My remarkable padlet by Jayce Labuguen

9/11

jkl2602_2 — 2024-04-10 23:27:21 UTC

https://www.nytimes.com/2004/06/30/nyregion/study-confirms-9-11-impact-on-new-york-city-economy.html

When the World Trade Center was attacked on September 11th in 2001, it created a hole in the economy of New York City. It cost the economy 143,000 jobs in a month which translated to $2.8 billion in wages lost in the following 3 months. 70% of the jobs lost and 86% of the lost wages were in fields of finance, insurance, and banking. Michael L. Doorman stated “We lost he high-paying jobs, the people who pay more real estate taxes, higher sales taxes and support various elements of the economy.” In the past 30 years(at the time the article was written) the middle class had shriveled, which allowed more professional fields to grow. New York had become the capital of the global economy, with the average wage rising to about $100,000. In relation to 9/11, the finance jobs lost would soon attribute to many other jobs being lost.

2000 recession

jkl2602_2 — 2024-04-10 23:27:42 UTC

https://www.nytimes.com/2000/12/20/business/fed-shifting-goal-stresses-fighting-risk-of-recession.html

In 2000 the federal reserve decided to prioritize the prevention of economic downturns over the control of inflation. Usually the Fed(federal reserve) had focused on keeping inflation under control, but under new Chairman Alan Greenspan their focus was redirected towards preventing recessions. This attitude came at the threat of a recession in 2000. His decision was also influenced by factors such as a robust economy, low unemployment rates, and concerns of downturns triggered by external shocks. The Fed aimed to maintain the stability and growth of the economy. The shift marked the departure from traditional monetary policy strategies and reflected an understanding of the complexities included in modern economic management.

Hurricane Katrina

kki2601_1 — 2024-04-10 23:29:15 UTC

https://www.washingtonpost.com/business/economy/why-hurricane-katrina-should-make-us-optimistic-about-economic-impact-of-sandy/2012/10/31/bb3483d4-2360-11e2-ba29-238a6ac36a08_story.html

The article is on Hurricane Katrina's economic impact, the initial concerns about severe and lasting damage due to the storm's impact on critical infrastructure such as ports and transportation networks in the Gulf Coast region. Despite these fears, the article suggests that Katrina actually demonstrated the resilience of the American economy, particularly in terms of supply chain adaptation and distribution efficiency through many companies like Walmart and UPS.

2008 housing crisis/economic crash

jkl2602_2 — 2024-04-10 23:30:41 UTC

https://www.nytimes.com/2018/08/10/books/review/adam-tooze-crashed.html

Steve Bannon a reporter believes that Trump’s revolution began during this time. The US was worried about the wrong issues in the world.

Economy under Trump

kki2601_1 — 2024-04-10 23:32:12 UTC

https://www.washingtonpost.com/business/2020/02/04/trump-touts-his-economy-best-ever-data-is-more-mixed/

The article talks about President Trump's personal portrayal of the U.S. economy in his State of the Union address. The article says that while the economy is performing well by many measures, it is not experiencing unprecedented success as claimed. It points out that the current economic situation is similar to the late 1990s, with low unemployment, steady economic growth, low inflation, and high consumer rates. Janet Yellen (Former Chair Holder) acknowledges the strength of the U.S. labor market but cautions against overstating the current economic state as the "best ever”. It talks about Trump's attempt to discredit the previous administration and present himself as the savior of the economy. The article argues that while his policies such as tax cuts have contributed to growth, they also caused harm. Through tariffs and increased government spending, which have added to the national debt.

Economic dev under Biden

jkl2602_2 — 2024-04-10 23:32:14 UTC

https://www.nytimes.com/2024/02/21/us/politics/fact-check-biden-economy.html?smid=nytcore-ios-share&referringSource=articleShare

The article discusses Joe Biden’s claims on the economy with the new election nearing. President Biden began his claims with the tax rates of billionaires. He reported the average tax rate of a thousand billionaires was 8.2 percent. The article discusses why this claim is misleading. President Biden’s next claim was completely false. He supposedly attracted $640 billion in investments that would support factories and jobs through the CHIPS and Science Act. However the real monetary amount that the act gained was $220 billion, a still large but still very small portion of the claimed amount. The article then discusses Mr Biden’s claims on all of the stimulus checks, however the article then explains that Mr Trump had signed a large amount of the stimulus checks before Joe Biden came into office. The article finishes by explaining Mr Joe Biden’s claim that Trump is the only president since Herbert Hoover to have lost jobs during his term. The article then explains that this is severely out of context as Trump’s presidency had ended during a pandemic when people were consistently loosing jobs.

https://www.nytimes.com/2023/04/27/business/economy/what-causes-inflation.html?smid=nytcore-ios-share&referringSource=articleShare

Sanctioning Russia

jkl2602_2 — 2024-04-10 23:37:16 UTC

https://www.nytimes.com/2022/03/01/business/economy/russia-ukraine-sanctions-economy.html?smid=nytcore-ios-share&referringSource=articleShare

In just a few days, the world had took action on Russia. Many countries had placed sanctions on Russia, however this meant a spike in the price of oil, and gas following the effects. The economic sanctions sent Russia into an international struggle, and put them on a timer economically. There was a large surge in energy prices following the beginning of the war. In addition to this Russia had closed its airspace to other countries creating holes int he shipping routes. In addition to this with summer approaching, companies would temporarily slow production to allow for their summer portions of the year. Inflation running at 7.5% only increased the already large issue. Gas prices had also increased to $3.61 a year almost a whole dollar above the previous price. Since the post WW2 world the US’s defense spending had lowered however this spending may rise with the war in Ukraine.

Ukraine war Economic impact

kki2601_1 — 2024-04-12 18:17:39 UTC

This article talks about how the Russian invasion on Ukraine has caused much economic harm. It highlights the impact that the whole conflict would cause an influx in speculations on the stock market and reduced economic growth through inflation. This inflation would be caused by the rise in oil prices and disturbances in the supply chain. It also says that this economy would have happened either way due to the failing relationship between the U.S. and China, and failing national trade negotiations.

WW2

kki2601_1 — 2024-04-15 20:54:56 UTC

World War 2, from 1939 to 1945. This war involved major powers in a conflict with widespread warfare, genocide, and the use of nuclear weapons, leading to the reshaping of international alliances and the establishment of the United Nations in its aftermath.

NAFTA

kki2601_1 — 2024-04-15 20:57:58 UTC

The North American Free Trade Agreement was a trilateral free trade agreement among the United States, Canada, and Mexico. This agreement removed or reduced trade barriers among the three countries.

Industrial Revolution

kki2601_1 — 2024-04-15 20:58:08 UTC

The Industrial Revolution transformed society by introducing machinery and factories, leading to urbanization and economic growth. It created wealth but also social challenges like harsh working conditions and labor exploitation, sparking movements for change.

Great Depression/ Stock Market Crash (1929)

kki2601_1 — 2024-04-16 23:37:27 UTC

The Great Depression occurred in 1930. It was the start of a period with many hardships through economic failure. The whole stock market was affected by the horrible employment rate, tax rates, and the underlying problem of poverty.

Triangular Trade

kki2601_1 — 2024-04-16 23:37:49 UTC

The triangle trade is many oceanic trade ventures that required a round trip with three destinations. It involved 18th-century trading ships from New England that carried rum and other goods to the west coast of Africa to be exchanged for slaves. The slaves then became the cargo for the voyage to the West Indies, where they were exchanged for molasses to be transported back to New England and turned into rum.

Cold War

kki2601_1 — 2024-04-18 17:30:33 UTC

The Cold War was a long period with intense tension between the Soviet Union and the U.S.. They used proxy wars and had intense rivalry in ideals, and the nuclear arms race.

Triangular Trade

jkl2602_2 — 2024-04-18 18:21:28 UTC

https://www.britannica.com/money/triangular-trade

Three legged Economic model with trans Atlantic trade. Included the trade of enslaved people. Triangular trade was successful from the 16th century until the 19th century. The first portion of the trade began in Europe where manufactured goods such as metals, brass dishes, knives, tools, textiles, firearms, ammunition, and alcoholic beverages were created, then shipped to the west coast of Africa. In Africa goods such as enslaved people were traded for, giving it the name the slave coast. From there the triangular trade would reach North America where all the raw materials were then sent to Europe in place of the manufactured goods.

Great Depression

jkl2602_2 — 2024-04-18 18:23:30 UTC

https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/252752?terms=Great+Depression&sTypeId=2

This economic crisis began in 1929, and affected countries all over the world. On October 25 of that year the New York Stock Exchange crashed. However this was more of a symptom than a cause of the depression. It is still one of the most dramatic economic events in US history, where ¼ of people were unemployed, 5,500 banks closed, and 32,000 businesses went bankrupt. Even Europe went further in economic decline because of the great depression following the end of WWI. The economies of Asian and Latin American countries also collapsed following this crash as well.

Globalization

jkl2602_2 — 2024-04-18 18:27:04 UTC

Globalization

https://ebookcentral.proquest.com/lib/iolani-ebooks/reader.action?docID=496315&ppg=46

Events such as the NAFTA which allowed free trade among all countries in North America created the beginning of Globalization. This allowed countries to expand their relations internationally. Furthermore Outsourcing was started. Outsourcing meant less factories in America, and more office jobs. However this also meant that there were less easy work opportunities in America having less factories.

Post Civil War Reconstruciton

jkl2602_2 — 2024-04-18 18:34:09 UTC

https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/270421?terms=Civil+war+reconstruction&sTypeId=2

The time period lasted from 1865 until 1877. The goal was to rebuild the nation following the Civil war, with a large focus on re-integrating the Southern states into the country, with the status of freed slaves. Key parts of this event were the passings of the 13, 14, and 15th amendments, which abolished slavery, granted citizenship, and equal protection to all citizens. It also prompted the rise of African American political participation. However the reconstruction ended negatively with the compromise of 1877 where troops were withdrawn from the south.

Industrial Revolution

jkl2602_2 — 2024-04-18 18:38:28 UTC

https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/263229?terms=American+industrial+revolution

The industrial revolution in America began in the 1870s. With the beginning many saw a shift in manufacturing processes. Major changes happened to: how people earned a living, where people lived, and people’s roles at work. The beginning of the Industrial Revolution in the world began in the 1700s in Great Britain. Inventions such as the cotton gin, and factory system in America changed the lives of the people. Working conditions for people in america changed as well. Workers began 12-14 hour work days 6 days a week with no holidays or vacations. Weaknesses were found in Lowell’s machines mainly in the way they were powered. Weapons manufacturers also became more popular during this time. These events would later result in monopolies being created.

Panic of 1819

jkl2602_2 — 2024-04-18 19:09:25 UTC

First major financial crisis in America. Halted the expansion of the cotton belt. Economic problems that were rooted partially from the war of 1812. Triggered by a collapse in cotton prices.

Panic of 1837

jkl2602_2 — 2024-04-18 19:09:32 UTC

This event began in 1837 and lasted through a large portion of the 1840s as well. Effects of it were constant with a depression having low wages etc.

Panic of 1857

jkl2602_2 — 2024-04-18 19:09:40 UTC

This panic was triggered by the failure of the Ohio Life Insurance and Trust Company, which was mainly a bank. Stock prices fell, and by the end of 1857 the economy was deteriorated. Recovery began in early 1859

Panic of 1873

jkl2602_2 — 2024-04-18 19:09:47 UTC

Jay Cooke and Company went bankrupt in September of 1873 causing this panic of 1873. This lasted 5 years until 1878. 3 million Americans lost their jobs. Led to a populist movement that created the Greenback Party.

California Gold Rush of 1849

kki2601_1 — 2024-04-19 07:27:50 UTC

The 1848 discovery of gold at Sutter's Mill started the California Gold Rush, bringing hundreds of thousands of prospectors from around the world. This influx caused economic growth, with demand surging for goods and services to support the mining population. The rush led to the development of key infrastructure and industries in California, laying the foundation for its future.

Colorado Gold Rush (1858-1861)

kki2601_1 — 2024-04-19 07:29:18 UTC

The Colorado Gold Rush attracted miners and settlers to the Rocky Mountains, leading to the growth of mining camps and towns. Economic activity grew as infrastructure such as roads and railways were built to support the mining industry.

Alaskan Gold Rush (1896)

kki2601_1 — 2024-04-19 07:30:05 UTC

The Gold Rush in Alaska, triggered by gold discoveries in the Yukon territory. While smaller in scale than the California Gold Rush, it still attracted thousands of prospectors. Creating a mass of economic activity in the Pacific Northwest. The rush started the establishment of towns and transportation routes, contributing to economic development for the greater U.S.

Napoleonic Wars (1803)

kki2601_1 — 2024-04-19 07:35:38 UTC

These wars, fought primarily in Europe between 1803 and 1815, disrupted trade, caused inflation, leading to economic instability in the U.S. and changes in economic policies across affected countries.

Panic of 1893

jkl2602_2 — 2024-04-19 18:56:21 UTC

This is the second largest depression in Americas history. In may of 1893 the New York Stock market dropped sharply and in late June the stock market crashed. More than 16,000 businesses failed which included 156 railroads, and 500 banks. One in six Americans had lost their jobs. The depression lasted for four years.