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Dade Murphy [ C R A S H O V E R R I D E ] (
crashandburn
) wrote in
thedoorway
,
@
2013
-
09
-
03
15:47:00
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mlbXxlYuTvdamYGFjgHEa
1997
Rivers in the West overflowed as rain and melting snow brought flooding in the Northwestern states, California and Nevada. The flooding has cost California's agricultural industry $155 million so far, according to state officials. January 13 Faced with unprecedented demand for new phone lines for Internet surfers and home offices, Pacific Bell will hire more than 2,500 employees in California. January 15 Mexico announced that it will repay U.S. loan three years ahead of schedule. January 16 General Motor's Hughes Electronics will be acquired by Raytheon Corp. January 29 U.S. Treasury issues the first $7 billion in 10-year inflation-indexed notes. February 13 Dow Jones Industrial average topped the 7000 mark. February 19 U.S. trade deficit hits 8-year high. March 1 California's minimum wage raised from $4.75 to $5.00. March 7 Federal 10 percent tax on airline tickets was reimposed. March 25 Federal funds rate raised from 5.25 percent to 5.50 percent. April The nation's unemployment rate falls to a 24-year low. April 30 First quarter GDP grew at a robust 5.6 percent fueled by a big inventory buildup, warm weather and the biggest rise in consumer spending in ten years. July 1 China regained sovereignty over Hong Kong. July 4 Lockheed Martin agreed to buy Northrop Grumman. July 16 Dow Jones Industrial average topped 8000 mark. August 4 The European Commission formally cleared the merger of Boeing and McDonnell Douglas. August 4-18 Teamsters union strike against United Parcel Service. September 1 California's minimum wage raised from $5.00 to $5.15. October 27 The Dow Jones Industrial average posted its worst one-day point loss ever. The relentless selling drove the industrial average down 554.26 points, or 7.18 percent. November 21 Yamaichi Securities, Japan's no. 4 securities firm will shut down, its largest corporate failure since WWII. December 3 South Korea agreed to a broad dismantling of its interlocked financial and industrial system as the price for a record $55+ billion IMF bailout. November-December Asia's crashing currencies are rapidly destroying the financial health of the regions. The Indonesian rupiah and Korean won have lost more than half their value against the U.S. dollar this year. December 19 California's jobless figure fell sharply to 5.8 percent in November, the lowest in over seven years.
1998
January 5 Bond prices surged sending the 30-year Treasury to a record low yield of 5.73 percent, while comparable government-bond yields reached their lowest levels since the 1960s. January 26 Compaq agreed to acquire Digital Equipment Corporation. February 2 Standard and Poor’s stock index passed the 1000 milestone for the first time. February 27 Fourth quarter 1997 GDP growth rate revised to 3.9 percent, down from an initial estimate of 4.3 percent. March 1 California’s minimum wage raised from $5.15 to $5.75. Winter El Nino-fueled storms caused widespread flooding and landslides in California. Thirty-five counties declared federal disaster areas. The State’s agriculture industry estimates a flood-related loss of $57.4 million so far. March 17 Washington Mutual and H.F. Ahmanson & Co. agreed to merge. March 18 The NASD and AMEX boards agreed to join the two securities market. March 19 The U.S. trade deficit for January widened to its worst level in six years. March 20 Boeing plans to reduce approximately 6,200 jobs in California by the year 2000. March 24 Xerox Corp. plans to cut 10,000 jobs worldwide or 11 percent of its workforce. March 30 OPEC agreed to cut crude-oil production by 1.25 million barrels a day. April 6 Citicorp and Travelers Group agreed to merge. Dow Jones Industrial average topped the 9000 mark. April 8 Tornadoes swept the South causing death and significant property damage. April 13 NationsBank formally announced its merger with BankAmerica while BancOne confirmed its planned combination with First Chicago. April 14 Intel announced that it will eliminate up to 3,000 jobs over the next six months. April 22 National Semiconductor plans to cut its worldwide workforce by 10 percent, or about 1,400 people. May 6 Daimler Benz and Chrysler Corporation agreed to merge. Compaq plans to eliminate 15,000 jobs following its purchase of Digital Equipment May 11 SBC formally announced plans to acquire Ameritech June 4 Motorola plans to layoff 10 percent of its workforce, or about 15,000 workers. June 5 - July 28 United Auto Workers strike at General Motors. June 8 Wells Fargo & Co. and Norwest agreed to merge. June 9 The Philadelphia Stock Exchange agreed to join AMEX and NASD. June 12 California’s unemployment rate fell in May to its lowest level in nearly 8 years June 18 Texas Instruments plans to eliminate 3,500 jobs worldwide, about 8 percent of its payroll. June 24 AT&T announced its plan to acquire cable giant TCI. OPEC agreed to cut crude-oil production by 1.4 million barrels per day. June 25 Rockwell International Corporation will cut 9 percent of its workforce, or 3,800 jobs. June 26 El Niño damage to California’s agricultural industry soars to $422 million. Lockheed announced its plan to lay off 2,500 workers at Sunnyvale, California. June Japan officially declares a recession. June 29 Chinese and U.S. companies signed $1.1 billion in new business deals, including China’s agreement of intent to purchase 27 Boeing Co. jetliners. July 10 IMF agreed to provide Russia with an assistance package worth $14 billion. July 16 Lockheed Martin called off its proposed merger with Northrop Grumman. The Nasdaq composite edged over 2,000 for the first time. August 13 Boeing to transfer selected 737 assembly processes to Long Beach, California. August 14 California agriculture flourished in 1997, breaking records in both production and income NationsBank and BankAmerica merger gets federal approval. August 17 Golden State Bancorp and California Federal Bank agreed to merge August 31 The Dow Jones Industrial average fell 512.61 points wiping out what remained of the year’s gains. The Nasdaq Composite fell 140.43, its worst point drop ever. September 2 Northwest Airlines issued layoff notices to 27,500 employees, or 55 percent of its workforce. September 15 Rockwell International Corp. to eliminate around 900 jobs. September 17 Citigroup expects to eliminate about 8,000 jobs by year end, or 5 percent of its workforce. September 21 Russia devalues currency and restricts international transactions including debt repayments. Financial firms have lost more than $8 billion so far in the fallout from Russia’s financial collapse. September 23 Citicorp and Travelers merger gets federal approval. September 29 Federal funds rate reduced from 5.50 percent to 5.25 percent. Dow Jones Industrial average fell 237.90 points the next day. October 2 California’s credit rating was upgraded by Moody’s Investors ServiceHewlett-Packard Co. will eliminate 2,500 jobs or 2 percent of its workforce. October 6 Washington Mutual Inc. will close 161 branches in California as a result of its Home Savings of America acquisition. October 7 Raytheon Co. to cut workforce by 14,000. October 8 Packard Bell NEC to cut U.S. workforce by 20 percent. October 12 Merrill Lynch will cut work force by 3,400 or 5 percent. October 15 Federal funds rate reduced from 5.25 to 5.00 percent. Discount rate reduced from 5.00 to 4.75 percent. The Dow Jones Industrial average rose to more than 330 points and led to rallies in European, Asian and Latin American stock markets. Canada and Argentina followed with rate cuts of their own. October 30 Third quarter GDP jumped to an annual rate of 3.3 percent exceeding estimates. November 12 Brazil reached a pact with leading countries and lenders on a $42 billion rescue package, in a move aimed at preventing the financial crisis from spreading throughout South America. November 17 Federal funds rate reduced from 5.00 to 4.75 percent. Discount rate reduced from 4.75 to 4.50 percent. December 1 Exxon and Mobil confirmed their plans to merge, creating the world's largest oil producer. December 2 NEC Electronics lays off about 400 workers or 13 percent of its U.S. workforce. December 9 MCI WorldCom Inc. plans to layoff about 3,750 or between 3 to 5 percent of its workforce. Trans World Airlines announced its biggest plane order ever, confirming it has placed orders and options for up to 250 Airbus and Boeing jets.
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1999
January 1 A new reserve currency, the "euro" is introduced, creating a single market in Europe. It will be the currency of reference for the 11 countries participating in the European Monetary Union. January 13 Brazil devalues its currency sending U.S. stocks into a free fall. January 21 The 1998 trade deficit hit an all-time high of $175 billion, 58 percent more than the shortfall recorded in 1997. March 22 OPEC agreed to reduce crude oil production by 2.1 million barrels per day and maintain lower levels of output for a full year. March 29 Dow Jones Industrial average topped the 10,000 mark. April 9 The European Central Bank cut its key discount rate, for the first time, from 3.0 to 2.5 percent. April 29 GDP rose to 4.5 percent in the first quarter May 3 Dow Jones Industrial average topped the 11,000 mark. May 26 First quarter GDP growth revised down to 4.1 percent.. May 27 US companies’ after tax profit rose 4.3% in the first quarter, the largest quarterly gain in four years. June 10 Japan’s economy grew 7.9 percent in the first quarter. June 11 California’s unemployment rate moved down from 5.7% in April to 5.2% in May, the lowest level since mid-1990. June 29 Federal funds rate raised from 4.75 to 5.00 percent. July 28 GDP rose 2.3 percent in the second quarter. August 24 Federal funds rate raised from 5.00 to 5.25 percent. Discount rate raised from 4.50 to 4.75 percent. Mid-September: Hurricane Floyd batters the East Coast. September 21 A 7.6 magnitude earthquake hits Taiwan. September 30 In 1998, the US poverty rate fell to its lowest in 20 years at 12.7 percent. Real median household income hit a record 3.5 percent growth surpassing its pre-recessionary peak in 1989, and for the first time since 1975, all four US regions experienced significant increases. September 30: Second quarter GDP growth rate revised to 1.6 percent, the smallest gain in four years. October 4 MCI WorldCom to buy Sprint. October 13 Producer Price Index for finished goods jumped 1.1 percent in September, the largest monthly increase in 9 years. October 15 California’s unemployment rate dropped to 4.9 percent, the lowest since 1969. October 27 GDP for third quarter grew at 4.8 percent, 2nd quarter growth rate was revised upward to 1.9 percent from the original 1.6 percent. November 1 Dow Jones & Co. added the technology leaders Microsoft and Intel as well as two other issues, to its industrial average, the first time that Nasdaq stocks have been included. It also dropped four companies that have been components for most of the 20th century. November 2 Nasdaq closed above the 3000 mark for the first time. Packard Bell says it will end its computer manufacturing business, close its Sacramento plant, and lay off 80 percent of its US workforce. November 16 Federal funds rate raised from 5.25 to 5.50 percent. Discount rate raised from 4.75 to 5.00 percent. November 17 Crude-oil futures hit an almost nine-year high, rising 90 cents to $26.60 a barrel. November 24 Third quarter GDP grew at an annual rate of 5.5 percent, well above previous estimates. November 30 Exxon and Mobil merger approved by federal regulators. December 2 The euro fell to parity with the dollar for the first time since its launch in January as Europe’s common currency December 17 Pharmacia and Monsanto agreed to merge. December 22 Third quarter GDP rose at 5.7 percent annual pace, above the previous estimate of 5.5 percent. December 29 Nasdaq closed above the 4000 mark for the first time.
2000
January 14 Dow Jones industrials hit record high of 11,722.98. January 27 Fourth quarter GDP grew at an annual rate of 5.8 percent. February 2 Federal funds rate raised from 5.50 percent to 5.75 percent. Discount rate raised from 5.00 percent to 5.25 percent. February 4 The nation’s jobless rate at 4 percent is lowest in 3 decades. February 7 Pfizer Inc. and Warner-Lambert Co complete merger deal. March 10 Nasdaq hits record high of 5,048.62. March 16 Dow Jones industrials rose 499.19 points, biggest point gain on record. March 20 Boeing Co. engineers and technical workers returned to work after a 40-day strike ending one of the biggest white-collar walkouts in US history. Crude oil prices drop below $30 a barrel. March 21 Federal funds rate raised from 5.75 percent to 6.0 percent. Discount rate raised from 5.25 percent to 5.50 percent. March 30 GDP growth rate for 4th quarter was revised upward to 7.3 percent, its strongest pace since 1984. April 7 President Clinton signed into law a bill allowing older Americans to work without losing any of their Social Security benefits. April 10 Wells Fargo & Co agreed to acquire First Security Corporation of Utah. April 27 First quarter GDP grew at an annual rate of 5.4 percent with consumer spending jumping 8.3 percent, the sharpest gain in more than 17 years. Employment cost index jumped 1.4 percent in the first quarter, the sharpest increase in 11 years. May 16 Federal funds rate raised from 6.0 percent to 6.5 percent. June 29 GDP 1st quarter growth rate revised from 5.4 to 5.5 percent. July 28 GDP 2nd quarter grew at an annual rate of 5.2 percent. August World oil prices are rising because of increasingly tight supplies. U.S. inventories are at their lowest level since 1976 and crude prices have increased significantly contributing to costlier gasoline and heating oil. September 19 China was granted permanent normal trade relations status with the U.S. September 28 GDP growth rate for 2nd quarter was revised to 5.6 percent. October 18 Social Security and Supplemental Security income payments will increase by 3.5 percent in 2001, the biggest in almost a decade. October 31 OPEC plans to increase oil production by 500,000 barrels per day making it the fourth increase this year. December 21 GDP for 3rd quarter grew at an annual rate of 2.2 percent. December 31 Dow and Nasdaq record losing years for the first time since 1990.
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2001
January 1 California’s minimum wage raised from $5.75 to $6.25 January 1 The California state rate portion of the total 7.25% sales tax rate was reduced by .25%, to a total tax rate of 7.00%. January 3 Federal Reserve makes surprise rate cut. Federal funds rate reduced to 6.0 percent from 6.5 percent. Discount rate reduced to 5.5 percent from 6.0 percent. Nasdaq jumped a record 14.17 percent. January 17 OPEC to cut oil production by 1.5 million barrels a day, or 5.6 percent of current output. January 31 Federal funds rate reduced from 6.0 percent to 5.5 percent. Discount rate reduced from 5.5 percent to 5.0 percent. March 19 OPEC to cut oil production by 1 million barrels a day. March 19-20 California suffered rolling blackouts. March 20 Federal funds rate reduced from 5.5 percent to 5.0 percent. Discount rate reduced from 5.0 percent to 4.5 percent. March 27 California regulators approved retail electric rate increase. March 29 GDP grew at an annual rate of 1 percent in the fourth quarter, the lowest in more than 5 years. April 6 PG&E utility unit files for bankruptcy. April 18 Federal funds rate reduced from 5.0 percent to 4.5 percent. Discount rate reduced from 4.5 percent to 4.0 percent. April 23 A Tosco refinery explosion pushed gasoline prices to near record highs. April 24 Standard & Poors lowered California’s bond rating from AA to A+ April 27 GDP grew at an annual rate of 2 percent in the first quarter. May 7-8 California hit by rolling blackouts. May 15 Federal funds rate reduced from 4.5 percent to 4.0 percent. Discount rate reduced from 4.0 percent to 3.5 percent. June 7 Federal tax cut was signed into law. June 18 The Federal Energy Regulatory Commission adopted a price "mitigation" plan designed to reduce spikes in wholesale electricity prices in California and other Western states June 27 Federal funds rate reduced from 4.00 percent to 3.75 percent. Discount rate reduced from 3.50 percent to 3.25 percent. June 29 First quarter GDP growth rate revised to 1.2 percent. August 21 Federal funds rate reduced from 3.75 percent to 3.50 percent. Discount rate reduced from 3.25 percent to 3.00 percent. August 29 Second quarter GDP grew at a 0.2 percent annual rate. September 11 Terrorists attack World Trade Center and the Pentagon. September 11-14 U.S. stock trading halts. September 17 Federal funds rate reduced from 3.50 percent to 3.00 percent. Discount rate reduced from 3.00 percent to 2.50 percent. Dow Jones industrials record biggest point drop in history, falling 684.41. October 2 Federal funds rate reduced from 3.00 percent to 2.50 percent. Discount rate reduced from 2.50 percent to 2.00 percent. October 26 Lockheed Martin Corporation awarded defense contract. November 6 Federal funds rate reduced from 2.50 percent to 2.00 percent. Discount rate reduced from 2.00 percent to 1.50 percent November 26 Recession in the US began in March 2001, according to NBER. December 2 Enron filed for bankruptcy. December 11 Federal funds rate reduced from 2.00 percent to 1.75 percent. Discount rate reduced from 1.50 percent to 1.25 percent. China becomes WTO member December 21 GDP down 1.3 percent in Q3. December 31 Markets fall for a second straight year for the first time since 1974.
2002
January 1 Taiwan becomes WTO member. OPEC to cut oil production by 6.5 percent. Euro becomes legal tender in 12 European countries. January 6 Unemployment insurance benefits increased in California. February 28 GDP up 1.4 percent in Q4. March 9 California’s "Job Creation and Worker Assistance Act of 2002" was signed into law that provides for temporary extended unemployment compensation. March 28 GDP up 1.7 percent in Q4. April 25 Security and Exchange Commission launched a formal investigation of Wall Street analysts' conflicts of interest. May 13 President Bush signed a 10-year, $190 billion farm bill that promises to expand subsidies to growers. June 27 GDP up 6.1 percent in Q1. July 5 Foreign direct investment flows to developed countries declined by 56% in 2001, with the United States seeing the largest falloff to its lowest level since 1997. July 8 Intel launches its Itanium 2 chip. July 10 President Bush called for stiffer penalties to eradicate corporate fraud. July 15 Pfizer to buy Pharmacia. July 16 The dollar sank against the euro for the first time in more than two years. Intel to eliminate 4,000 jobs. July 21 WorldCom filed for bankruptcy protection. July 22 The Dow Jones industrial average sank to its lowest level in nearly four years. Both the Nasdaq and S&P 500 are at their lowest levels since the first half of 1997. July 30 President Bush signed into law the Public Company Accounting Reform and Investor Protection Act. July 31 GDP growth slowed to 1.1 percent in Q2 from revised 5.0 percent in Q1. Last year's data was also revised indicating that the economy shrank in each of the first three quarters. Venture capital investments hit four-year low. August 8 IMF signed an emergency loan to Brazil. August 11 U.S. Airways filed for bankruptcy. August 20 The U.S. trade deficit narrowed in June, following two straight record monthly deficits. September 27- October 9: Cargo operations at 29 West Coast ports ground to a halt when terminal operators locked out unionized workers November 6 Federal funds rate reduced from 1.75 percent to 1.25 percent. Discount rate reduced from 1.25 percent to 0.75 percent. December 9 United Airlines filed for bankruptcy protection. December19 Standard & Poor’s lowered California’s bond rating to an A from an A+.
2003
February 10 Moody’s lowered California’s bond rating to A2 from A1. February 14-17 Major snowstorm hit Middle Atlantic and Eastern states. February 26 Doctors in Hong Kong report the first case of a flu-type virus “Atypical Pneumonia,” now more commonly known as Severe Acute Respiratory Syndrome(SARS). March 20 Operation Iraqi Freedom begins. April 9 Baghdad falls and Iraqis and American troops topple stature of Saddam Hussein. April 14 President Bush declares conclusion of major combat operations in Iraq. June 25 Federal funds rate reduced from 1.25 percent to 1 percent, the lowest rate in 45 years. June 26 GDP up 1.4 percent in Q1. July 17 The US recession ended in November 2001, according to NBER. July 24 S&P lowered California's bond rating from "A" to "BBB". July 25 United States Treasury begins mailing $400 per child tax rebate checks. August 2 Governor Gray Davis signs the 2003-04 state budget bill. August 4 Moody's lowered California's bond rating from A2 to A3. August 28 GDP grew at a revised 3.1 percent annual rate in the 2nd quarter. September 3 Light vehicle sales in the U.S. reach 19.0 million in August, the second best monthly rate ever. October 21 Wildfires breakout in Southern California, eventually burning 743,000 acres and destroying over 3,500 homes. October 30 GDP grew by 7.2 percent, its fastest rate since 1984. December 4 President Bush ends steel tariffs. December 12 Dow Jones Industrial average closed above 10,000 for the first time since May 24, 2002. December 13 Saddam Hussein captured by American troops. December 23 Final report shows GDP grew by 8.2 percent in the third quarter, its fastest rate since 1984. December 24 U.S. confirms first case of "mad cow" disease.
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2004
February 10 Unexpected cut in OPEC quota and cold weather contribute to higher oil prices. February 11 Dow Jones Industrials closed at highest level in more than 2-1/2 years. March 25 Fourth quarter GDP rose 4.1 percent. April 30 International oil prices hit a 3-1/2 year high. May 27 First quarter GDP grew at a 4.4 percent annual rate. June 30 Federal funds rate increased by 25 basis points bringing the rate up to 1.25 percent. It is over four years since the Fed last tightened rates. August 9 Fitch removes California from Rating Watch Negative. August 10 Federal funds rate raised from 1.25 percent to 1.50 percent. August 24 S&P raised California’s credit rating from “BBB” to “A”. August 27 Second quarter GDP grew at a 2.8 percent annual rate. Mid-August Hurricane Charley hits Florida September Three powerful hurricanes (Frances, Ivan, and Jeanne) hit Florida and some neighboring states. September 21 Federal funds rate raised from 1.50 percent to 1.75 percent. October 29 GDP grew at a 3.7 percent rate in the third quarter. November 10 Federal funds rate raised from 1.75 percent to 2.00 percent. December 14 Federal funds rate raised from 2.00 percent to 2.25 percent. December 22 GDP grew at a 4.0 percent annual rate in the third quarter. December 26 A magnitude 9.0 earthquake –the largest in 40 years—struck the northern Indonesian island of Sumatra, triggering a tsunami that killed tens of thousands of people in more than 11 countries.
2005
January 22-24 Blizzards blanketed large parts of the Northeast. January 30 Iraq held its first free election in half a century. February 2 Federal funds rate raised from 2.25 percent to 2.50 percent. March 22 Federal funds rate raised from 2.50 to 2.75 percent. March 30 GDP grew at an annual rate of 3.8 percent in the fourth quarter of 2004. April 28 GDP increased at an annual rate of 3.1 percent in the first quarter of 2005. May 3 Federal funds rate raised from 2.75 to 3.00 percent June 29 GDP increased at an upwardly revised 3.8 percent in the first quarter of 2005. June 30 Federal funds rate raised from 3.00 percent to 3.25 percent. November 1 Federal funds rate raised from 3.75 percent to 4.00 percent. December 13 Federal funds rate raised from 4.00 percent to 4.25 percent. December 15 CPI posts biggest drop since 1949.
2006
January 31 Federal funds rate raised from 4.25 percent to 4.50 percent. Alan Greenspan steps down after more than 18 years as chairman of the Federal Reserve. Ben Bernanke was sworn in as the new chairman of the Federal Reserve. February 17 A total of 38,300 new and resale houses and condos were sold in California last month. That's down 27.5 percent from December and down 9.5 percent from January 2005. Last month's sales count was the lowest since January 2002. The median price paid for a home last month was $452,000. That’s down 1.3 percent from December and up 13.0 percent from January 2005. Last month's year-over-year increase was the lowest since a 12.4 percent increase in March 2003 when the median reached $290,000. Prices increased at their fastest rate in June 2004 when the $382,000 median was up 23.2 percent from the same month a year before. February 28 GDP increased at an annual rate of 1.6 percent in the fourth quarter of 2005, posting the smallest gain in three years. March 28 Federal funds rate raised from 4.50 percent to 4.75 percent. This is the fifteenth consecutive increase since June 2004 and the first since Ben Bernanke took over as chairman of the Federal Reserve. May 10 Federal funds rate raised from 4.75 percent to 5.00 percent. May 17 Standard and Poor’s raised California’s bond rating to A+ from A. Moody’s upgraded California’s bond rating to A1 from A2. June 9 Fitch upgraded California’s bond rating to A+ from A. June 29 GDP increased at an annual rate of 5.6 percent in the first quarter of 2006. It was the strongest quarterly growth in 2 1/2 years. Federal funds rate raised from 5.00 percent to 5.25 percent. June 30 California Governor Arnold Schwarzenegger signs the 2006-07 state budget bill. July 12 Hezbollah attacks Israel. July (mid-late) Heat wave sets records across the United States and caused scattered power outages. July 28 GDP increased at an annual rate of 2.5 percent in the second quarter of 2006. August 7 BP announces plan to shutdown Prudhoe Bay oil field. August 10 U.K. foils plot to bomb U.S.-bound airliners. September 5 Intel announced that it will lay off about 10 percent of its work force. September 12 California minimum wage legislation signed. The $1.25 increase in the minimum wage will be phased in, with an increase of 75 cents on January 1, 2007 and an increase of 50 cents on January 1, 2008. October 19 Dow Jones Industrials close above 12,000 for the first time. October 27 GDP increased at an annual rate of 1.6% in the third quarter, down from 2.6% in the second quarter. November 7 California Governor Arnold Schwarzenegger won a second term. Voters in six states approved ballot measures raising the minimum wage, joining 18 other states in setting a wage higher than the federal mark of $5.15 an hour. December 21 GDP increased at an annual rate of 2.0 percent in the third quarter.
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2007
January 1 California minimum wage increased to $7.50 per hour from $6.75. January 11 Vietnam becomes WTO member. Mid-January Freezing temperatures in California caused some $1.3 billion in crop losses. January 25-26 Sales of both new and existing homes in the U.S. suffered sharp declines last year. The plunge in new home sales was the biggest drop since 1990 and sales of existing homes saw its biggest decline since 1989. February Crippling winter storms blanketed large swaths of the Midwest and Northeast with snow, ice and freezing rain. February 21 Rising default rates hitting subprime mortgage industry hard. February 27 Dow Jones industrial average down 416 points, biggest one-day point loss since 2001, after declining markets in China and Europe and a steep drop in durable goods orders triggered a massive sell-off on Wall Street. February 28 GDP grew at a 2.2 percent pace in the 4th quarter –a considerably weaker rate than what the government first estimated. March 2 The latest benchmark revision to the California labor market statistics shows nonfarm payroll employment growth was considerably stronger than what was first estimated. March 14 President Bush issues a disaster declaration for California counties hurt by the January deep freeze. March 29 Fourth quarter GDP revised upwards to 2.5 percent. April 16 The number of default notices sent to California homeowners last quarter increased to its highest level in almost ten years, the result of flat appreciation, slow sales, and post teaser-rate mortgage resets. April 25 Dow Jones Industrials close above 13,000 for the first time. April 27 First quarter GDP increased at an annual rate of 1.3 percent. May 3 S&P 500 closed above 1,500 for the first time in more than six years. Dow Jones Industrials surged to a record high for the sixth time in seven sessions. May 4 US payroll job growth slowest since 2004. The Dow Jones industrial average hit another record high making this the longest bull run in 80 years. May 31 First quarter GDP increased at an annual rate of 0.6 percent. That’s down from its initial estimate of 1.3 percent growth. July 24 Federal minimum wage increased to $5.85 from $5.15 per hour. July 26 The Dow Jones industrial average dropped 311.50 points or 2.3 percent amid concerns about housing and credit markets. August 2 Mattel says it is recalling 1.5 million Chinese-made toys worldwide marking the latest in a string of recalls that have fueled U.S.-China tensions over the safety of Chinese products. August 9 The Dow Jones industrial average was down 387.18 points or 2.8 percent as worries about the global credit market sparked a broad sell-off in stocks. August 10 The Federal Reserve injected $38 billion into the banking system in an effort to provide liquidity as needed to keep financial markets operating normally. August 17 The Federal Reserve, reacting to concerns about the subprime lending crisis, cut its discount rate half a percentage point to 5.75 percent. August 23 Bank of America invests $2 billion in Countrywide Financial Corporation, helping the nation’s largest mortgage lender shore up its finances as it struggles with a liquidity crunch. August 24 California Governor Arnold Schwarzenegger signs the 2007-08 state budget bill. August 28 The Dow Jones industrial average closed down 280.28 points or 2.1 percent as investors were hit by fresh worries over declining consumer confidence, falling home prices, shrinking profits on Wall Street and uncertainty about the Federal Reserve. August 30 Second quarter GDP increased at an annual rate of 4 percent. That’s up from its initial estimate of 3.4 percent growth. September 10 Blasts rip Mexico gas and oil pipelines. September 18 Federal funds rate target reduced from 5.25 percent to 4.75 percent. Discount rate cut from 5.75 percent to 5.25 percent. September 27 Second quarter GDP increased at an annual rate of 3.8 percent. That’s down from its preliminary estimate of 4 percent. October 21-26 Southern California wildfires October 31 Federal funds rate target reduced from 4.75 percent to 4.50 percent. Discount rate cut from 5.25 percent to 5 percent. November 1 The Federal Reserve injects $41 billion in temporary reserves into the US money markets. November 5- Members of the Writers Guild of America strike. November 12 Citigroup, Bank of America, and JPMorganChase agree to a $75 billion superfund to restore confidence to credit markets. November 15 US House of Representatives passes the Mortgage Reform and Anti-Predatory Lending Act of 2007. December 6 President Bush announces a plan to voluntarily and temporarily freeze the mortgage rates of a limited number of mortgage debtors holding adjustable rate mortgages. December 11 Federal funds rate target reduced from 4.50 percent to 4.25 percent. Discount rate cut from 5 percent to 4.75 percent. December 12 The Federal Reserve injects $40B into the money supply and coordinates such efforts with central banks from Canada, United Kingdom, Switzerland and European Union. December 18 The Federal Reserve approves measures to give mortgage holders more protection to prevent the current housing crisis from worsening further. December 20 Third quarter GDP increased at an annual rate of 4.9 percent. December 21 In California, sales of new and existing houses and condos were down 39 percent from a year ago in November. Sales have declined in the last 26 months on a year-over-year basis. The median price paid for a home was down 2.4 percent from the prior month and down 11.9 percent from a year ago. Financing with adjustable-rate mortgages and with multiple mortgages have dropped sharply. Foreclosure activity is at record levels. December Banks, mortgage lenders, real estate investment trusts, and hedge funds continue to suffer significant losses as a result of mortgage payment defaults and mortgage asset devaluation.
2008
January 1 California minimum wage increased to $8.00 per hour from $7.50. January 11 Bank of America agrees to purchase Countrywide Financial. January 14 Fitch assigns Negative Rating Watch to State of California. January 21-22 Global stock markets plunge. January 22 Federal funds rate target reduced from 4.25 percent to 3.5 percent, the biggest one-day interest rate reduction on record. January 30 Federal funds rate target reduced from 3.5 percent to 3 percent. February 12 Hollywood writers strike ends. February 19 Crude oil price tops $100 a barrel. March 13 Gold futures hit $1000 an ounce for the first time. Crude oil price tops $110 a barrel. Gas prices rise to another record high. March 16 JPMorgan agrees to buy Bear Stearns for a mere fraction of what it was once worth. March 17 The Fed expanded the range of programs to boost financial market liquidity and cut the discount rate by 25 basis points, to 3.25 percent March 18 Federal funds rate target reduced from 3 percent to 2.25 percent. March 27 Fourth quarter GDP increased at an annual rate of 0.6 percent, compared with 4.9 percent in the third quarter. April 15 Retail chains caught in a wave of bankruptcies. April 16 Consumer prices, over the past 12 months, is up by 4 percent, reflecting sharp gains in energy costs, which are up 17 percent over that period, and food prices, which are up 4.4 percent. April 30 Federal funds rate target reduced from 2.25 percent to 2 percent. First quarter GDP increased at an annual rate of 0.6 percent. May 12 China earthquake May-June Gasoline prices set new all-time highs. June 26 First quarter GDP increased at an annual rate of 1 percent. . Crude oil hits new high of $140 a barrel. July 6 Extended unemployment insurance benefits begin. July 11 IndyMac Bank seized by federal regulators. July 30 President Bush signs housing rescue law. August 8 Georgia-Russia conflict escalates. August 28 Second quarter GDP increased at an annual rate of 3.3 percent. September 1 Hurricane Gustav strikes land west of New Orleans. September 7 The U.S. government takes over Fannie Mae and Freddie Mac. September 13 Hurricane Ike hits Texas. September 14 Merrill Lynch sold to Bank of America. September 15 Lehman Brothers files for bankruptcy protection. September 17 The Federal Reserve loans $85 billion to American International Group (AIG). September 19 Treasury to provide temporary guarantees for money market mutual funds. September 23 Governor Schwarzenegger signs record-late state budget. September 25 Washington Mutual was seized by the FDIC, and its banking assets were sold to JP MorganChase. September 26 Second quarter GDP increased at an annual rate of 2.8 percent. September 29 Citigroup buys banking operations of Wachovia. October 1 Financial crisis spreads to Europe. October 3 The Emergency Economic Stabilization Act (commonly referred to as a bailout of the U.S. financial system) became law. Wells Fargo to merge with Wachovia. October 6 - 10 Worst week for the stock market in 75 years. October 6 Fed provides $900 billion in short-term cash loans to banks. October 7 Fed makes emergency move to lend around $1.3 trillion directly to companies. October 8 Federal funds rate target reduced from 2 percent to 1.5 percent. The discount rate was cut to 1.75 percent. October 11 The Dow Jones Industrial Average caps its worst week ever with its highest volatility day ever recorded in its 112 year history. October 12 European leaders announce recapitalization plans for Europe's banks. October 24 OPEC to cut oil output by 1.5 million barrels a day. October 29 Federal funds rate target reduced from 1.5 percent to 1 percent. October 30 Third quarter GDP declines 0.3 percent. November 3 Boeing machinists’ 57-day strike ends. November 15- Wildfires burn five Southern California counties. November 17 Japan is officially in recession. November 24 The federal government approves plan to help Citigroup. December 1 Recession in the US began in December 2007, according to NBER. December 16 The Federal Reserve cut the federal funds rate target to a range of between zero percent and 0.25 percent. December 17 OPEC to cut oil production starting January in a bid to prop up falling oil prices. December 19 U.S. auto industry bailout approved. December 23 Third quarter GDP decreased at an annual rate of 0.5 percent.
2009
January 20 Barack Obama inaugurated as the 44th President of the U.S. January 23 British economy is officially in recession. February 3 S&P lowered California's bond rating to A from A+. February 17 President Obama signed the $787 billion economic stimulus package into law. The "American Recovery and Reinvestment Act of 2009" includes a variety of spending measures and tax cuts intended to promote economic recovery. February 18 President Obama unveiled the Homeowner Affordability and Stability Plan. February 20 California Governor Arnold Schwarzenegger signs the 2009-10 state budget bill. February 27 Fourth quarter GDP decreased at an annual rate of 6.2 percent. March 2 Dow Jones Industrial Average drops below 7000 for the first time since 1997. March 19 Moody's lowered California's bond rating from A1 to A2. Fitch lowered California's bond rating from A+ to A. March 23 U.S. Treasury Secretary unveils the Public-Private Investment Program. April 23 California adopts low carbon fuel standards. April 26 Swine Flu declared public health emergency. April 29 First quarter GDP decreased at annual rate of 6.1 percent. April 30 Chrysler files for bankruptcy. May 7 Governor Schwarzenegger proclaims state of emergency in Santa Barbara due to Jesusita wildfire. June 1 General Motors files for bankruptcy. June 10 Fiat completes acquisition of Chrysler assets. June 25 First quarter GDP decreased at annual rate of 5.5 percent. July 6 Fitch Ratings downgraded California’s long-term bond rating from A- to BBB. Moody's lowered the State's rating from A2 to Baa1. July 24 Dow closes above 9000; first time since January. Federal minimum wage jumps from $6.55 an hour to $7.25 an hour. July 28 Case-Shiller index shows first rise in U.S. housing prices in 3 years. August 24 Cash-for-Clunkers program ends. August 27 Second quarter GDP fell 1 percent, unchanged from the advance estimate in July and following a 6.4% drop in Q1. October 14 Dow closes above 10,000 for the first time in a year. October 29 Third quarter GDP increased at an annual rate of 3.5 percent.. November 6 Jobless benefit extended. Homebuyer tax credit extended and expanded. December 22 Third quarter GDP annual growth rate is 2.2%, per final estimate. December 31 Down 25 percent at its March 9, 2009 nadir, the Dow Jones industrial average rose 59 percent, and finished the year up 19 percent. The Nasdaq increased 79 percent and ended 2009 up 44 percent. The S&P 500 rose 65 percent, finishing the year up 23 percent.
2010
January 13 S&P lowered California's bond rating to A- from A. January 28 The Senate confirmed Federal Reserve Chairman Ben Bernanke's second term. February 18 The Federal Reserve raised the discount rate charged to banks for direct loans by a quarter point to 0.75 percent.. February 26 Fourth quarter GDP increased at an annual rate of 5.9 percent. February 27 Chile earthquake March 23 Obama signs landmark health care overhaul bill. April 2- BP massive oil spill in the Gulf of Mexico. April 14-20 Ash clouds from an Icelandic volcano shut down airports across Europe. April 15 Obama signs extension of jobless benefits.. April 30 First quarter GDP increased at an annual rate of 3.2 percent. May 27 Revised first quarter GDP increased at an annual rate of 3.0 percent. July 21 The Wall Street Reform and Consumer Protection Act was signed into law by President Obama. July 22 President Obama signed a six-month extension of emergency jobless benefits for the long-term unemployed. July 30 Second quarter GDP increased at an annual rate of 2.4 percent. In the first quarter, GDP increased 3.7 percent. September 16 US poverty rate jumped to 14.3% in 2009, its highest level since 1994, and the 43.6 million Americans in need is the highest number in 51 years of record-keeping, according to the Census Bureau. September 20 The US recession ended in June 2009, according to the NBER. Californians’ income falls for the first time since WWII. September 30 Second quarter GDP increased at an annual rate of 1.7 percent. In the first quarter, GDP increased 3.7 percent. October 15 In 2011, for the second straight year, there will be no inflation-based increase in Social Security benefits. November 3 The Federal Reserve announced a second round of quantitative easing through the purchase of $600 billion in long term Treasury bonds. December 17 President Obama signed into law an extension of the existing federal income tax cuts and long-term unemployment benefits. The bill also includes a 2% rollback of Social Security payroll taxes. December 22 Third quarter GDP increased at an annual rate of 2.6 percent. In the second quarter, GDP increased 1.7 percent.
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2011
January-February Commodity prices soaring. Uprisings in the Middle East. February 25 Fourth quarter real GDP increased at an annual rate of 2.8 percent. In the third quarter, real GDP increased 2.6 percent. March 11 Powerful earthquake and tsunami devastate Northern Japan. March 19 U.S. joins airstrikes in Libya. March 25 Fourth quarter real GDP increased at an annual rate of 3.1 percent. In the third quarter, real GDP increased 2.6 percent. April 27 Tornadoes ravaged the South. May 1 Osama bin Laden has been killed. May 26 First quarter real GDP increased at an annual rate of 1.8 percent. In the fourth quarter, real GDP increased 3.1 percent. July 11 Debt problems in Europe and U.S. weigh on U.S. stocks. July 15 Monthly inflation retreats on lower gas prices. July 29 Real GDP rose by 1.3 percent in Q2. Downward adjustments to the prior 3 quarters were made. Benchmark revision revealed a deeper recession than previously reported. August 2 Obama signs debt ceiling bill. August 4 Wall Street suffers worst selloff in two years. August 5 S&P downgrades U.S. credit rating. August 28 Hurricane Irene hammers the Northeast. September 21 The Federal Reserve decided to extend the average maturity of their security holdings by buying $400 billion of longer-dated securities and selling $400 billion of shorter-dated securities by the end of June
2012
September 22 Dow Jones industrials sees biggest two-day decline since December 2008. October 21 Obama signs free-trade agreements with South Korea, Colombia, and Panama.. November 30 Six Central Banks take joint action to enhance global liquidity. December 15 U.S. marks end to Iraq war. December 23 President Obama signed a two-month extension of the payroll tax cut.
2012
February 1 Facebook filed for an IPO. February 8 States reached $25 billion settlement with banks over foreclosure abuses. February 14 S&P upgrades California's financial outlook. February 22 President Obama signed into law the extension of the payroll tax cut and unemployment benefits. April 20 California’s labor market continued its slow improvement in March as employers added jobs for the eighth straight month. April 27 Advance estimate of first-quarter Real GDP growth came in at 2.2 percent, down from 3.0 percent growth in the fourth quarter. May 18 Facebook IPO June 20 The Federal Reserve extends 'Operation Twist' through the end of 2012. June 21 Moody's cuts credit ratings of 15 major banks. June 28 Revised estimate of first-quarter Real GDP growth came in at 1.9 percent, down from 3.0 percent growth in the fourth quarter. Supreme Court upholds health care law. August 1 The city of San Bernardino, CA files for bankruptcy. August 6 Fire at the Chevron refinery in Richmond, CA Late-August Hurricane Isaac caused destruction along the northern Gulf Coast. August 29 Revised estimate of second-quarter Real GDP growth came in at 1.7 percent. September 6 European Central Bank to launch an “outright monetary transactions” program. September 15 Amazon.com to start collecting California sales tax. October 10 Spain’s credit rating downgraded by S&P October 11 The nation’s foreclosures fall to 5-year low. October 28-29 Superstorm Sandy slams the Northeast and mid-Atlantic states. November 14 California’s cap-and-trade program is launched. December 20 Third-quarter Real GDP grew at a seasonally adjusted annual rate of 3.1percent, the fastest rate of growth since the fourth quarter of 2011.
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