History of Banking Timeline by Daniel Y

How did the Industrial Revolution Impact the Economy?

2272561 — 2023-12-14 14:15:50 UTC

It has transformed the basic of Agriculture and traditional handicrafts to Industries, mechanized manufacturing, and factory system and new way of organizing work and more productive and efficient.

First Bank in the United States Established

2272561 — 2023-12-14 14:22:13 UTC

The purpose of the Bank in America is to acted as the federal government's fiscal agent, collecting tax revenues, securing the government's funds, making loans to the Government, transferring government deposits through the branch network of the Bank, and paying the government's bills.

Second Bank in the United States Established

2272561 — 2023-12-14 14:25:27 UTC

The Purpose for the bank is for the Federal Government that holds deposits, making its payments, and helping it issues debt to the public and issues and redeem bank notes and keep states bank issuance in check.

US Economy transition to industrial economy

2272561 — 2023-12-14 14:30:11 UTC

During the process to transform the economy to a Industrial one is stabilized the existing financial system and encourage to enter 729 banks in the United States between 1863-1866 of the National Banking Act.

Panic with Stock Market Fall

2272561 — 2023-12-14 14:33:28 UTC

During 1907, everyone is in a panic as the results of banks running in havoc due to the fragile banking system that led Congress to write the Federal Reserve Act in 1913 as the Federal Reserve was initially created to address the banking panics.

Federal Reserve System established

2272561 — 2023-12-14 14:35:58 UTC

Today Role of the Federal Reserve is to manage the monetary policies, regulating bank holding companies and other member banks, and monitoring systemic risk in the financial system and not let what happened in 1907.

US borrowed large sums of Money

2272561 — 2023-12-14 14:40:58 UTC

The reasons for US borrowing money is to mounted a series of war bond or "liberty loan" to drive of raising additional fund and for supporting the War

Credit Services first offered to individuals

2272561 — 2023-12-14 14:46:52 UTC

Installment credits were available to the citizens in United States at that time, meaning it's the country first home mortgages. Manufactures goods would allow consumers to pay "on time"

Stock Market Crash

2272561 — 2023-12-14 14:50:49 UTC

9K Banks closed their doors taking $7B USD in depositors' assets. Leaving 99.8% American left without pennies.

Great Depression

2272561 — 2023-12-14 14:52:52 UTC

The Economy was impacted due to the reduced prices and reduced output resulting in lower incomes in wages, rents, dividends, and profits. All Jobs were closed and Products of goods skyrocketed.

Great Prosperity

2272561 — 2023-12-14 15:34:00 UTC

Small amount of Inflation would create the balance of spending and saving in a moderated rate and wages would increase.

Congress passed consumer credit protection legislation

2272561 — 2023-12-14 15:36:43 UTC

The reason that Congress passed this bill is to protects the confidentiality of personal records because of Supreme Court's US v. Miller.

Stock Market made major gains

2272561 — 2023-12-14 15:40:53 UTC

The supply and demand became more dictate the per-sharing price of the stock. With War, inflation, government policy changes, technological change, corporation performance, and interest rates causing the gains or downs.

Terrorist Attack of 9/11

2272561 — 2023-12-14 15:43:36 UTC

The Impact of the attack in 2001 was immediately nosedived as every economic sectors were economically damaged and the US economy was already suffering a moderate recession. This causes further injury to the struggling business communities.

Economic Recession

2272561 — 2023-12-14 15:46:45 UTC

Large US Banks lost more than $1 Trillion on toxic assets and from bad loans, and then the unemployment rate more than doubled from 5.3% to 10% rate. More than 15M people were unemployed.