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Author Archives: Yukari
Posts: 6 (archived below)
Comments: 6
The Wall Street Crash of 1929 and Jesse Livermore
My screenplay will focus on the Wall Street crash of 1929 and Jesse Lauriston Livermore (July 26, 1877 – November 28,1940), a stock trader. The image will be used to show the audience the comparison of panic on the Wall Street and a person who made more than 100 million dollars at the Wall Street crash.
Posted in 1920-1932, Economic History
Tagged Financial Crisis, stock market, Wall Street
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16th Amendment
The 16th Amendment was passed by the 61st Congress on July 12, 1909, and ratified on February 3, 1913. This Amendment overruled Pollock v. Farmers’ Loan & Trust Co. case in 1895 which limited the authorization of the Congress to collect an income tax. It states that
” The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”
Before the ratification of this Amendment, the Congress could not collect a direct tax. The Congress was concerning about allowing wealthy people to have too much money because it could increase a gap between rich and poor. This Amendment became the base of income tax we pay today and created the distribution of the wealth.
Image from The National Archives: http://www.ourdocuments.gov/doc.php?doc=57
Stagflation
During 1970s, the United States experienced stagflation which is economic phenomenon that the unemployment rate and the inflation rate are high at the same time. Main causes for this stagflation were the changes in economic policy, the end of the Golden Exchange Standard, made by Nixon in 1971 and Oil Crisis in 1973 and 1979. It created a negative spiral in economy because price increases while income decreases and suffered not only people in the United States but also other nations especially country which highly depended on oil imports.
Image from: www.epips.com/djia/ 1970s-oil-crisis.html
Posted in 1969-1988, June 21 assignment
Tagged economics, oil crisis, Richard Nixon
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The Cuban Missile Crisis
The most important event in American history in 1960’s is the Cuban missile crisis, a confrontation between Cuba with the Soviet Union and the United States, in October, 1962. During the Cold War, the Soviet Union built nuclear missiles in Cuba to strike the United States by the request of the Prime Minister of Cuba, Fidel Castro. President John F. Kennedy handled this very dangerous situation which could be turned to “World War III”, a nuclear war. Despite the strong opinions from advisers and members of EXCOMM to invade Cuba to destroy missile bases, President Kennedy chose the naval blockade of Cuba. After the negotiation, the Soviet Union agreed to remove missiles placed in Cuba and the United States accepted to remove the Jupiter missile in Turkey.
This is the one of the few good foreign diplomacy during Kennedy’s presidency. Some other countries did not support the way he handled this situation, but I think he was very brave to decide not attacking Cuba under the fear of nuclear attack to the United States.
Photo: chandrakantha.com/…/ 1962_cuban_missile.gif
Video: You Tube
Bill Clinton Signs NAFTA (1993)
Bill Clinton signed into the North America Free Trade Agreement between the United States, Canada and Mexico on December 8, 1993. It is hard to evaluate the pros and cons of NAFTA. What’s interesting about this agreement for me is that countries which have different cultures and sizes of economic achieved an economic integration.
This video is provided by Miller Center Public Affairs, University of Virginia and can be found on You Tube.
The 21st Amendment
On December 5th, 1933, prohibition on alcohol beverages by 18th amendment was ended. The 21st amendment is the only amendment ratified by state conventions instead of state legislatures which reflects the influence of deep-rooted politics inside the lawmakers.
Photo: http://www.albany.edu/~wm731882/21st_amendment_final.html
Posted in 1932-1940, June 7 assignment
Tagged 21st amendment, politics, prohibition
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