in Search

This Day in History (Wall Street News of the Past)

Last post 02-24-2009, 10:57 by Heidi B. 186 replies.
Page 8 of 8 (187 items)   « First ... < Previous 4 5 6 7 8
Sort Posts: Previous Next
  •  12-09-2008, 11:05 28427 in reply to 25746

    December 9

    December 9, 1963

    Studebaker winds down

    The Studebaker Brothers Manufacturing Company, started during the Civil War, was the world's largest manufacturer of horse-drawn carriages. When automobiles came along, Studebaker converted its business, becoming a well-known automaker. But the brand couldn't keep up with its competitors, despite a 1954 merger with the Packard Motor Car Company. On this day in 1963, the last American-made Studebaker was produced, and the factory in South Bend, Indiana, closed forever. Three years later Studebaker's Canadian factories shut down, and the Studebaker passed into history.


    Have a wonderful day~!
  •  12-10-2008, 14:54 28436 in reply to 25746

    December 10

    December 10, 1845

    First pneumatic tires receive patent

    English inventor R.W. Thompson received a British patent for his new carriage wheels, which had inflated tubes of heavy rubber stretched around their rims--the world's first pneumatic tires. They became popular on horse-drawn carriages, and later prevented the first motorcar passengers from being shaken to pieces.

    December 10, 1915

    Model T reaches milestone

    The 1,000,000th Model T Ford was produced on this day in 1915. It was a triumph of Henry Ford's assembly-line innovations, and the dawn of a new American era. The speed and efficiency of Ford's factories made automobiles cheaper than ever. Average families could afford their own cars. The modern motorized world was being born.

    December 10, 1970

    Lee Iacocca gets a promotion

    Lee Iacocca became president of Ford Motor Company on this day. Iacocca joined Ford as an engineer in the 1940s, but quickly moved into marketing, where he gained influence quickly as a supporter of the Ford Mustang. Iacocca was eventually ousted from Ford on October 15, 1978. He went on to become president of the struggling Chrysler Corporation, which was saddled with an inventory of gas-guzzling road yachts, just as the fuel shortage began. Iacocca made history by talking the government into offering Chrysler $1.5 billion in loans. The bailout worked, with the help of Iacocca's streamlining measures. Chrysler recorded record profits in 1984.
     
     

    Have a wonderful day~!
  •  12-11-2008, 14:10 28440 in reply to 25746

    December 11

    December 11, 1815

    Madison presents trade agreement to Congress

    On this day in 1815, President James Madison (1809-1817) presents to Congress a trade agreement with Great Britain that would regulate commerce between the two countries. The agreement came just one year after the signing of the treaty that ended the War of 1812. The commerce agreement secured America’s autonomy on the high seas, but more importantly, it signified Britain’s acceptance of America as a separate nation with the will and capacity to defend its interests.

    Resentment left over from the American Revolution (1775-1783) between Britain and the United States erupted into a second full-scale war when Britain began harassing American shipping. Beginning during the administration of America’s third president, Thomas Jefferson (1801-1809), British warships occasionally fired on and boarded American navy or merchant ships while patrolling the seas for enemy French. To add insult to injury, the British "impressed" or involuntarily drafted American sailors to serve on British warships. This affront to America’s autonomy led Madison to ask Congress for a declaration of war against Britain in 1812. In 1814, the British captured the city of Washington and burned the White House, but not before Madison’s plucky wife, Dolley, saved a portrait of George Washington from looters. The U.S. emerged victorious in this "second war of independence" against Britain and as a result gained confidence in its military capabilities and a stronger sense of national identity.

    During the ensuing peace negotiations, Madison’s administration extended an olive branch to the British, suggesting that the two countries shared mutual interests and ought to be collaborating in commerce rather than endangering "their future harmony." Although Madison described the 1815 maritime trade agreement as "conciliatory," he also emphasized America’s insistence that American navigation be "confined to American seamen," free from international (i.e. British) interference. Madison thus signaled to the world that America would continue to vigorously defend her territory and economic interests.

    December 11, 1941

    Spare tires outlawed

    On this day in 1941, Buick lowered its prices to reflect the absence of spare tires or inner tubes from its new cars. Widespread shortages caused by World War II had led to many quotas and laws designed to conserve America's resources. One of these laws prohibited spare tires on new cars. Rubber, produced overseas, had become almost impossible to get. People didn't mind the spare-tire law too much, though. They were too busy dealing with quotas for gasoline, meat, butter, shoes, and other essentials.
     
     

    Have a wonderful day~!
  •  12-12-2008, 11:02 28445 in reply to 25746

    December 12

    December 12, 1805

    Wells Fargo founder is born


    December 12, 1805, brought the birth of Henry Wells, one of the fathers of speed-conscious delivery and banking services. Born in Thetford, Vermont, Wells cut his teeth working as an agent for Harden's Express in upstate New York. Clearly taken with the express transport business, Wells set up his own shop, Livingston Wells and Pomeroy's Express, which ferried "goods, valuables, and specie" between Buffalo and Albany. By 1844, Wells sensed that it was time to push his business west of Buffalo, and he joined forces with William Fargo and Daniel Dunning to start Wells and Company, which would service terrain beyond the upper reaches of New York. While this was all fairly ambitious maneuvering, the 1850s saw Wells make an even stronger move to conquer the express market. First, in 1850, ever ambitious, he merged his two concerns into the American Express Company, which initially covered California and the Eastern seaboard (it later stretched to serve Latin America). Then, in 1852, he linked up with Fargo again to form Wells, Fargo and Company, a joint-stock venture that served as a holding company for the Wells Fargo Bank. Along with bankrolling business ventures, Wells used his ever-swelling fortune to aid the plight of chronic stutteres, as well as to establish Wells Seminary (now Wells College) for women.

    December 12, 1900

    U.S. Steel formed



    Early in December of 1900, Charles Schwab and fellow financier cum entrepreneur, J. Pierpont Morgan, sat down for dinner and hatched the idea of forming a giant steel conglomeration. Schwab whirled into action, looking for suitable companies to merge into a mighty combine. He quickly hit his target: Andrew Carnegie. After assuaging Carnegie and Morgan's egos, and brokering a delicate financial agreement, Schwab announced the formation of U.S. Steel on December 12.

    December 12, 1901

    Marconi sends first Atlantic wireless transmission



    Italian physicist and radio pioneer Guglielmo Marconi succeeds in sending the first radio transmission across the Atlantic Ocean, disproving detractors who told him that the curvature of the earth would limit transmission to 200 miles or less. The message--simply the Morse-code signal for the letter "s"--traveled more than 2,000 miles from Poldhu in Cornwall, England, to Newfoundland, Canada.

    Born in Bologna, Italy, in 1874 to an Italian father and an Irish mother, Marconi studied physics and became interested in the transmission of radio waves after learning of the experiments of the German physicist Heinrich Hertz. He began his own experiments in Bologna beginning in 1894 and soon succeeded in sending a radio signal over a distance of 1.5 miles. Receiving little encouragement for his experiments in Italy, he went to England in 1896. He formed a wireless telegraph company and soon was sending transmissions from distances farther than 10 miles. In 1899, he succeeded in sending a transmission across the English Channel. That year, he also equipped two U.S. ships to report to New York newspapers on the progress of the America's Cup yacht race. That successful endeavor aroused widespread interest in Marconi and his wireless company.

    Marconi's greatest achievement came on December 12, 1901, when he received a message sent from England at St. John's, Newfoundland. The transatlantic transmission won him worldwide fame. Ironically, detractors of the project were correct when they declared that radio waves would not follow the curvature of the earth, as Marconi believed. In fact, Marconi's transatlantic radio signal had been headed into space when it was reflected off the ionosphere and bounced back down toward Canada. Much remained to be learned about the laws of the radio wave and the role of the atmosphere in radio transmissions, and Marconi would continue to play a leading role in radio discoveries and innovations during the next three decades.

    In 1909, he was jointly awarded the Nobel Prize in physics with the German radio innovator Ferdinand Braun. After successfully sending radio transmissions from points as far away as England and Australia, Marconi turned his energy to experimenting with shorter, more powerful radio waves. He died in 1937, and on the day of his funeral all British Broadcasting Corporation (BBC) stations were silent for two minutes in tribute to his contributions to the development of radio.

    December 12, 1914

    Stocks tank as NYSE trading resumes



    On the first day of trading since the New York Stock Exchange (NYSE) reopened in November 1914 after being shut down due to the start of World War I earlier that year, the Dow Jones Industrial Average suffers its worst percentage drop (24.39 percent) since it was first published in 1896.

    American officials had decided to reopen the NYSE after the longest-ever suspension of trading because it was thought that bond trading, albeit with a set of restrictions designed to safeguard the American economy, could help raise money for the war effort. The precipitous fall of the Dow Jones Industrial Average (DJIA), the most important of various stock indices used to gauge market performance, indicated the risky nature of business during the first months of war, when nobody knew exactly how long the war would last or what role the U.S. would eventually end up playing in the conflict.

    Despite the tough economic climate that would continue throughout the war—including a 40-percent drop in the DJIA from late 1916 to early 1917—World War I was a clear turning point in the realm of international finance. New York would replace London as the top investment capital and the New York Stock Exchange would become, for better or for worse, the undisputed barometer of the world’s economies.

    December 12, 1916

    Studebaker digs in



    The Studebaker Corporation, a leading automaker that began as the world's biggest manufacturer of horseless carriages, began construction of a new factory in South Bend, Indiana. Studebaker was a leading automaker throughout the first half of the twentieth century.


    December 12, 1917

    Father Flanagan establishes Boys Town



    In Omaha, Nebraska, Father Edward J. Flanagan, a 31-year-old Irish priest, opens the doors to a home for troubled and neglected children, and six boys enter to seek a better life. Flanagan, who previously ran the Workingmen's Hotel, a haven for down-and-out workers in Omaha, understood that mistreated or orphaned children were at high risk of turning to delinquency and crime in later years.

    The location of what would become known as "Boys Town" rapidly filled up with the arrival of additional children. Many were sent by local courts, others were referred to the home by citizens, and some wandered off the streets and through the home's unlocked doors on their own accord. In the spring of 1918, no space was left in the drafty Victorian mansion at 106 North 25th Street, so Father Flanagan, assisted by sympathetic citizens, moved Boys Town to a building 10 times the size on the other side of town. The vacant building was the German-American Home, which, with the U.S. declaration of war against Germany in April 1917, had become the most despised building in the city.

    Within months, enrollment at Boys Town had soared to more than 100 boys, and a school was established that later grew into an institution with a grade school, a high school, and a career vocational center. Before the new building was four years old, more than 1,300 neglected boys from 17 states had passed through Boys Town. In 1921, Boys Town expanded again with the financial assistance of the people of Omaha, this time to a farm 10 miles west of Omaha. The institution remains at this site today and has changed its name to "Girls and Boys Town" to reflect its co-ed enrollment.

    December 12, 1923

    Bob Barker is born



    December 12 marks the birthday of silver-haired game show impresario Bob Barker. Born in 1923, Barker's main claim to fame is his long standing run as the host of The Price Is Right, the daytime television favorite that features cost-conscious contestants testing their skills as consumers in a variety of pricing games.

    December 12, 1929

    Cattle pioneer Charles Goodnight dies



    Charles Goodnight, co-founder of one of the most important southwestern cattle-drive trails, dies on this day. He was 93 years old.

    Born in Illinois in 1836, Goodnight came to Texas with his family when he was nine years old, and he thrived in the rugged frontier environment. His skill as a frontiersman and scout won him a position as a regimental guide during the Civil War, and Goodnight became confident that he could blaze a trail across any landscape, no matter how rugged or desolate. By the time the war ended, Goodnight had also built up a herd of cattle on his ranch in Palo Pinto County, Texas, and he decided to combine his interest in ranching with his ability as a trailblazer. At the time, most Texas ranchers drove their herds north to the railheads in the cattle-towns of Kansas for shipment to the East, but Goodnight was convinced that he could make a better profit if he could find a path to drive his cattle to the growing beef markets in New Mexico and Colorado.

    While buying provisions for his proposed drive, Goodnight met Oliver Loving, a cattleman who was already renowned for his frontier and livestock skills. Loving agreed that Goodnight's idea was solid and the two men became partners. In 1866, they blazed a 500-mile route from Fort Belknap, Texas, to Fort Sumner, New Mexico, which became known as the Goodnight-Loving Trail. Later extended north into Colorado, the Goodnight-Loving Trail became one of the most heavily used cattle trails in the Southwest. Though well utilized, it was a risky ride, since it passed through lands still dominated by small bands of hostile Indians. Loving was killed by Indians while planning a third trip on the trail, but Goodnight continued to use the route for three more years and in 1871 cleared a profit of $17,000.

    In 1875, Goodnight blazed another cattle trail, this time from New Mexico to Colorado. But he had grown tired of the long and dangerous trail drives and increasingly focused his efforts on his new Colorado ranch. When the Colorado ranch failed, Goodnight transferred the remnants of his herd to the Palo Duro Canyon in the Texas Panhandle to make a fresh start. After convincing a wealthy Irishman to invest large amounts of capital into his new operation, Goodnight succeeded in building his new JA Ranch into one of the major Texas ranches of the day, eventually running more than 100,000 cattle and returning excellent profits. By the time he died, Goodnight had transformed himself from an intrepid trailblazer and cattle driver into one of the great cattle barons of the American West.

    December 12, 1955

    Ford Foundation gives away $500 million



    On this day in 1955, the Ford Foundation made the biggest donation to charity the world had yet seen: $500,000,000 to hospitals, medical schools, and colleges. The Ford Foundation supported many other charities, and is still active today.

    December 12, 1963

    JFK memorial album sets record for sales



    On this day in 1963, a vinyl long-playing record ("LP") called John Fitzgerald Kennedy: A Memorial Album sets a record for album sales. A total of 4 million copies sold in the first six days of its release.

    The album, released on the Premier label, included recordings of some of Kennedy’s most memorable speeches, as well as memorial tributes to the president broadcast in the aftermath of his assassination on November 22, 1963. The recordings included excerpts from his inaugural address and his campaign debates with Richard Nixon as well as highlights from speeches on a variety of topics from civil rights to space to the Cuban Missile Crisis of October 1962. Some of Kennedy’s most enduring quotes were captured on the album including "ask not what your country can do for you, ask what you can do for your country" (from his inaugural) and "ich bin ein Berliner" (translated as "I too, am a Berliner") from a speech he delivered at the Berlin Wall during the height of the Cold War.

    Each copy of the album cost 99 cents and the proceeds went to the Joseph Kennedy, Jr., Foundation for Mental Retardation. Although Kennedy remains one of the most beloved and documented presidents in American history, the album itself has not yet garnered much value as a collector’s item. In 2006, a mint copy of the album fetched a mere $15.00 on several internet auction sites. This may be because most of Kennedy’s speeches are now accessible on the internet.

    The Premier record was not the only one released in honor of Kennedy in 1963. An LP documentary called The Presidential Years 1960 – 1963 sold a respectable 1 million copies in its first six days, also at 99 cents per copy.

    December 12, 1989

    The Queen of Mean is sentenced to the slammer



    Leona Helmsley, nicknamed the "Queen of Mean" by the press, receives a four-year prison sentence, 750 hours of community service, and a $7.1 million tax fraud fine in New York. For many, Helmsley became the object of loathing and disgust when she quipped that "only the little people pay taxes."

    Leona's husband, Harry, was one of the world's wealthiest real estate moguls, with an estimated $5 billion to $10 billion in property holdings. The couple lived in a dazzling penthouse overlooking Central Park and also maintained an impressive mansion in Greenwich, Connecticut. Leona, who operated the Helmsley Palace on Madison Avenue, was severely disliked by her employees.

    Though they lavishly furnished their homes and hotel, the Helmsleys were curiously diligent about evading the required payments and taxes for their purchases. Much of their personal furniture was written off as a business expense, and there were claims that the Helmsleys extorted free furnishings from their suppliers. Contractors were hardly ever paid on time-if at all-and many filed lawsuits to recover even just a portion of what they were owed. Leona reportedly also purchased hundreds of thousands of dollars of jewelry in New York City but insisted that empty boxes be sent to Connecticut so that she could avoid the sales tax.

    Given her offensive personality, many were quite pleased by Leona's legal troubles. Even celebrity lawyer Alan Dershowitz could not win her immunity from the law. Following her conviction, Federal Judge John Walker publicly reprimanded her, saying, "Your conduct was the product of naked greed [and] the arrogant belief that you were above the law." Leona Helmsley was sent to jail in 1992 and was released in 1994. In 2002, Helmsley, whose husband Harry died in 1997, again found herself in court after being sued by Charles Bell, a former employee who accused Leona of firing him solely because he was homosexual. A jury ordered Helmsley to pay him more than $11 million in damages.


    Have a wonderful day~!
  •  12-15-2008, 14:45 28470 in reply to 25746

    December 15

    December 15, 1941

    Strikes ruled out by labor

    An AFL council adopted a no-strike policy in war industries, which included automotive plants being converted to military production (domestic automobile manufacturing stopped completely from 1941 to 1944). The U.S. was gearing up for the worst years of World War II.

    December 15, 1973

    Billionaire's kidnapped grandson found in Italy

    Jean Paul Getty III, the grandson of American billionaire J. Paul Getty, is found alive near Naples, five months after his kidnapping by an Italian gang. J. Paul Getty, who became the richest man in the world in 1957, had initially refused to pay his 16-year-old grandson's $17 million ransom but finally agreed to cooperate after the boy's severed right ear was sent to a newspaper in Rome. He eventually secured his grandson's release by paying just $2.7 million, the maximum amount that he claimed he was able to raise.

    Born in Minneapolis in 1892, Getty inherited a small oil company from his father. Through his autocratic rule and skillful manipulation of the stock market, Getty soon shaped Getty Oil into a massive financial empire. By 1968, Getty's fortune exceeded $1 billion. However, the world's wealthiest man did not live an ideal life. He is remembered as an eccentric billionaire who married and divorced five times and had serious relationship problems with most of his five sons.

    In the final 25 years of his life, Getty lived near London, England, in an estate surrounded by double barbed-wire fences and protected by plainclothes guards and more than 20 German shepherd attack dogs. He was also a notorious miser--his installation of a payphone for guests in his English mansion is a famous example. Three years after failing to pay his grandson's ransom in a timely manner, J. Paul Getty died at the age of 83.

    His children and former wives fought bitterly over the inheritance of his fortune in court, but ultimately the bulk of his billions went to the J. Paul Getty Museum "for the diffusion of artistic and general knowledge." Today, the Getty Museum, based in Los Angeles, is the most richly endowed museum on earth.

    December 15, 1978

    United States announces that it will recognize communist China

    In one of the most dramatic announcements of the Cold War, President Jimmy Carter states that as of January 1, 1979, the United States will formally recognize the communist People's Republic of China (PRC) and sever relations with Taiwan.

    Following Mao Zedong's successful revolution in China in 1949, the United States steadfastly refused to recognize the new communist regime. Instead, America continued to recognize and supply the Nationalist Chinese government that had been established by Chiang Kai-shek on the island of Taiwan. In 1950, during the Korean War, U.S. and PRC armed forces clashed. During the 1960s, the United States was angered by PRC support and aid to North Vietnam during the Vietnam War.

    By the 1970s, however, a new set of circumstances existed. From the U.S. viewpoint, closer relations with the PRC would bring economic and political benefits. Economically, American businessmen were eager to try and exploit the huge Chinese market. Politically, U.S. policymakers believed that they could play the "China card"-using closer diplomatic relations with the PRC to pressure the Soviets into becoming more malleable on a variety of issues, including arms agreements. The PRC also had come to desire better relations with its old enemy. It sought the large increase in trade with the United States that would result from normalized relations, and particularly looked forward to the technology it might obtain from America. The PRC was also looking for allies. A military showdown with its former ally, Vietnam, was in the making and Vietnam had a mutual support treaty with the Soviets.

    Carter's announcement that diplomatic ties would be severed with Taiwan (which the PRC insisted on) angered many in Congress. The Taiwan Relations Act was quickly passed in retaliation. It gave Taiwan nearly the same status as any other nation recognized by the United States and also mandated that arms sales continue to the Nationalist government. In place of the U.S. embassy in Taiwan, an "unofficial" representative, called the American Institute in Taiwan, would continue to serve U.S. interests in the country.

    December 15, 1998

    U.S. House of Representatives recommends impeaching Clinton

    On this day in 1998, the U.S. House of Representatives’ Committee on the Judiciary releases a 265-page report recommending the impeachment of President Bill Clinton for high crimes and misdemeanors.

    The subsequent impeachment proceedings were the culmination of a slew of scandals involving the president and first lady Hillary Clinton. The Clintons were suspected of arranging improper real-estate deals, fundraising violations and cronyism in involving the firing of White House travel agents. Added to the mix were stories of Clinton’s extra-marital affairs and a sexual harassment claim filed against him. An independent counsel, Kenneth Starr, was appointed to investigate the Paula Jones sexual harassment case; the ensuing investigation led Starr to Monica Lewinsky, a former White House intern who had been accused of having an affair with Clinton. In early 1998, the Lewinsky scandal broke to the press and Clinton vehemently denied the affair. A year of federal grand jury testimony from various individuals in both camps followed, while Clinton continued to refute the allegations and invoked executive privilege when subpoenaed in August 1998.

    Clinton’s attempt to cover up the affair, which he later admitted to and apologized for, prompted incensed House Republican leaders to pass Resolution No. 611 on December 15, 1998. The resolution launched the impeachment process for high crimes and misdemeanors, including perjury and obstruction of justice. The report accused Clinton of concealing evidence, giving misleading testimony and influencing witnesses. In the opinion of the majority of the House, Clinton’s actions "undermined the integrity of his office." Democratic leaders also disapproved of Clinton’s conduct but preferred to formally censure the president over impeachment.

    After heated debate, the Republican-dominated House of Representatives voted to impeach Clinton on December 19. On January 7, 1999, the impeachment trial began in the Senate--it was the first such trial since President Andrew Johnson was accused of illegally removing the secretary of war from office and violating several Congressional acts in 1868. Like Johnson, Clinton was acquitted on February 12, 1999.


    Have a wonderful day~!
  •  12-16-2008, 14:06 28477 in reply to 25746

    December 16

    December 16, 1773

    The Boston Tea Party

    In Boston Harbor, a group of Massachusetts colonists disguised as Mohawk Indians board three British tea ships and dump 342 chests of tea into the harbor.

    The midnight raid, popularly known as the "Boston Tea Party," was in protest of the British Parliament's Tea Act of 1773, a bill designed to save the faltering East India Company by greatly lowering its tea tax and granting it a virtual monopoly on the American tea trade. The low tax allowed the East India Company to undercut even tea smuggled into America by Dutch traders, and many colonists viewed the act as another example of taxation tyranny.

    When three tea ships, the Dartmouth, the Eleanor, and the Beaver, arrived in Boston Harbor, the colonists demanded that the tea be returned to England. After Massachusetts Governor Thomas Hutchinson refused, Patriot leader Samuel Adams organized the "tea party" with about 60 members of the Sons of Liberty, his underground resistance group. The British tea dumped in Boston Harbor on the night of December 16 was valued at some $18,000.

    Parliament, outraged by the blatant destruction of British property, enacted the Coercive Acts, also known as the Intolerable Acts, in 1774. The Coercive Acts closed Boston to merchant shipping, established formal British military rule in Massachusetts, made British officials immune to criminal prosecution in America, and required colonists to quarter British troops. The colonists subsequently called the first Continental Congress to consider a united American resistance to the British

    December 16, 1949

    Swedish carmaker debuts

    A Swedish company by the name of Svenska Aeroplan Aktiebolaget produced its first motorcar. In 1965, the concern changed its name to Saab Aktiebolag, and a few years later simply to Saab. The first Saab automobiles were engineered with the precision of fighter planes--the company's other main product. Today Saab is known for producing safe, reliable, high-performing vehicles. In 1990, General Motors bought Saab's car operations, excluding its bus, truck, and military jet businesses. Ten years later, GM acquired the rest of Saab's automotive operations.

    December 16, 1979

    Oil prices climb higher

    Libya joined four other OPEC nations in raising the price of crude oil. Since the U.S. bought much of its oil from Libya, the price hike had an almost immediate effect on American gas prices. Gas became costly, and the cost of motoring rose. Heating-oil prices also jumped--a tough blow at the beginning of winter.

    December 16, 1998

    Clinton orders air attack on Iraq

    On this day in 1998, President Bill Clinton announces he has ordered air strikes against Iraq because it refused to cooperate with United Nations (U.N.) weapons inspectors. Clinton’s decision did not have the support of key members of Congress, who accused Clinton of using the air strikes to direct attention away from ongoing impeachment proceedings against him. Just the day before, the House of Representatives had issued a report accusing Clinton of committing "high crimes and misdemeanors" related to the Monica Lewinsky scandal, in which Clinton had--and then lied about--an illicit sexual liaison with an intern in the Oval Office.

    At the time of the air strikes, Iraq was continuing its attempts to build weapons of mass destruction including nuclear, chemical and biological agents. Fearful of Iraqi leader Saddam Hussein’s belligerence, and his penchant for using those weapons against his own people, the U.N. sent in weapons inspectors in 1997. After repeatedly refusing the inspectors access to certain sites, Clinton resorted to air strikes to compel Hussein to cooperate.

    Many in Congress agreed with Republican majority leader Trent Lott that the timing of the air strikes was "suspect" and "cursory." In their opinion, the air strikes were simply a ploy to direct the public’s attention away from the impeachment proceedings, and would ultimately prove futile in persuading Hussein to comply with the U.N.’s demands. Lott and his cohorts considered sustained bombardment of Iraq and the direct overthrow of Hussein the only way to end Iraq’s weapons program. Clinton, in a televised public address that day brushed aside the criticism, saying that the Iraqi president was wrong if he thought "…the serious debate [on impeachment] would distract Americans or weaken our resolve to face him down." He emphasized that his decision to launch air strikes was critical to America’s vital interests and to the security of the world.

    Ultimately, the American public’s attention, and that of the press, stayed fixated on Clinton and his battle to save his presidency. Both the air strikes and the impeachment threat proved anti-climactic. Clinton was acquitted by the Senate in February 1999 and the air strikes on Iraq failed to intimidate Hussein into allowing weapons inspectors full access to Iraq’s weapons facilities.


    Have a wonderful day~!
  •  12-17-2008, 11:57 28484 in reply to 25746

    December 17

    December 17, 1878

    Gold Exchange shuts down

    By 1878, the rise of the silver movement and rampant currency deflation had taken their toll on gold. The premium on the precious metal had virtually vanished, leaving gold traders with little work to do. So, rather than twiddle their thumbs and wait for a turnaround, leaders of the nation's Gold Exchange decided to close shop on December 17. However, the dawn of 1879 saw a reversal of gold's fortunes and the Exchange re-opened its doors for business.

    December 17, 1944

    U.S. approves end to internment of Japanese Americans

    During World War II, U.S. Major General Henry C. Pratt issues Public Proclamation No. 21, declaring that, effective January 2, 1945, Japanese American "evacuees" from the West Coast could return to their homes.

    On February 19, 1942, 10 weeks after the Japanese bombed Pearl Harbor, U.S. President Franklin D. Roosevelt signed Executive Order 9066, authorizing the removal of any or all people from military areas "as deemed necessary or desirable." The military in turn defined the entire West Coast, home to the majority of Americans of Japanese ancestry or citizenship, as a military area. By June, more than 110,000 Japanese Americans were relocated to remote internment camps built by the U.S. military in scattered locations around the country. For the next two and a half years, many of these Japanese Americans endured extremely difficult living conditions and poor treatment by their military guards.

    During the course of World War II, 10 Americans were convicted of spying for Japan, but not one of them was of Japanese ancestry. In 1988, President Ronald Reagan signed a bill to recompense each surviving internee with a tax-free check for $20,000 and an apology from the U.S. government.

    December 17, 1963

    Clean Air Act passes Congress

    On this day in 1963, the U.S. Congress passed the Clean Air Act, a sweeping set of laws designed to protect the environment from air pollution. It was the first legislation to place pollution controls on the automobile industry.

    December 17, 1983

    Another round of Reagan tax reform

    After approving President Ronald Reagan's of tax cuts in 1981, Congress was back for another round of tax reform in 1983. This time, the House passed a 1,379-page tax overhaul bill that, in the words of the Wall Street Journal, promised to "alter almost every corner of the tax code." Despite President Reagan's claim that the legislation was his "top domestic priority," the bill was packed with seemingly Democrat-style initiatives, including the eradication of a fleet of tax preferences and the pledge to remove roughly 6.3 million "working poor" families from the tax rolls. Part of the president's support came from his avowed desire to shift the perception that the GOP was a bedfellow of big business. Nor did it hurt that the legislation featured another round of tax cuts and was designed to goose business and economic growth.


    Have a wonderful day~!
  •  12-23-2008, 12:22 28510 in reply to 25746

    December 23

    December 23, 1941

    While the military strikes, workers won't

    A conference of industry and labor officials agrees that there would be no strikes or lockouts in war industries while World War II continued.

    December 23, 1982

    Congress hikes fuel tax

    The U.S. Congress raised the federal fuel tax on gasoline and other petroleum-based fuels by 5¢ a gallon. This tax hike was expected to raise $5.5 billion annually. The additional money was destined for road and bridge repairs.

    Have a wonderful day~!
  •  12-24-2008, 10:12 28514 in reply to 25746

    December 24

    December 24, 1801

    Steam propels carriage in Cornwall

    On this day in 1801, Richard Trevithick drove a three-wheeled steam-powered vehicle up a hill in Camborne, Cornwall, England, carrying seven passengers. It was the first time the inventor had driven his steam-wagon, one of the first automobiles in history. Trevithick had invented a high-pressure steam engine which was lighter and more powerful than the low-pressure engine invented by James Watt. He adapted his improved engine to hoist loads in mines, drive locomotives and ships, and run rolling mills. Trevithick is sometimes called the "Father of the Steam Locomotive."
     
    December 24, 1809

    Kit Carson born in Kentucky

    Christopher Houston "Kit" Carson, one of the most celebrated heroes of the American West, is born in Richmond, Kentucky.

    Shortly after Carson was born, his family moved west to Howard County, Missouri, an ideal spot for a future frontiersman to learn his trade. By the early 1820s, nearby Franklin, Missouri, had become the starting point for the newly opened Santa Fe Trail. As an apprentice to a Franklin saddle maker, Carson spent three years watching the covered wagons head westward for Santa Fe. Finally, the yearning to follow overwhelmed young Carson, and he ran away from home to join a trading caravan.

    Intelligent and resourceful, Carson made a new life for himself once he reached Santa Fe. He learned enough Spanish to serve as a translator, and soaked up information about frontier knowledge and skills from the many mountain men who came to town. When Carson was 22 years old, he met the famous Irish mountain man Thomas Fitzpatrick, who offered to take Carson on a trapping expedition in the northern Rockies. Carson jumped at the chance, and soon became a skilled trapper and a cunning tracker. In January 1833, when a band of Crow Indians stole his party's horses, Carson trailed the Indians for 40 miles and his party was able to recover the stolen steeds.

    Possessed of an uncanny ability to remember geography and topography, the illiterate Carson gained international fame after he served as a guide for John C. Fremont's 1842 western mapping expedition along the Oregon Trail. Fremont was so impressed with Carson's frontier and guiding skills that he rehired him to guide his 1843 exploration of the Great Salt Lake and the Sierra Nevada. When Fremont published his reports on the two expeditions, he wrote glowingly of the young scout, and Carson had his first taste of national fame.

    After serving with Fremont in the Mexican War, Carson gained even greater renown as an Indian fighter in New Mexico, and the authors of popular dime novels began featuring him in their western tales. Literally a legend in his own time, Carson had the bizarre experience of colliding with his own mythic self. Late in 1849, Carson led the pursuit of a band of Jicarilla Apache who had kidnapped Mrs. J.M. White and her child from an emigrant caravan. Carson and a company of Taos soldiers tracked down and defeated the Apache, but they were too late to save Mrs. White, who was found with an arrow through her heart. Carson discovered a dime novel lying near White's body-the novel featured Carson as the hero of a story where he single-handedly fought off eight Indians.

    Although he spent much of his life fighting Indians, Carson apparently had great sympathy and respect for them--in 1867 he became the Superintendent of Indian Affairs for Colorado Territory. Despite his failing health, Carson made a strenuous trip to Washington with delegates from the Ute tribe to argue on the Indians' behalf in treaty negotiations. Shortly after he returned to his home in Boggsville, Colorado, he died at the age of 58, but his legend continues to grow, thanks to countless novels and movies celebrating his life and adventures.

    December 24, 1814

    War of 1812 ends

    The Treaty of Peace and Amity between His Britannic Majesty and the United States of America is signed by British and American representatives at Ghent, Belgium, ending the War of 1812. By terms of the treaty, all conquered territory was to be returned, and commissions were planned to settle the boundary of the United States and Canada.

    In June 1812, the United States declared war against Great Britain in reaction to three issues: the British economic blockade of France, the induction of thousands of neutral American seamen into the British Royal Navy against their will, and the British support of hostile Indian tribes along the Great Lakes frontier. A faction of Congress, made up mostly of western and southern congressmen, had been advocating the declaration of war for several years. These "War Hawks," as they were known, hoped that war with Britain, which was preoccupied with its struggle against Napoleonic France, would result in U.S. territorial gains in Canada and British-protected Florida.

    In the months following the U.S. declaration of war, American forces launched a three-point invasion of Canada, all of which were repulsed. At sea, however, the United States was more successful, and the USS Constitution and other American frigates won a series of victories over British warships. In 1813, American forces won several key victories in the Great Lakes region, but Britain regained control of the sea and blockaded the eastern seaboard.

    In 1814, with the downfall of Napoleon, the British were able to allocate more military resources to the American war, and Washington, D.C., fell to the British in August. In Washington, British troops burned the White House, the Capitol, and other buildings in retaliation for the earlier burning of government buildings in Canada by U.S. soldiers. The British soon retreated, however, and Fort McHenry in Baltimore harbor withstood a massive British bombardment and inspired Francis Scott Key to pen the "Star-Spangled Banner."

    On September 11, 1814, the tide of the war turned when Thomas Macdonough's American naval force won a decisive victory at the Battle of Plattsburg Bay on Lake Champlain. A large British army under Sir George Prevost was thus forced to abandon its invasion of the U.S. northeast and retreat to Canada. The American victory on Lake Champlain led to the conclusion of U.S.-British peace negotiations in Belgium, and on December 24, 1814, the Treaty of Ghent was signed, ending the war. Although the treaty said nothing about two of the key issues that started the war--the rights of neutral U.S. vessels and the impressment of U.S. sailors--it did open up the Great Lakes region to American expansion and was hailed as a diplomatic victory in the United States.

    News of the treaty took almost two months to cross the Atlantic, and British forces were not informed of the end of hostilities in time to end their drive against the mouth of the Mississippi River. On January 8, 1815, a large British army attacked New Orleans and was decimated by an inferior American force under General Andrew Jackson in the most spectacular U.S. victory of the war. The American public heard of the Battle of New Orleans and the Treaty of Ghent at approximately the same time, fostering a greater sentiment of self-confidence and shared identity throughout the young republic.

    December 24, 1923

    Coolidge lights first national Christmas tree

    On this day in 1923, President Calvin Coolidge touches a button and lights up the first national Christmas tree to grace the White House grounds.

    Not only was this the first White House "community" Christmas tree, but it was the first to be decorated with electric lights--a strand of 2,500 red, white and green bulbs. The balsam fir came from Coolidge’s home state of Vermont and stood 48 feet tall. Several musical groups performed at the tree-lighting ceremony, including the Epiphany Church choir and the U.S. Marine Band. Later that evening, President Coolidge and first lady Grace were treated to carols sung by members of Washington D.C.’s First Congregational Church.

    According to the White House Historical Association, President Benjamin Harrison was the first president to set up an indoor Christmas tree for his family and visitors to enjoy in 1889. It was decorated with ornaments and candles. In 1929, first lady Lou Henry Hoover oversaw what would become an annual tradition of decorating the indoor White House tree. Since then, each first lady’s duties have included the trimming of the official White House tree.

    Coolidge’s "inauguration" of the first outdoor national Christmas tree initiated a tradition that has been repeated with every administration. In 1981, President Ronald Reagan began another custom by authorizing the first official White House ornament, copies of which were made available for purchase.

    December 24, 1851

    Fire ravages Library of Congress

    A devastating fire at the Library of Congress in Washington, D.C., destroys about two-thirds of its 55,000 volumes, including most of Thomas Jefferson's personal library, sold to the institution in 1815.

    The Library of Congress was established in 1800, when President John Adams approved legislation that appropriated $5,000 to purchase "such books as may be necessary for the use of Congress." The first books, ordered from London, arrived in 1801 and were stored in the U.S. Capitol, the library's first home. The first library catalog, dated April 1802, listed 964 volumes and nine maps. Twelve years later, the British army invaded the city of Washington and burned the Capitol, including the 3,000-volume Library of Congress.

    Former president Thomas Jefferson, who advocated the expansion of the library during his two terms in office, responded to the loss by selling his personal library, the largest and finest in the country, to Congress to "recommence" the library. The purchase of Jefferson's 6,487 volumes was approved in the next year, and a professional librarian, George Watterston, was hired to replace the House clerks in the administration of the library. In 1851, a second major fire at the library destroyed about two-thirds of its books. Congress responded quickly and generously to the disaster, and within a few years a majority of the lost books were replaced.

    After the Civil War, the collection was greatly expanded, and by the 20th century the Library of Congress had become the de facto national library of the United States and one of the largest in the world. Today, the collection, housed in three enormous buildings in Washington, contains more than 17 million books, as well as millions of maps, manuscripts, photographs, films, audio and video recordings, prints, and drawings.

    December 24, 1893

    Ford completes first gas engine

    Henry Ford completed his first successful gasoline engine. He and his wife tested the engine in their kitchen on Christmas Eve. Ford's first automobile took its inaugural drive on June 4, 1896.
     
    December 24, 1903

    England issues first license plate

    On Christmas Eve, 1903, England issued its first automobile license plate, number A1. The plate was issued to Earl Russel, the brother of the philosopher Bertrand Russell.
     
    December 24, 1952

    McCarren-Walter Act goes into effect

    The McCarren-Walter Act takes effect and revises America's immigration laws. The law was hailed by supporters as a necessary step in preventing communist subversion in the United States, while opponents decried the legislation as being xenophobic and discriminatory.

    The act, named after Senator Pat McCarren (Democrat-Nevada) and Representative Francis Walter (Democratic-Pennsylvania), did relatively little to alter the quota system for immigration into the United States that had been established in the Immigration Act of 1924. The skewed nature of the quotas was readily apparent. Immigrants from Great Britain, Ireland, and Germany were allotted two-thirds of the 154,657 spots available each year. However, the act did specifically remove previously established racial barriers that had acted to exclude immigrants from nations such as Japan and China. These countries were now assigned very small quotas.

    The changes that were of more concern for many critics centered on the act's provision of much more strenuous screening of potential immigrants. It banned admission to anyone declared a subversive by the attorney general and indicated that members of communist and "communist-front" organizations were subject to deportation. In defending the act, Senator McCarren declared, "If this oasis of the world should be overrun, perverted, contaminated, or destroyed, then the last flickering light of humanity will be extinguished." President Harry S. Truman took a very different view, calling the legislation "un-American" and inhumane. When the bill was passed in June 1952, Truman vetoed the bill. Congress overrode his veto, and the act took effect in December. The McCarren-Walter Act set America's immigration standards until new legislation was passed in 1965.


    Have a wonderful day~!
  •  12-26-2008, 14:06 28522 in reply to 25746

    December 26

    December 26, 1926

    First overland journey across Africa ends

    The first overland journey across Africa from south to north was completed when the expedition of Major C. Court Treatt arrived in Cairo, Egypt. Major Treatt had set out from Capetown, South Africa, some 27 months earlier in two military-style Crossley automobiles. After the difficult trek across unmapped regions, the hero's safe arrival in Cairo was a major treat for everyone.

    December 26, 1933

    Nissan is born

    The Nissan Motor Company was organized in Tokyo under the name Dat Jidosha Seizo Co. (It received its present name the next year). Nissan began manufacturing cars and trucks under the name Datsun. During World War II, Nissan was converted to military production, and after Japan's defeat operated in a limited capacity under the occupation government until 1955. Since then, Nissan has grown into one of the world's premier car companies.

    December 26, 1941

    Churchill addresses Congress

    Less than three weeks after the American entrance into World War II, Winston Churchill becomes the first British prime minister to address Congress. Churchill, a gifted orator, urged Congress to back President Franklin D. Roosevelt's proposal that America become the "great arsenal of democracy" and warned that the Axis powers would "stop at nothing" in pursuit of their war aims.

    Born at Blenheim Palace in 1874, Churchill joined the British Fourth Hussars upon his father's death in 1895. During the next five years, he enjoyed an illustrious military career, serving in India, the Sudan, and South Africa, and distinguishing himself several times in battle. In 1899, he resigned his commission to concentrate on his literary and political career and in 1900 was elected to Parliament as a Conservative MP from Oldham. In 1904, he joined the Liberals, serving a number of important posts before being appointed Britain's First Lord of the Admiralty in 1911, where he worked to bring the British navy to a readiness for the war he foresaw.

    In 1915, in the second year of World War I, Churchill was held responsible for the disastrous Dardanelles and Gallipoli campaigns and was thus excluded from the war coalition government. However, in 1917 he returned to politics as a cabinet member in the Liberal government of Lloyd George. From 1919 to 1921, he was secretary of state for war and in 1924 returned to the Conservative Party, where two years later he played a leading role in the defeat of the General Strike of 1926. Out of office from 1929 to 1939, Churchill issued unheeded warnings of the threat of Nazi and Japanese aggression.

    After the outbreak of World War II in Europe, Churchill returned to his post as First Lord of the Admiralty and eight months later replaced Neville Chamberlain as prime minister of a new coalition government. In the first year of his administration, Britain stood alone against Nazi Germany, but Churchill promised his country and the world that Britain would "never surrender." He rallied the British people to a resolute resistance and expertly orchestrated Franklin D. Roosevelt and Joseph Stalin into an alliance that eventually crushed the Axis.

    After a postwar Labor Party victory in 1945, he became leader of the opposition and in 1951 was again elected prime minister. In 1953, he was knighted by Queen Elizabeth II and awarded the Nobel Prize in literature. After his retirement as prime minister, he remained in Parliament until 1964, the year before his death.

    December 26, 1946

    Bugsy Siegel opens Flamingo Hotel

    On December 26, 1946, in Las Vegas, Nevada, mobster Benjamin "Bugsy" Siegel opens The Pink Flamingo Hotel & Casino at a total cost of $6 million. The 40-acre facility wasn’t complete and Siegel was hoping to raise some revenue with the grand opening.

    Well-known singer and comedian Jimmy Durante headlined the entertainment, with music by Cuban band leader Xavier Cugat. Some of Siegel’s Hollywood friends, including actors George Raft, George Sanders, Sonny Tufts and George Jessel were in attendance.

    The grand opening, however, was a flop. Bad weather kept many other Hollywood guests from arriving. And because gamblers had no rooms at the hotel, they took their winnings and gambled elsewhere. The casino lost $300,000 in the first week of operation.

    Siegel and his New York "partners" had invested $1 million in a property already under construction by Billy Wilkerson, owner of the Hollywood Reporter as well as some very popular nightclubs in the Sunset Strip. Wilkerson had wanted to recreate the Sunset Strip in Las Vegas, with a European style hotel with luxuious rooms, a spa, health club, showroom, golf course, nightclub and upscale restaurant. But he soon ran out of money due to the high cost of materials immediately after the war.

    Siegel, who held a largest interest in the racing publication Trans America Wire, was drawn to Las Vegas in 1945 by his interest in legalized gambling and off-track betting. He purchased The El Cortez hotel for $600,000 and later sold it for a $166,000 profit.

    Siegel and his organized crime buddies used the profits to influence Wilkerson to accept new partners. Siegel took over the project and supervised the building, naming it after his girlfriend Virginia Hill, whose nickname was "The Flamingo" because of her red hair and long legs.

    Two weeks after the grand opening, the Flamingo closed down. It re-opened March 1, 1947, as The Fabulous Flamingo. Siegel forced Wilkerson out in April, and by May, the resort reported a profit, but it wasn't enough to save Siegel.

    Convinced that Siegel wasn’t giving them a "square count," it is widely believed that his partners in organized crime had him killed while he was reading the paper June 20, 1947, at Hill’s Beverly Hills mansion. Hill was in Paris, having flown the coop after a fight with Siegel 10 days prior. The crime remains unsolved to this day.

    Surviving a series of name and ownership changes, the hotel is known today as The Flamingo Las Vegas, owned and operated by Harrah’s Entertainment. The property offers 3,626 hotel rooms and a 77,000-square-foot casino.

    December 26, 1966

    The first Kwanzaa

    The first day of the first Kwanzaa is celebrated in Los Angeles under the direction of Maulana Karenga, the chair of Black Studies at California State University at Long Beach. The seven-day holiday, which has strong African roots, was designed by Dr. Karenga as a celebration of African American family, community, and culture.

    In 1965, a deadly riot broke out in the predominantly black Watts neighborhood of Los Angeles, leaving 34 people dead, 1,000 injured, and $40 million worth of property destroyed. Karenga, a former black activist, was deeply disturbed by the devastation and searched for a way to overcome the despair he felt had gripped the African American community in the riot's aftermath. He founded Us, a black cultural organization, and looked to Africa in search of practices and concepts that might empower and unite the nation's African American community. Inspired by Africa's harvest celebrations, he decided to develop a nonreligious holiday that would stress the importance of family and community while giving African Americans an opportunity to explore their African identities.

    Karenga combined aspects of several different harvest celebrations, such as those of the Ashanti and those of the Zulu, to form the basis of Kwanzaa. The name Kwanzaa is derived from the phrase matunda ya kwanza, which means "first fruits" in Swahili. Each family celebrates Kwanzaa in its own way, but celebrations often include songs and dances, African drums, storytelling, poetry readings, and a large traditional meal. On each of the seven nights, the family gathers and a child lights one of the candles on the kinara, or candleholder, then one of the seven principles is discussed. The principles, called the Nguzo Saba, are values of African culture that contribute to building and reinforcing community among African Americans. These values include unity, self-determination, collective work and responsibility, economic cooperation, purpose, creativity, and faith. An African feast, called a Karamu, is held on December 31. Today, Kwanzaa is celebrated by millions of people of African descent all across the United States and Canada.

    December 26, 1972

    Truman dies

    On this day in 1972, former President Harry S. Truman dies in Independence, Missouri.

    Then-President Richard Nixon called Truman a man of "forthrightness and integrity" who had a deep respect for the office he held and for the people he served, and who "supported and wisely counseled each of his successors."

    Truman was born in Lamar, Missouri, in 1884. The son of a farmer, he could not afford to go to college, so he too worked as a farmer before joining the army in 1916 to fight in World War I. After the war, Truman opened a haberdashery in Kansas City. When that business went bankrupt in 1922, he entered Missouri politics. Truman went on to serve in the U.S. Senate from 1934 until he was chosen as Franklin D. Roosevelt’s fourth vice president in 1945; it was during his Senate terms that he became known for his honesty and integrity.

    Upon FDR’s death on April 12, 1945, Truman became the 33rd president of the United States, assuming the role of commander in chief of a country still embroiled in World War II. With victory in Europe was imminent, Truman agonized over whether to use nuclear weapons to force Japan to surrender. Just four months into his tenure, Truman authorized the dropping of two atomic bombs on Japan in August 1945. He and his military advisors argued that using the bombs ultimately saved American and Japanese lives, since it appeared that the Japanese would fiercely resist any conventional attempt by the Allies to invade Japan and end the war. The use of the new weapon, dropped on the cities of Hiroshima and Nagasaki in early August, succeeded in forcing Japan’s surrender, but also killed, injured and sickened thousands of Japanese and ushered in the Cold War.

    Although harshly criticized by some for his decision to use the devastating weapon, Truman also displayed integrity and humanitarian virtues throughout his political career. In 1941, Truman drove 10,000 miles across the country in his Dodge to investigate potential war profiteering in defense plants on the eve of World War II. As president, Truman pushed through the Marshall Plan, which provided desperately needed reconstruction aid to European nations devastated by the war and on the verge of widespread famine. He also supported the establishment of a permanent Israeli state.

    Truman served as president for two terms from 1945 to 1953, when he and his wife Bess happily retired to Independence, Missouri, where he referred to himself jokingly as "Mr. Citizen." He was hospitalized on December 4, 1972, with lung congestion, heart irregularity, kidney blockages and failure of the digestive system. He died on December 26. A very subdued and private funeral, fitting for the down-to-earth Truman, was held in Independence according to his and his family’s wishes.

    November 26, 1975

    NYC gets federal bailout

    With New York City spiraling toward fiscal disaster, President Gerald Ford proposed a $2.3 billion aid package designed to address the city's "seasonal cash needs." The president's plan, passed a little less than a month later, made federal money available to New York in any of the ensuing three years. While Mayor Abraham D. Beame praised Ford's announcement, a few New Yorkers greeted the news with a Bronx cheer, grousing about the attendant tax hikes which threatened to further erode the city's private sector and drive away wealthy residents to tax havens in New Jersey. Whatever the merits of these complaints, the city, saddled with a multi-million-dollar deficit that threatened to balloon to $1.3 billion by March 1976, seemingly had little choice but to accept federal help.

    November 26, 1985

    Reagan signs with Random House

    Movie-star-turned-conservative-hero Ronald Reagan added the title of record-setting author to his resume, as Random House handed the president an unprecedented $3 million for the rights to publish his autobiography.

    December 26, 1985

    Ford turns things around

    The Ford Motor Company had trouble in the early 1980s. Its trucks were selling well, but its line of cars were unpopular and had terrible reputations. The company lost $3.3 billion from 1980 through 1982. As the losses piled up, Ford's engineers were working feverishly to redesign their line of mid-size cars. Ford turned out a redesigned Thunderbird and Tempo and managed a profitable year. And on this day in 1985, Ford introduced the Taurus, the product of years of engineering. The distinctively streamlined car became enormously popular, lifting Ford to record profits in the late 1980s. The rounded "jellybean" shape of the Taurus had a strong influence on the designs of other automakers in the next few years.

    November 26, 1990

    Matsushita buys MCA

    Matsushita Electronic Industrial Co. followed fellow electronics heavyweight Sony Inc., which had purchased Columbia Pictures in 1989, into the world of "entertainment software," inking a $6.6 billion deal to acquire MCA.

    December 26, 2004

    Tsunami wreaks havoc on Southeast Asia

    On the day after Christmas in 2004, a massive undersea earthquake occurs just off the coast of Indonesia at a few minutes before 8 a.m. local time. With a magnitude of 9.3, the quake was  the most powerful of the last 40 years and the second largest earthquake in recorded history. It set off a deadly tsunami that, in the final estimate, killed an estimated 230,000 people and wreaked untold devastation on a wide swath of coastline from Somalia on the east African coast to Sumatra in Southeast Asia.

    While most earthquakes last for only a few seconds, it is reported that the Sumatra-Andaman earthquake, as it is known to the scientific community, lasted almost ten minutes, triggering other earthquakes as far away as Alaska and causing the entire planet to move at least a few centimeters. The epicenter of the earthquake was 100 miles west of Sumatra, at the western end of the area known as the "Ring of Fire" for its intense seismic activity. That region has been home to more than 80 percent of the world's largest earthquakes. Since 1900, when accurate measurements began to be made, only three or four earthquakes have rivaled the Sumatra-Andaman in power.

    It is estimated that the quake caused the sea bed of the Indian Ocean to rise almost 10 feet, causing seven cubic miles of water to be displaced. The resulting tsunami (from the Japanese words for "harbor" and "waves") sent waves of up to 100 feet crashing into the shores of the Indian Ocean, hitting Somalia, Indonesia, Sumatra, Sri Lanka, southern India, and Thailand, and flooding a series of islands, including the Maldives. In deep water, tsunami waves are barely noticeable and mostly harmless, but in the shallow water near coastlines, tsunamis slow down and form large destructive waves.

    Despite scientists reporting the quake about 15 minutes after it struck, there was no tsunami warning system in place in the Indian Ocean with which to track possible tsunamis. A warning system in the Pacific Ocean--where most tsunamis occur--has proven successful in minimizing deaths from tsunamis since it was installed in the mid-1950s. However, the warning systems are difficult and expensive to set up and, despite some requests for aid, one had never been built in the Indian Ocean, located in a relatively poor part of the world.

    Within 30 minutes, the tsunami had hit Sumatra and, within two hours, it had battered the coasts of Thailand, Sri Lanka, and southern India. Despite the time lag, the vast majority of victims had no idea that the tsunami was on the way. Although initial news reports severely underestimated the death toll, it became clear within days that the tsunami had created a disaster of unprecedented proportions--killing an estimated 230,000 people and leaving more than a million homeless. Thousands--most likely swept out to sea--will never be found. It has been reported that one third of the victims were children, due to both the region's demographics and children's relative inability to protect themselves. The tsunami also killed more women than men, a statistic that is chalked up to the fact that more men may have been working out at sea in deep water, where they were safer. In addition to natives of the region, an estimated 9,000 people from outside the area, mainly Europeans, were killed while on vacation at the region's resorts.

    Although there were no official government warnings of the impending disaster, some communities were able to read nature's signs and knew to evacuate. On the Indonesian island of Simeulue, the oral tradition of the native islanders contained references to a tsunami that occurred in 1907 and the incidents that preceded it. They recognized the receding tide that followed the earthquake as a sign of a coming tsunami and retreated to higher ground, surviving the massive waves.

    Most, however, were not so lucky. Despite substantial relief efforts, with public and private aid to the affected areas totaling in the billions of dollars, it will take decades or longer for the shattered infrastructures and economies of the affected regions to be rebuilt. As part of their response to the disaster, the United Nations is currently planning the implementation of a tsunami warning system for the Indian Ocean. Scientists believe that other large earthquakes are likely in the area of the sea floor near the epicenter of the Sumatra-Andaman quake.


    Have a wonderful day~!
  •  12-31-2008, 13:01 28561 in reply to 25746

    December 31

    December 31, 1879

    Edison demonstrates incandescent light

    In the first public demonstration of his incandescent lightbulb, American inventor Thomas Alva Edison lights up a street in Menlo Park, New Jersey. The Pennsylvania Railroad Company ran special trains to Menlo Park on the day of the demonstration in response to public enthusiasm over the event.

    Although the first incandescent lamp had been produced 40 years earlier, no inventor had been able to come up with a practical design until Edison embraced the challenge in the late 1870s. After countless tests, he developed a high-resistance carbon-thread filament that burned steadily for hours and an electric generator sophisticated enough to power a large lighting system.

    Born in Milan, Ohio, in 1847, Edison received little formal schooling, which was customary for most Americans at the time. He developed serious hearing problems at an early age, and this disability provided the motivation for many of his inventions. At age 16, he found work as a telegraph operator and soon was devoting much of his energy and natural ingenuity toward improving the telegraph system itself. By 1869, he was pursuing invention full-time and in 1876 moved into a laboratory and machine shop in Menlo Park, New Jersey.

    Edison's experiments were guided by his remarkable intuition, but he also took care to employ assistants who provided the mathematical and technical expertise he lacked. At Menlo Park, Edison continued his work on the telegraph, and in 1877 he stumbled on one of his great inventions--the phonograph--while working on a way to record telephone communication. Public demonstrations of the phonograph made the Yankee inventor world famous, and he was dubbed the "Wizard of Menlo Park."

    Although the discovery of a way to record and play back sound ensured him a place in the annals of history, the phonograph was only the first of several Edison creations that would transform late 19th-century life. Among other notable inventions, Edison and his assistants developed the first practical incandescent lightbulb in 1879 and a forerunner of the movie camera and projector in the late 1880s. In 1887, he opened the world's first industrial research laboratory at West Orange, New Jersey where he employed dozens of workers to investigate systematically a given subject.

    Perhaps his greatest contribution to the modern industrial world came from his work in electricity. He developed a complete electrical distribution system for light and power, set up the world's first power plant in New York City, and invented the alkaline battery, the first electric railroad, and a host of other inventions that laid the basis for the modern electrical world. One of the most prolific inventors in history, he continued to work into his 80s and acquired 1,093 patents in his lifetime. He died in 1931 at the age of 84.

    December 31, 1941

    Last chrome-plated cars assembled

    America's last automobiles with chrome-plated trim were manufactured on this day. Starting in 1942, chrome plating became illegal. It was part of an effort to conserve resources for the American war effort. The chrome wasn't missed too much. Virtually no automobiles were produced in the U.S. from 1942 through the end of World War II.

    December 31, 1968

    Soviets test supersonic airliner

    The Soviet Union's TU-144 supersonic airliner makes its first flight, several months ahead of the Anglo-French Concorde. The TU-144 so closely resembled the Concorde that the Western press dubbed it the "Konkordski."

    In 1962, 15 years after U.S. pilot Chuck Yeager first broke the sound barrier, Britain and France signed a treaty to develop the world's first supersonic passenger airline. The next year, President John F. Kennedy proposed a similar U.S. project. Meanwhile, in the USSR, Soviet leader Nikita Khrushchev ordered his top aviation engineers to beat the West to the achievement.

    There were immense technical challenges in building a supersonic airliner. Engines would need to be twice as powerful as those built for normal jets, and the aircraft's frame would have to withstand immense pressure from shock waves and endure high temperatures caused by air friction. In the United States, Boeing tackled the supersonic project but soon ran into trouble with its swing-wing design. In England and France, however, early results were much more promising, and Khrushchev ordered Soviet intelligence to find out as much as possible about the Anglo-French prototypes.

    In 1965, the French arrested Sergei Pavlov, head of the Paris office of the Soviet airliner Aeroflot, for illegally obtaining classified information about France's supersonic project. Another high-level Soviet spy remained unknown, however, and continued to feed the Soviets information about the Concorde until the spy was identified and arrested in 1967. On December 31, 1968, just three months before the first scheduled flight of the Concorde prototype, the fruits of Soviet industrial espionage were revealed when the Soviet's TU-144 became the world's first supersonic airliner to fly.

    In 1969, the Concorde began its test flights. Two years later, the United States abandoned its supersonic program, citing budget and environmental concerns. It was now up to Western Europe to make supersonic airline service viable before the Soviets. Tests continued, and in 1973 the TU-144 came to the West to appear alongside the Concorde at the Paris Air Show at Le Bourget airport. On June 3, in front of 200,000 spectators, the Concorde flew a flawless demonstration. Then it was the TU-144's turn. The aircraft made a successful 360-degree turn and then began a steep ascent. Abruptly, it leveled off and began a sharp descent. Some 1,500 feet above the ground, it broke up from overstress and came crashing into the ground, killing all six Soviet crew members and eight French civilians.

    Soviet and French investigators ruled that pilot error was the cause of the accident. However, in recent years, several of the Soviet investigators have disclosed that a French Mirage intelligence aircraft was photographing the TU-144 from above during the flight. A French investigator confirmed that the Soviet pilot was not told that the Mirage was there, a breach of air regulations. After beginning his ascent, the pilot may have abruptly leveled off the TU-144 for fear of crashing into this aircraft. In the sudden evasive maneuver, the thrust probably failed, and the pilot then tried to restart the engines by entering a dive. He was too close to the ground, however, and tried to pull up too soon, thus overstressing the aircraft.

    In exchange for Soviet cooperation in the cover-up, the French investigators agreed not to criticize the TU-144's design or engineering. Nevertheless, further problems with the TU-144, which was designed hastily in its bid to beat the Concorde into the air, delayed the beginning of Soviet commercial service. Concorde passenger service began with much fanfare in January 1976. Western Europe had won its supersonic race with the Soviets, who eventually allowed just 100 domestic flights with the TU-144 before discontinuing the airliner.

    The Concorde was not a great commercial success, however, and people complained bitterly about the noise pollution caused by its sonic booms and loud engines. Most airlines declined to purchase the aircraft, and just 16 Concordes were built for British Airways and Air France. Service was eventually limited between London and New York and Paris and New York, and luxury travelers appreciated the less than four-hour journey across the Atlantic.

    On July 25, 2000, an Air France Concorde crashed 60 seconds after taking off from Paris en route to New York. All 109 people aboard and four on the ground were killed. The accident was caused by a burst tire that ruptured a fuel tank, creating a fire that led to engine failure. The fatal accident--the first in the Concorde's history--signaled the decline of the aircraft. However, the United States, which is working on a larger and more efficient supersonic airliner, will soon carry the supersonic torch. NASA and the U.S. companies involved are being aided in their efforts by the Russians, who have provided a TU-144 for experimental flights.

    December 31, 1971

    Lawmakers crack down on smog

    President Richard Nixon signed the National Air Quality Control Act, which called for a 90 percent reduction in automobile emissions by 1975. The act also tightened air-pollution controls and fines in other industries.

    December 31, 1978

    United States ends official relations with Nationalist China

    Flags at both the American embassy in Taipei and the Taiwanese embassy in the United States are lowered for the last time as U.S. relations with Taiwan officially come to an end. On January 1, 1979 the United States officially recognized the government of the People's Republic of China in Beijing.

    The American decision to sever relations with Taiwan and grant recognition to the People's Republic of China was hotly resented by representatives of the Chinese Nationalist government. In a brief ceremony accompanying the lowering of the Taiwanese flag, a Chinese Nationalist official declared that the action "did not mean that we are giving up our fight against communism." He strongly criticized American President Jimmy Carter for cutting off ties with "a loyal friend and ally of the United States" in exchange for normalizing relations with "our enemy, the Chinese Communist regime." American officials had little comment, except to assure those seeking visas and other services in Taiwan that the U.S. embassy would continue to help them until March 1, 1979. At that time, a "nongovernmental" office would take over those duties.

    It was a rather quiet end to nearly 30 years of American refusal to grant official recognition to the communist government of mainland China. The U.S. decision to maintain strong relations with the Nationalist government on Taiwan had been the main roadblock to diplomatic relations between America and the People's Republic of China. By the late 1970s, the desire for closer economic relations with communist China and the belief that diplomatic relations with the PRC might act as a buffer against Soviet aggression led U.S. officials to view continued relations with Taiwan as counterproductive. President Carter's decision to sever relations with Taiwan removed that obstacle. One of the oldest and most antagonistic relationships of the Cold War seemed to be thawing.

    December 31, 1999

    Panama Canal turned over to Panama

    On this day in 1999, the United States, in accordance with the Torrijos-Carter Treaties, officially hands over control of the Panama Canal, putting the strategic waterway into Panamanian hands for the first time. Crowds of Panamanians celebrated the transfer of the 50-mile canal, which links the Atlantic and Pacific oceans and officially opened when the SS Arcon sailed through on August 15, 1914. Since then, over 922,000 ships have used the canal.

    Interest in finding a shortcut from the Atlantic to the Pacific originated with explorers in Central America in the early 1500s. In 1523, Holy Roman Emperor Charles V commissioned a survey of the Isthmus of Panama and several plans for a canal were produced, but none ever implemented. U.S. interest in building a canal was sparked with the expansion of the American West and the California gold rush in 1848. (Today, a ship heading from New York to San Francisco can save about 7,800 miles by taking the Panama Canal rather than sailing around South America.) 

    In 1880 a French company run by the builder of the Suez Canal started digging a canal across the Isthmus of Panama (then a part of Colombia). More than 22,000 workers died from tropical diseases such as yellow fever during this early phase of construction and the company eventually went bankrupt, selling its project rights to the United States in 1902 for $40 million. President Theodore Roosevelt championed the canal, viewing it as important to America's economic and military interests. In 1903, Panama declared its independence from Colombia in a U.S.-backed revolution and the U.S. and Panama signed the Hay-Bunau-Varilla Treaty, in which the U.S. agreed to pay Panama $10 million for a perpetual lease on land for the canal, plus $250,000 annually in rent.

    Over 56,000 people worked on the canal between 1904 and 1913 and over 5,600 lost their lives. When finished, the canal, which cost the U.S. $375 million to build, was considered a great engineering marvel and represented America's emergence as a world power.

    In 1977, responding to nearly 20 years of Panamanian protest, U.S. President Jimmy Carter and Panama's General Omar Torrijos signed two new treaties that replaced the original 1903 agreement and called for a transfer of canal control in 1999. The treaty, narrowly ratified by the U.S. Senate, gave America the ongoing right to defend the canal against any threats to its neutrality. In October 2006, Panamanian voters approved a $5.25 billion plan to double the canal's size by 2015 to better accommodate modern ships.

    Ships pay tolls to use the canal, based on each vessel's size and cargo volume. In May 2006, the Maersk Dellys paid a record toll of $249,165. The smallest-ever toll--36 cents--was paid by Richard Halliburton, who swam the canal in 1928.


    Have a wonderful day~!
  •  02-24-2009, 10:57 29013 in reply to 25746

    Re: This Day in History (Wall Street News of the Past)

    due to a recent redesign of History.com's This Day in History section in which Wall Street news was removed as a section, I will no longer contribute to this thread.
    Have a wonderful day~!
Page 8 of 8 (187 items)   « First ... < Previous 4 5 6 7 8
View as RSS news feed in XML