Module 13 Lesson 2 Assignment
Elizabeth Eskander
Event Information
1791 Bank of the U.S.
After the Revolutionary War, the United States was in so much debt that it needed a central currency to prevent the whole country from going bankrupt. Therefore Alexander Hamilton proposed the First Bank of the United States, which was given a 20 year charter in 1791.
When?
Wednesday, Dec 7, 1791, 05:00 PM
Where?
Philadelphia, PA, United States
2nd Bank of the United States
First Bank of the United States
Civil War printing currency
Event Information
Second Bank of the United States (1816)
5 years after the charter for the first bank ended, the United States Government decided to open a second bank. It was created for a lot of the same reasons as the first bank: to help pay of war debts (the war of 1812) and to help foster unity within the country. It was also given a charter that lasted 20 years.
When?
Saturday, Dec 7, 1816, 09:00 PM
Where?
Philadelphia, PA, United States
Event Information
Civil War Printing Currency (1862)
In the North, by 1862, the union had began to create "notes", which most resembled our modern paper money. While printing so much money should have cause mass inflation, the north counterbalanced that with raising taxes and income taxes. The south, on the other hand, refused to use the same notes as the north so they created their own. Because they also did not impose harsher taxes after they began printing money, the southern economy crashed very quickly.
When?
Monday, Dec 8, 1862, 09:00 PM
Where?
north and the south
1863 National Banking act
1913 Federal Reserve act
1930's Great depression
Event Information
1863 National Banking Act
The 1863 National Banking Act created and ensured a unified national currency in order to unify the economy.
When?
Tuesday, Dec 8, 1863, 09:00 PM
Where?
Philadelphia International Airport, Philadelphia, PA, United States
Event Information
1913 Federal Reserve Act
This act created the Federal Reserve of the United States. This is our current central banking system and unifying system of the United States.
When?
Wednesday, Dec 9, 2015, 09:00 PM
Where?
Washington, DC, United States
Event Information
1930's Great Depression
The great depression of the 1930's was directly caused by the crash of the stock market in October 1929. The crash itself was caused by the high spending and low prices of stocks during the 1920's. in the fall of 1929 as consumerism dropped, the stock bubble finally popped.
When?
Tuesday, Dec 9, 1930, 09:00 PM
Where?
United States
Glass Steagall Banking Act 1932
The Glass Steagall Banking Act was intended to help support the banks after the great depression started. It gave out several loans to the banks and initially proved to be successful, however later failed and worsened the depression.
1970's Banking
The 1970's saw a lot of high inflation occasionally reaching double digits. The economy had drastically dropped compared to the 50's and 60's. The Federal Reserve had to fight this high inflation and they did so with high interest rates.
1982 Banking Crisis
In the 1980's people failed to save money and loans and therefore large banking companies began to fail. The government was giving out unregulated loans and bailouts to companies who couldn't pay them back.
1999 Gramm-Leach-Bliley-Act
This act placed regulations on how financial companies can deal with the private information of citizens. It was meant to prevent private companies from disclosing the private information of individuals