouraged to join the labor force. About 200,000 women joined the military services including the Women’s Army Corps (WAC) and Women Accepted for Volunteer Emergency Services (WAVES). While others joined the civilian labor force symbolized by “Rosie the Riveter,” entered jobs traditionally filled by men. Women became toolmakers, crane operators, lumberjacks, and stevedores. Paving the way for women in the workforce. Taft–Hartley Act Individual workers should be protected by public policy not only in their right to join a labor organization but also in their right to refrain from joining 1945- Roosevelt death, Truman becomes president After battling a very long fight with polio, which he kept secret about from the public mostly, Franklin D. Roosevelt passes away. Succeeding him was Vice-President Harry Truman, who would famously make the decision to drop the atomic bomb on and Japan and help end World War II. World War Two ends In the months of April and May of 1945, the allied forces capture more than 1.5 million axis prisoners in the final battles of Europe forcing the axis powers to surrender to the allies and ending the war in Europe. Following the dropping of the atomic bomb on Japan, The Empire of Japan is forced to surrender thus ending the war in the Pacific and World War ll in August of 1945.