1. **1791** -- First Bank of the United States: Created by [[Congress]] to help stabilize the nation's currency and finance the government.
2. **1811** -- Second Bank of the United States: Created after the charter of the First Bank expired, it played a similar role in the nation's financial system.
3. **1837-1843 -- Panic of 1837**: A severe economic depression caused by speculative lending practices, a decline in cotton prices, and the failure of many state banks.
4. **1857-59** -- US economic depression
5. **1860-61** -- Secession of US Southern States
6. **1861-1865** -- American [[Civil War]]: A devastating conflict with significant economic impacts, including the establishment of the first income tax in 1861 to finance the war effort. The most lethal war in US history.
7. **1865-1877** -- [[Reconstruction]] Era: The rebuilding of the Southern states after the Civil War, marked by significant government intervention in the economy.
8. **1873-1879** -- Long Depression: An economic downturn characterized by bank failures, high unemployment, and [[deflation]].
9. **1879** -- Best-selling economics book of all time in the US: Henry George's Progress and Poverty, which accused the unrestrained free market system of worsening inequality
10. **1893-1897 -- Panic of 1893**: A financial crisis resulting from railroad overbuilding and shaky railroad financing, leading to a series of bank failures. Unemployment stayed above 8% from 1893 all the way til 1899.
11. **1907 -- Panic of 1907**: A financial crisis triggered by the failure of the Knickerbocker Trust Company, which led to a lack of confidence in the banking system and the creation of the [[Federal Reserve]] System in 1913.
12. **1907-13** -- 3 short economic contractions
13. **1913** -- Creation of the Federal Reserve [[central banks]], whose goal was to prevent this regular recurrence of banking crises.
14. **1914** -- Beginning of [[World War I]]
15. **1920-1921** -- Depression of 1920-1921: A brief but sharp economic downturn marked by high unemployment and a collapse in commodity prices.
16. **1929-1939** -- [[The Great Depression]]: The worst economic crisis in U.S. history, characterized by widespread unemployment, bank failures, and a significant decline in economic output.
17. **1933-1939** -- [[The New Deal]]: A series of economic programs and reforms implemented by President Franklin D. Roosevelt in response to the Great Depression, aimed at providing relief, recovery, and reform. See: [[New Deal Timeline]], [[Glass-Steagall Act]]
18. **1941-1945 -- World War II**: The war effort mobilized the U.S. economy, leading to full employment and a significant increase in government spending. See: [[World War II Timeline]]
19. **1944 -- Bretton Woods Agreement**: Established the [[International Monetary Fund (IMF)]] and the [[World Bank]], setting the stage for the post-war international economic order.
20. **1947-1991 -- [Cold War](https://doctorparadox.net/dictionaries/cold-war-dictionary/)**: The U.S. competed economically and militarily with the Soviet Union, leading to significant government spending on defense and technology.
21. **1971 -- Nixon Shock**: President [[Richard Nixon]] ends the [[gold standard]] -- i.e. the convertibility of U.S. dollars to gold -- ending the Bretton Woods system and leading to the era of floating exchange rates.
22. **1973-1975 -- 1970s Recession**: A period of economic stagnation marked by high [[inflation]], high unemployment, and an energy crisis.
23. **1980-1982: The Early 1980s Recession** -- High [[inflation]], an energy crisis, and tight monetary policy contributed to a severe recession. Unemployment peaked at 10.8% in November 1982.
24. **August 1981: Air Traffic Controllers Strike** -- More than 11,000 air traffic controllers went on strike, demanding better working conditions and higher pay. President Reagan fired the striking workers, breaking the union.
25. **1982: Garn-St. Germain Depository Institutions Act** -- This legislation deregulated savings and loan institutions, which eventually contributed to the Savings and Loan Crisis later in the decade.
26. **1987: Black Monday** -- On October 19, 1987, the Dow Jones Industrial Average dropped 22.6% in a single day, the largest one-day percentage decline in history.
27. **1989-1991: Savings and Loan Crisis** -- More than 1,000 savings and loan institutions failed due to risky investments and [[deregulation]], leading to a taxpayer-funded bailout of around $160 billion.
28. **1990-1991: Early 1990s Recession** -- A combination of factors, including the collapse of the junk bond market, high oil prices, and the savings and loan crisis, led to a mild recession.
29. **1994: North American Free Trade Agreement (NAFTA)** -- This trade agreement between the United States, Canada, and Mexico eliminated tariffs and facilitated trade between the three countries.
30. **1990s: Dot-com Bubble** -- The rapid rise of internet-based companies led to a speculative bubble in the stock market, with many tech stocks experiencing extreme valuation growth.
31. **2000-2001: Burst of the Dot-com Bubble** -- The bubble burst, resulting in a stock market crash and the failure of many internet-based companies.
32. **2001: [[September 11, 2001 terrorist attacks]]** -- The attacks on the World Trade Center and the Pentagon had significant economic repercussions, with the stock market plummeting and industries like travel and tourism experiencing major setbacks.
33. **2001: Enron Scandal** -- The energy company [[Enron]] declared [[bankruptcy]] after revelations of widespread accounting fraud. The scandal led to increased corporate governance regulations.
34. **2007-2009: The Great Recession** -- Triggered by the subprime mortgage crisis, the recession was the worst economic downturn since [[The Great Depression]]. Unemployment peaked at 10% in October 2009.
35. **2008: Emergency Economic Stabilization Act** -- This legislation, which included the Troubled Asset Relief Program (TARP), authorized the federal government to spend up to $700 billion to stabilize the financial industry.
36. **2010: Dodd-Frank Wall Street Reform and Consumer Protection Act** -- This law enacted comprehensive financial regulations aimed at preventing future crises and protecting consumers.
37. **2017: Tax Cuts and Jobs Act** -- This legislation reduced corporate and individual income tax rates and eliminated or modified numerous deductions, credits, and exemptions -- exemplifying the [right-wing](https://doctorparadox.net/tag/right-wing/) fiscal policies of [trickle down economics](https://doctorparadox.net/gop-myths/trickle-down-economics/).