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Heidi B  
#161 Posted : Thursday, October 16, 2008 11:44:57 AM(UTC)
Heidi B

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October 16, 1911

The Progressives lose out

In 1911, the Progressive Party was searching for a presidential candidate to help them wage war against the ever-expanding corporations that they felt were engulfing the nation. The party had once nominated Teddy Roosevelt, but the former president, who had allowed the United States Steel Corporation to grow into an industry-dominating giant, was hardly a model trust-buster. So, on this day, the Progressives gave the nod to Republican reformer Robert LaFollette. However, fatigue prevented LaFollette from carrying the nomination through to the convention and he was quickly replaced by the more trust-friendly Roosevelt. Despite his populist appeal and previous experience in the Oval Office, Roosevelt went on to lose the general election to Woodrow Wilson.
October 16, 1946

Truman lifts wartime restrictions

With World War II quickly receding into memory, President Harry Truman saw fit to wean the nation from the austere economic diet that the government had devised to fight wartime inflation. In a move that pleased millions of Americans, Truman lifted price controls on meat on this day.
October 16, 1951

Hudson's Hornet stings

In 1948, Hudson launched its new Monobuilt design, an innovation that is still found in most cars to this day. The Monobuilt design consisted of a chassis and frame that was combined in a unified passenger compartment, producing a strong, light-weight design, and a beneficial lower center of gravity that didn't affect road clearance. Hudson coined this innovation "step-down design" because, for the first time, passengers had to step down in order to get into a car. Most cars today are still based on the step-down premise. On this day in 1951, Hudson introduced the Hornet, and put some sting into the step-down design. The Hornet was built with a 308 cubic-inch flat head in-line six cylinder motor, producing generous torque and a substantial amount of horsepower. And it was with this popular model that Hudson first entered stock car racing in 1951. After ending their first season in a respectable third place, Hudson began a three-year domination of the racing event. In 1952 alone, Hudson won 29 of the 34 events. A key factor in Hudson's racing success was the innovative step-down design of their cars. Because of their lower centers of gravity, Hornets would glide around corners with relative ease, leaving their clunky and unstable competitors in the dust.

Heidi B  
#162 Posted : Friday, October 17, 2008 9:48:56 AM(UTC)
Heidi B

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October 17, 1931

Capone goes to prison

On this day in 1931, gangster Al Capone is sentenced to 11 years in prison for tax evasion and fined $80,000, signaling the downfall of one of the most notorious criminals of the 1920s and 1930s.
Alphonse Gabriel Capone was born in Brooklyn, New York, in 1899 to Italian immigrants. He was expelled from school at 14, joined a gang and earned his nickname "Scarface" after being sliced across the cheek during a fight.
By 1920, Capone had moved to Chicago, where he was soon helping to run crime boss Johnny Torrio's illegal enterprises, which included alcohol-smuggling, gambling and prostitution. Torrio retired in 1925 after an attempt on his life and Capone, known for his [censored]ning and brutality, was put in charge of the organization. Prohibition, which outlawed the brewing and distribution of alcohol and lasted from 1920 to 1933, proved extremely lucrative for bootleggers and gangsters like Capone, who raked in millions from his underworld activities.
Capone was at the top of the F.B.I.'s "Most Wanted" list by 1930, but he avoided long stints in jail until 1931 by bribing city officials, intimidating witnesses and maintaining various hideouts. He became Chicago's crime kingpin by wiping out his competitors through a series of gangland battles and slayings, including the infamous St. Valentine's Day Massacre in 1929, when Capone's men gunned down seven rivals. This event helped raise Capone's notoriety to a national level.
Among Capone's enemies was federal agent Elliot Ness, who led a team of officers known as "The Untouchables" because they couldn't be corrupted. Ness and his men routinely broke up Capone's bootlegging businesses, but it was tax-evasion charges that finally stuck and landed Capone in prison in 1931.
Capone began serving his time at the U.S. Penitentiary in Atlanta, but amid accusations that he was manipulating the system and receiving cushy treatment, he was transferred to the maximum-security lockup at Alcatraz Island, in California's San Franci[censored]y. He got out early in 1939 for good behavior, after spending his final year in prison in a hospital, suffering from syphilis. Plagued by health problems for the rest of his life, Capone died in 1947 at age 48 at his home in Palm Island, Florida.

October 17, 1973

Oil producers raise prices

On this day, 11 Arab oil producers increased oil prices and cut back production in response to the support of the United States and other nations for Israel in the Yom Kippur War. The same day, OPEC, (The Organization of the Petroleum Exporting Countries), approved the oil embargo at a meeting in Tangiers, Morocco. Almost overnight, gasoline prices quadrupled, and the U.S. economy, especially its automakers, suffered greatly as a result. The U.S. car companies, who built automobiles that typically averaged less than 15 miles per gallon, were unable to satisfy the sudden demand for small, fuel-efficient vehicles. The public turned to imports in droves, and suddenly Japan's modest, but sturdy, little compacts began popping up on highways all across America. Even after the oil embargo crisis was resolved, American consumers had learned an important lesson about the importance of fuel efficiency, and foreign auto manufacturers flourished in the large American market. It took years for the Big Three to bounce back from the blow; eventually they gained ground with the introduction of their own Japanese-inspired compacts in the 1980s.

Heidi B  
#163 Posted : Tuesday, October 21, 2008 10:19:42 AM(UTC)
Heidi B

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October 21, 1902

Striking miners return to work

Following a five month walk-off, which required intervention by an official arbitration committee, the striking members of the United Mine Workers agreed to terms with anthracite mine bosses on this day.
October 21, 1957

Ike goes on tour

In 1957, America was wrestling with economic insecurity. The confident glow from World War II was fading and Americans were faced with worries of the Cold War and fears that rejuvenated European and Japanese economies would upset America's fiscal and military supremacy. Despite the unprecedented prosperity the nation was enjoying, America's crisis of confidence was not entirely unfounded. Just a few years earlier, the economy slipped into a brief recession and industrial production declined by 10 percent. On October 21, President Eisenhower decided to embark on a speaking tour in an effort to bolster the nation's sagging economic spirit and generate support for his economic and defense policies. Ike called on Americans to "cast aside any morbid pessimism" about the nation's fiscal future and to reaffirm their faith in private enterprise.
October 21, 1986

Reagan promises to trim fat

In 1986, the U.S. government was floundering in its attempts to reign in the budget deficit. On October 21, President Ronald Reagan signed a bill that promised to trim the debt by $11.7 billion.
Heidi B  
#164 Posted : Wednesday, October 22, 2008 12:48:51 PM(UTC)
Heidi B

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October 22, 1914

Nation's first income tax

The passage of the anti-protectionist Underwood-Simmons Act took a bite out of the nation's pocketbook. To compensate for the lost income, Congress passed the Revenue Act on October 22, 1914, mandating the first tax on incomes over $3,000.

October 22, 1916

Musical chairs in the Cabinet

Former Secretary of War William H. Crawford took the oath to become America's Secretary of the Treasury on this day. Crawford replaced Albert Gallatin, who was bumped from the Treasury to serve as America's minister to France.

October 22, 1986

Ron signs off on tax reform

In 1986, President Ronald Reagan gave the go-ahead to a bill that promised to simplify America's notoriously confusing tax code. Though Reagan accidentally signed his last name before his first on the legislation, it was still allowed to pass into the law books. Once enacted, the bill effectively scrapped eleven extraneous tax brackets and bumped millions of low-income citizens from the tax rolls.

October 22, 1988

White collar crooks beware

During the 1980s, Wall Street did not enjoy a very virtuous reputation. In addition to the stray cocaine scandal, the decade was fraught with insider trading and securities fraud cases. On October 22, 1988, Congress passed a bill designed to combat fiscal corruption. The bill doubled the maximum prison term for insider trading, bringing the toughest sentence to ten years in jail. The bill also raised the ceiling on fines for insider trading up to $1 million for individuals and $2.5 million for corporations and partnerships. Along with stricter penalties, the new laws made companies responsible for improper trading committed by their employees. Wall Street greeted the new legislation with measured approval. Edward I. O'Brien, president of the Securities Industry Association, deemed the new penalties to be "high," though he conceded that bill was "generally the right thing" for the industry.
Heidi B  
#165 Posted : Thursday, October 23, 2008 10:54:04 AM(UTC)
Heidi B

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October 23, 1869

NYSE seats up for sale

On this day, the New York Stock Exchange put memberships up for sale for the first time in its seventy-seven-year history.
October 23, 1973

America gives Toyota its full attention

Only five days after 11 Arab oil producers increased oil prices and cut back production in response to the support of the United States and other nations for Israel in the Yom Kippur War, Toyota U.S.A. held its first national news conference in Los Angeles, California. Central on the agenda for the three-day conference was the discussion of the remarkable fuel efficiency of Toyota automobiles. In the days following the oil crisis, concerned American consumers suffered gasoline rationing, a quadrupling of prices, and huge lines at gas stations. The small percentage of Americans who owned a Toyota, a Honda, or a Nissan found themselves the envy of other domestic car owners, whose American automobiles typically averaged less than 15 miles per gallon. Even after the oil embargo crisis was resolved, American consumers had learned an important lesson about the importance of fuel efficiency, and foreign auto manufacturers flourished in the large American market. The public turned to imports in droves, and suddenly Japan's modest but sturdy little compacts began popping up on highways all across America. The Big Three rushed to produce their own fuel-efficient compacts, but shoddily constructed models like the Chevy Vega and Ford Pinto could not compete with the overall quality of the Toyota Corollas and Honda Civics. It took years for the Big Three to bounce back from the blow, eventually winning back American consumers with their introduction during the 1980s of quality compacts like the Chevy Cavalier and Ford Escort, that proved on level with the quality of the foreign competition.

October 23, 1975

Middle class gets a break

Politicians have been courting middle-class voters with tax cuts for years. In 1975, House Ways and Means Committee Chairman Al Ullman, a Democrat from Oregon, proposed an economic plan that featured a $12.7 million tax cut targeted to middle-income citizens. While Ullman's plan quickly won favor with members of both parties, the bill was still bogged down by partisan wrangling. At issue was Republican President Gerald Ford's attempt to tack spending cuts on to Ullman's tax measure. Democrats, and even some Republicans, recoiled at the idea, arguing that it placed short-term political gain ahead of the nation's economic well-being. House Democrats wheeled into action, mounting a brief, but effective campaign to kill Ford's proposal. Shortly before the measures came up for a vote, Ullman flooded the press with economists' negative assessments of the spending cuts. His tactic was successful. The House Ways and Means Committee gave the green light to tax relief, but refused the president's proposed spending cuts.
Heidi B  
#166 Posted : Wednesday, October 29, 2008 12:21:52 PM(UTC)
Heidi B

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October 29, 1929

Stock market crashes

Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression.

During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated.

Stock prices began to decline in September and early October 1929, and on October 18 the fall began. Panic set in, and on October 24--Black Thursday--a record 12,894,650 shares were traded. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday. On Monday, however, the storm broke anew, and the market went into free fall. Black Monday was followed by Black Tuesday, in which stock prices collapsed completely.

After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression, and by 1932 stocks were worth only about 20 percent of their value in the summer of 1929. The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom. By 1933, nearly half of America's banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce. It would take World War II, and the massive level of armaments production taken on by the United States, to finally bring the country out of the Depression after a decade of suffering.

Heidi B  
#167 Posted : Wednesday, November 5, 2008 11:55:41 AM(UTC)
Heidi B

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November 5, 1895

Selden receives first automobile patent

On this day, inventor George B. Selden received a patent for his gasoline-powered automobile, first conceived of when he was an infantryman in the American Civil War. After 16 years of delay, United States Patent No. 549,160 was finally issued to Selden for a machine he originally termed a "road-locomotive" and later would call a "road engine." His design resembled a horse-drawn carriage, with high wheels and a buckboard, and was described by Selden as "light in weight, easy to control and possessed of sufficient power to overcome any ordinary incline." With the granting of the patent, Selden, whose unpractical automotive designs were generally far behind other innovators in the field, nevertheless won a monopoly on the concept of combining an internal combustion engine with a carriage. Although Selden never became an auto manufacturer himself, every other automaker would have to pay Selden and his licensing company a significant percentage of their profits for the right to construct a motor car, even though their automobiles rarely resembled Selden's designs in anything but abstract concept. In 1903, the newly created Ford Motor Company, which refused to pay royalties to Selden's licensing company, was sued for infringement on the patent. Thus began one of the most celebrated litigation cases in the history of the automotive industry, ending in 1909 when a New York court upheld the validity of Selden's patent. Henry Ford and his increasingly powerful company appealed the decision, and in 1911, the New York Court of Appeals again ruled in favor of Selden's patent, but with a twist: the patent was held to be restricted to the particular outdated construction it described. In 1911, every important automaker used a motor significantly different from that described in Selden's patent, and major manufacturers like the Ford Motor Company never paid Selden another dime.

November 5, 1912

Wilson wins landslide victory

Democrat Woodrow Wilson is elected the 28th president of the United States, with Thomas R. Marshall as vice president. In a landslide Democratic victory, Wilson won 435 electoral votes against the eight won by Republican incumbent William Howard Taft and the 88 won by Progressive Party candidate Theodore Roosevelt. The presidential election was the only one in American history in which two former presidents were defeated by another candidate.

Highlights of Wilson's two terms as president included his leadership during World War I, his 14-point proposal to end the conflict, and his championing of the League of Nations--an international organization formed to prevent future armed conflict.

November 5, 1940

FDR re-elected president

On this day in 1940, Franklin Delano Roosevelt is re-elected for an unprecedented third term as president of the United States.

Roosevelt was elected to a third term with the promise of maintaining American neutrality as far as foreign wars were concerned: "Let no man or woman thoughtlessly or falsely talk of American people sending its armies to European fields." But as Hitler's war spread, and the desperation of Britain grew, the president fought for passage of the Lend-Lease Act in Congress, in March 1941, which would commit financial aid to Great Britain and other allies. In August, Roosevelt met with British Prime Minister Winston Churchill to proclaim the Atlantic Charter, which would become the basis of the United Nations; they also drafted a statement to the effect that the United States "would be compelled to take countermeasures" should Japan further encroach in the southwest Pacific.

Despite ongoing negotiations with Japan, that "further encroachment" took the form of the Japanese bombing of Pearl Harbor-"a day that would live in infamy." The next day Roosevelt requested, and received, a declaration of war against Japan. On December 11, Germany and Italy declared war on the United States.

Certain wartime decisions by Roosevelt proved controversial, such as the demand of unconditional surrender of the Axis powers, which some claim prolonged the war. Another was the acquiescence to Joseph Stalin of certain territories in the Far East in exchange for his support in the war against Japan. Roosevelt is often accused of being too naive where Stalin was concerned, especially in regard to "Uncle Joe's" own imperial desires.

November 5, 1968

Richard Nixon elected president

Winning one of the closest elections in U.S. history, Republican challenger Richard Nixon defeats Vice President Hubert Humphrey. Because of the strong showing of third-party candidate George Wallace, neither Nixon nor Humphrey received more than 50 percent of the popular vote; Nixon beat Humphrey by less than 500,000 votes.

Nixon campaigned on a platform designed to reach the "silent majority" of middle class and working class Americans. He promised to "bring us together again," and many Americans, weary after years of antiwar and civil rights protests, were happy to hear of peace returning to their streets. Foreign policy was also a major factor in the election. Humphrey was saddled with a Democratic foreign policy that led to what appeared to be absolute futility and agony in Vietnam. Nixon promised to find a way to "peace with honor" in Vietnam, though he was never entirely clear about how this was to be accomplished. The American people, desperate to find a way out of the Vietnam quagmire, were apparently ready to give the Republican an opportunity to make good on his claim.

During his presidency, Nixon oversaw some dramatic changes in U.S. Cold War foreign policy, most notably his policy of detente with the Soviet Union and his 1972 visit to communist China. His promise to bring peace with honor in Vietnam, however, was more difficult to accomplish. American troops were not withdrawn until 1973, and South Vietnam fell to communist forces in 1975.

Heidi B  
#168 Posted : Tuesday, November 11, 2008 11:02:28 AM(UTC)
Heidi B

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November 11, 1921

Dedication of the Tomb of the Unknowns

Exactly three years after the end of World War I, the Tomb of the Unknowns is dedicated at Arlington Cemetery in Virginia during an Armistice Day ceremony presided over by President Warren G. Harding.

Two days before, an unknown American soldier, who had fallen somewhere on a World War I battlefield, arrived at the nation's capital from a military cemetery in France. On Armistice Day, in the presence of President Harding and other government, military, and international dignitaries, the unknown soldier was buried with highest honors beside the Memorial Amphitheater. As the soldier was lowered to his final resting place, a two-inch layer of soil brought from France was placed below his coffin so that he might rest forever atop the earth on which he died.

The Tomb of the Unknowns is considered the most hallowed grave at Arlington Cemetery, America's most sacred military cemetery. The tombstone itself, designed by sculptor Thomas Hudson Jones, was not completed until 1932, when it was unveiled bearing the description "Here Rests in Honored Glory an American Soldier Known but to God." The World War I unknown was later joined by the unidentified remains of soldiers from America's other major 20th century wars and the tomb was put under permanent guard by special military sentinels.

In 1998, a Vietnam War unknown, who was buried at the tomb for 14 years, was disinterred from the Tomb after DNA testing indicated his identity. Air Force Lieutenant Michael Blassie was returned to his hometown of St. Louis, Missouri, and was buried with military honors, including an F-15 jet "missing man" flyover and a lone bugler sounding taps.

November 11, 1989

Jaguar becomes a subsidiary of Ford

In 1935, British car designer William Lyons introduced the SS Jaguar 100 as a new marque for his Swallow Sidecar Company. Swallow Sidecar had been manufacturing complete luxury cars for four years, but the SS Jaguar 100 was Lyons' first true sports car. During World War II, Lyons dropped the Swallow Sidecar name, and the politically incorrect SS initials, and Jaguar Cars Ltd. was formally established. The first significant postwar Jaguar, the XK 120, was introduced in 1948 at the London Motor Show to great acclaim. Capable of speeds in excess of 120mph, the XK 120 was the fastest production car in the world, and is considered by many to be one of the finest sports cars ever made. Over the next three decades, Jaguar became the epitome of speed coupled with elegance, and the company flourished as its racing division racked up countless trophies. On this day in 1989, Jaguar entered a new era when the company became a subsidiary of the Ford Motor Company. The integrity of the Jaguar marque was recognized and maintained, and throughout the 1990s the company continued to produce distinguished automobiles such as the Jaguar XK8 and the luxurious Vanden Plas.

Heidi B  
#169 Posted : Wednesday, November 12, 2008 11:01:59 AM(UTC)
Heidi B

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November 12, 1934

Treasury launches new initiative

On November 12, 1934, the ever industrious Treasury Department rolled into action with the Treasury International Capital (TIC) initiative. Under the auspices of TIC, the Treasury beefed up its investigations, and released reports on the "flow" of international capital.

November 12, 1946

First drive-through bank opens

This day marks the launch, in 1946, of a uniquely American invention: the drive-through bank. Indeed, on this day the Exchange National Bank in Chicago unveiled the nation's first ten drive-up teller windows, which no doubt delighted Americans who neither had the time to park nor the inclination to ever leave their cars.

November 12, 1979

Carter shuts down oil imports from Iran

On this day in 1979, President Jimmy Carter responds to a potential threat to national security by stopping the importation of petroleum from Iran.

Earlier that month, on November 4, 66 Americans at the U.S. Embassy in Tehran had been taken hostage by a radical Islamic group. The alarming event led Carter and his advisors to wonder if the same or other terrorist groups would try to strike at American oil resources in the region. At the time, the U.S. depended heavily on Iran for crude oil and Carter’s cultivation of a relationship with Iran’s recently deposed shah gave the radicals cause, in their view, to take the Americans hostage. Not knowing if future attacks were planned involving American oil tankers or refineries, Carter agreed with the Treasury and Energy Departments that oil imports from Iran should be discontinued immediately. This ended America’s formerly friendly association with the oil-rich nation.

The U.S. and Iran had previously enjoyed a healthy diplomatic relationship; Carter had even enlisted the Iranian Shah Mohammad Reza Pahlavi’s help in reconvening peace talks between Israel and Egypt. Carter also sought Iran’s help in supporting nuclear non-proliferation talks with the Soviet Union. Carter and the shah affirmed their desire to collaborate on alternative energy and oil conservation. He even once toasted Iran under the shah as "an island of stability" in the Middle East.

While Carter and the shah planned closer collaboration on energy issues and the Middle East peace process, an Islamic revolution was brewing in Iran. The shah, who was reviled by the revolutionaries as catering to evil Western influences, was deposed in January 1979 and replaced by a clerical regime led by the Ayatollah Khomeini. In October 1979, the exiled shah came to the United States for cancer treatment. Carter’s hospitality toward the shah enraged the group of radical Iranian students who, on November 4, stormed the U.S. Embassy in Tehran and took 66 Americans hostage.

The ensuing hostage crisis, which lasted 444 days, eroded Carter’s popularity and he lost his bid for re-election to Republican Ronald Reagan. Reagan went on to serve as president from 1980 to 1988.

November 12, 1996

Jackson takes on Texaco

Reverend Jesse Jackson turned up the heat on Texaco on this day, threatening to lead a potentially crippling boycott against the company if the oil giant failed to settle a lingering racial-discrimination lawsuit. Six Texaco employees initially filed the $520 million suit in 1994; the ensuing years saw the case mushroom into a complaint backed by some 1,400 workers. Despite growing pressure, Texaco was slow to respond to the case. However, Jackson's involvement, coupled with the revelation of a "secret" audio tape that captured Texaco executives making racial slurs and plotting to derail the lawsuit, helped bring the case to a close. On November 15, Texaco announced what was believed to be a $ 175 million settlement to the case, which included a one-time salary boost for minority employees, as well as the establishment of "diversity training and sensitivity programs".

Heidi B  
#170 Posted : Friday, November 14, 2008 11:07:52 AM(UTC)
Heidi B

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November 14, 1914

The first Dodge

On this day, John and Horace Dodge completed their first Dodge vehicle, a car informally known as "Old Betsy." The same day, the Dodge brothers gave "Old Betsy" a quick test drive through the streets of Detroit, Michigan, and the vehicle was shipped to a buyer in Tennessee. John and Horace, who began their business career as bicycle manufacturers in 1897, first entered the automotive industry as auto parts manufacturers in 1901. They built engines for Ransom Olds and Henry Ford among others, and in 1910 the Dodge Brothers Company was the largest parts-manufacturing firm in the United States. In 1914, the intrepid brothers founded the new Dodge Brothers Motor Car Company, and began work on their first complete automobile at their Hamtramck factory. Dodge vehicles became known for their quality and sturdiness, and by 1919, the Dodge brothers were among the richest men in America. In early 1920, just as he was completing work on his 110-room mansion on the Grosse Point waterfront in Michigan, John fell ill from respiratory problems and died. Horace, who also suffered from chronic lung problems, died from pneumonia in December of the same year. The company was later sold to a New York bank, and in 1928, the Chrysler Corporation bought the Dodge name, its factories, and the large network of Dodge car dealers. Under Chrysler's direction Dodge became a successful producer of cars and trucks marketed for their ruggedness, and today Dodge sells a lineup of over a dozen cars and trucks.

November 14, 1986

Ivan Boesky confesses to illegal stock trading activity

Wall Street arbitrageur Ivan Boesky pleads guilty to insider trading and agrees to pay a $100 million fine and cooperate with the Securities and Exchange Commission's investigation. "Boesky Day," as the SEC would later call it, was crucial in exposing a nationwide scandal at the heart of the `80s Wall Street boom.

Boesky testified that he had gained his $200 million fortune using illegal inside information about impending mergers to trade stock in the companies involved. As a result of Boesky's confession, subpoenas were issued to some of the world's most famous financiers, including "Junk Bond King" Michael Milken. Boesky's testimony brought Milken and Drexel Burnham Lambert, an investment banking company, to justice for their participation in the illegal schemes. Milken paid over a billion dollars in fines and restitution and was sentenced to 10 years in prison; two years later his sentence was reduced to time served. In addition to his own financial penalty, Boesky received a three-year sentence, 22 months of which he served at Lompoc Federal Prison in California. Following this insider trading scandal, Congress increased the penalties for securities violations.

After prison, Boesky divorced his wife and relocated to La Jolla, California. In contrast to Milken and others involved, Boesky has largely avoided public attention since the scandal, though he has surfaced to testify in still-unresolved legal proceedings. Despite his cooperation with the authorities, Ivan Boesky was demonized as a national symbol of greed and an example of the dangers of `80s-era excess.

November 14, 1986

Boesky banned from Wall St.

Until 1986, Ivan Boesky was one of wealthiest and most successful figures on Wall Street. But, after November 14, 1986, his name was inextricably linked with the scandal and corruption that engulfed the industry during the 1980s. Indeed, on this day, Boesky consented to a stern settlement on charges that he had engaged in insider trading. Specifically, he and Wall Street veteran Dennis B. Levine had been involved in an improper trade relationship: Levine furnished tips and information that Boesky then used to make big-money trades. In return, Boesky paid Levine a percentage of the profits from these trades. The union proved to be quite lucrative, as Boesky reeled-in roughly $50 million from illegal trades. But, when the Securities and Exchange Commission started probing into Levine's affairs, he wilted under the heat and handed over his partner to the authorities. The ensuing settlement called for Boesky to return his illegally gained profits to the SEC, as well as pay a $50 million fine. Along with emptying his once-considerable coffers, the sentence also banned Boesky from the securities industry and called for him to serve a maximum of five years in prison.

November 14, 1991

Credit card interest rate caps discussed

In 1991, the American economy was in the throes of a slump. Political and fiscal leaders cast about for ways to reverse these woes and on this day, the press reported that President Bush and the Senate were mulling a move to place limits on credit card interest rates. Needless to say, this notion didn't sit well with Wall Street; a day of panicked trading ensued and the Dow posted a hefty 120-point loss

Heidi B  
#171 Posted : Monday, November 17, 2008 9:59:31 AM(UTC)
Heidi B

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November 17, 1906

Honda founder born in Hamamatsu, Japan

On this day, Honda Motor Company founder Soichiro Honda was born the son of a blacksmith in Hamamatsu, Japan, about 150 miles southwest of Tokyo. Honda, who displayed remarkable mechanical intuition even at a young age, began working in an auto repair shop in Tokyo at age 15. In 1928, Honda returned to Hamamatsu to set up another branch of the repair shop, and also began pursuing his youthful passion for motor car racing. In 1936, Honda won his first racing trophy at the All-Japan Speed Rally, but nearly died when his car crashed shortly after setting a speed record. After a prolonged recovery, Honda left racing, and during World War II constructed airplane propellers for his country. When the war was over, Japan's industry was in shambles, and Honda saw an opportunity to beat swords into plowshares by starting an automotive company of his own. He bought a surplus of small generator engines from the military at a bargain price and began attaching them to bicycle frames. Honda's fuel-efficient vehicles were popular in a time when fuel was scarce, and in September of 1948, with only $1,500, Honda formed the Honda Motor Company in Hamamatsu. The company began building a full line of powerful and well-made motorcycles that by 1955 led motorcycle production in Japan. Honda proved as effective a company manager as he was a talented engineer, and by the early 1960s, Honda was the world's largest manufacturer of motorcycles. From this immense success, Honda was inspired to begin automobile production in 1962. Honda's first vehicle, the pint-size S-360, failed to make a dent in the American market, and it was not until 1972, and the introduction of the Civic 1200, that Honda became a serious contender in the industry. The fuel crisis of 1973 was the catalyst that thrust Honda and other Japanese auto manufacturers into the forefront of the international market. Cars like the Honda Civic proved far more durable and fuel efficient than anything being produced in Detroit at the time, and American consumers embraced Japanese-made automobiles. In 1973, Soichiro Honda retired from the top position at Honda, but the company he founded went on to become an industry leader, establishing such successful marques as the Accord, which by 1989 was the best-selling car in America.

November 17, 1968

The Heidi Bowl

On November 17, 1968, the Oakland Raiders score two touchdowns in nine seconds to beat the New York Jets--and no one sees it, because they’re watching the movie Heidi instead. With just 65 seconds left to play, NBC switched off the game in favor of its previously scheduled programming, a made-for-TV version of the children’s story about a young girl and her grandfather in the Alps. Viewers were outraged, and they complained so vociferously that network execs learned a lesson they’ll never forget: "Whatever you do," one said, "you better not leave an NFL football game."

The game between the Jets and the Raiders was already shaping up to be a classic: It featured two of the league’s best teams and 10 future Hall of Fame players. By the game’s last minute the two teams had traded the lead eight times. The game’s intensity translated into an unusual number of penalties and timeouts, which meant that it was running a bit long.

With a little more than a minute left to play, the Jets kicked a 26-yard field goal that gave them a 32-29 lead. After the New York kickoff, the Raiders returned the ball to their own 23-yard line. What happened after that will go down in football history: Raiders quarterback Daryle Lamonica threw a 20-yard pass to halfback Charlie Smith; a facemask penalty moved the ball to the Jets’ 43; and on the next play, Lamonica passed again to Smith, who ran it all the way for a touchdown. The Raiders took the lead, 32-36. Then the Jets fumbled the kickoff, and Oakland’s Preston Ridlehuber managed to grab the ball and run it two yards for another touchdown. Oakland had scored twice in nine seconds, and the game was over: They’d won 43-32.

But nobody outside the Oakland Coliseum actually saw any of this, because NBC went to commercial right after the Jets’ kickoff and never came back. Instead, they did what they’d been planning to do for weeks: At 7 PM, they began to broadcast a brand-new version of Heidi, a film they were sure would win them high ratings during November sweeps. Before the game began, network execs had talked about what they’d do if the game ran over its scheduled time, and they decided to go ahead with the movie no matter what. So, that’s what NBC programmer [censored]Cline did. "I waited and waited," he said later, "and I heard nothing. We came up to that magic hour and I thought, ‘Well, I haven’t been given any counter-order so I’ve got to do what we agreed to do.’"

NBC execs had actually changed their minds, and were trying to get in touch with Cline to tell him to leave the game on until it was over. But all the telephone lines were busy: Thousands of people were calling the network to urge programmers to air Heidi as scheduled, and thousands more were calling to demand that the football game stay on the air. Football fans grew even more livid when NBC printed the results of the game at the bottom of the screen 20 minutes after the game ended. So many irate fans called NBC that the network’s switchboard blew. Undeterred, people started calling the telephone company, the New York Times and the NYPD, whose emergency lines they clogged for hours.

Shortly after the Heidi debacle, the NFL inserted a clause into its TV contracts that guaranteed that all games would be broadcast completely in their home markets. For its part, NBC installed a new phone--the "Heidi Phone"--in the control room that had its own exchange and switchboard. Such a disaster, the network assured its viewers, would never be allowed to happen again.

November 17, 1973

Nixon insists that he is not a crook

On this day in 1973, in the midst of the Watergate scandal that eventually ended his presidency, President Richard Nixon tells a group of newspaper editors gathered at Walt Disney World in Orlando, Florida, that he is "not a crook."

Nixon made the now-famous declaration during a televised question-and-answer session with Associated Press editors. Nixon, who appeared "tense" to a New York Times reporter, was questioned about his role in the Watergate burglary scandal and efforts to cover up the fact that members of his re-election committee had funded the break-in. Nixon replied "people have got to know whether or not their President is a crook. Well, I'm not a crook. I've earned everything I've got." He did, however, admit that he was at fault for failing to supervise his campaign’s fund-raising activities.

At one point during the discussion, Nixon gave a morbid response to an unrelated question about why he chose not to fly with back-up to Air Force One when traveling, the usual security protocol for presidential flights. He told the crowd that by taking just one aircraft he was saving energy, money and possibly time spent in the impeachment process: "if this one [plane] goes down," he said, "they don’t have to impeach [me]."

Nixon was trying to be funny, but in fact the scandal was taking a toll on his physical and mental health. In Carl Bernstein and Bob Woodward’s book All the President’s Men, Nixon is described at this time as being "a prisoner in his own house--secretive, distrustful…combative, sleepless." Nixon’s protestations of innocence with regard to the Watergate cover-up were eventually eroded by a relentless federal investigation. On August 8, 1974, he resigned the following day.

Heidi B  
#172 Posted : Thursday, November 20, 2008 12:01:27 PM(UTC)
Heidi B

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November 20, 1789

New Jersey ratifies the Bill of Rights

On this day in 1789, New Jersey ratifies the Bill of Rights, becoming the first state to do so. New Jersey’s action was a first step toward making the first 10 amendments to the Constitution law and completing the revolutionary reforms begun by the Declaration of Independence.

The Anti-Federalist critics of the U.S. Constitution were afraid that a too-strong federal government would become just another sort of the monarchical regime from which they had recently been freed. They believed that the Constitution gave too much power to the federal government by outlining its rights but failing to delineate the rights of the individuals living under it. Before the Massachusetts ratifying convention would accept the Constitution, then, which they finally did in February 1788, the document’s Federalist supporters had to promise to create a Bill of Rights to be amended to the Constitution immediately upon the creation of a new government under the document. This helped to assuage the Anti-Federalists’ concerns.

As promised, the newly elected Congress drafted the Bill of Rights on December 25, 1789. Drafted by James Madison and loosely based on Virginia’s Declaration of Rights, the first 10 amendments give the following rights to all United States citizens:

1. Freedom of religion, speech and assembly
2. Right to keep and bear arms for the purpose of a well-regulated militia
3. No forcible quartering of soldiers during peacetime
4. Freedom from unreasonable search and seizure
5. Right to a grand jury for capital crimes and due process. Protection from double jeopardy, self-incrimination and public confiscation of private property without "just compensation"
6. Right to "speedy and public" trial by jury and a competent defense
7. Right to trial by jury for monetary cases above $20
8. Protection against "excessive" bail or fines and "cruel and unusual" punishments
9. Rights not enumerated are "retained by the people"
10. Rights not given to the federal government or prohibited the state governments by the Constitution, "are reserved to the States... or to the people"


November 20, 1820

American vessel sunk by sperm whale

The American whaler Essex, which hailed from Nantucket, Massachusetts, is attacked by an 80-ton sperm whale 2,000 miles from the western coast of South America.

The 238-ton Essex was in pursuit of sperm whales, specifically the precious oil and bone that could be derived from them, when an enraged bull whale rammed the ship twice and capsized the vessel. The 20 crew members escaped in three open boats, but only five of the men survived the harrowing 83-day journey to the coastal waters of South America, where they were picked up by other ships. Most of the crew resorted to cannibalism during the long journey, and at one point men on one of the long boats drew straws to determine which of the men would be shot in order to provide sustenance for the others. Three other men who had been left on a desolate Pacific island were saved later.

The first capture of a sperm whale by an American vessel was in 1711, marking the birth of an important American industry that commanded a fleet of more than 700 ships by the mid 18th century. Herman Melville's classic novel Moby Dick (1851) was inspired in part by the story of the Essex.

November 20, 1959

British Anglia comes to America

In 1911, the Ford Motor Company, which had been importing Ford Model Ts for several years, opened its first overseas plant at Trafford Park in Manchester, England. In 1920, after a decade of brisk sales in Britain and all over Europe, Ford was faced with a crisis--a new British law established higher tax penalties for larger-engine cars, and Ford's market share was suffering. Ford of England responded by developing several prototypes for a Ford automobile small enough to avoid British tax penalties. Designers also predicted that the citizens of dense European cities would prefer a car smaller than the standard American Ford. The resulting Model Y Ford "8" went into production in 1932, and after a strong first year Ford's British market share began to rapidly expand. In 1938, the Ford E93A Prefect was introduced, the first marque in the United States--the first British Ford to be marketed to Americans on a large scale. Internally, the compact 105E Anglia had a brand new overhead-valve engine and a four-speed gearbox, and externally, it was like nothing else on the road with it distinctive rear-sloping back window, frog-like headlights, and stylish colors: light green and primrose yellow. Despite appreciation for the well-designed car by a few automobile enthusiasts in America, the Anglia, which was a best-seller on the world's markets, failed to make a noticeable impact in the general U.S. market.

November 20, 1962

Kennedy announces fair housing legislation

On this day in 1962, President John F. Kennedy issues Executive Order 11063, which mandates an end to discrimination in housing. The order, which came during the burgeoning Civil Rights movement, prohibited federally funded housing agencies from denying housing or funding for housing to anyone based on their race, color, creed or national origin.

Since the 1950s, American minorities, particularly African Americans, had been largely relegated to living in overcrowded inner-city ghettos or impoverished rural areas. The "American Dream" of owning a house in the suburbs, or even a small apartment in a safe city neighborhood was unobtainable for many minority families because federally funded lending agencies often refused to give minorities home loans. When Kennedy took office in 1960, he vowed to do more for civil rights than his predecessors. When he issued the order in 1962, Kennedy called discrimination in federal housing agencies unfair, unjust and inconsistent with the right to life, liberty and the pursuit of happiness and bemoaned the disgraceful, substandard, unsafe and unsanitary housing in which most African Americans and other minorities were forced to live.

Although Kennedy’s order was a symbolic landmark for ending de facto segregation in housing, the policy was never enforced. The order left it up to the individual housing and funding agencies to police themselves, leaving much room for non-compliance from state to state. After his assassination in 1963, civil rights activists continued to lobby for integrated neighborhoods. It took Kennedy’s successor, Lyndon B. Johnson, until 1968, however, to get a majority of Congress to support a fair housing law.

November 20, 1967

Students Demonstrate Against Dow Chemical Company

On this day in the United States, San Jose State College students demonstrate against the Dow Chemical Company, the maker of napalm. Police were sent in, but the students refused to disperse and several protest leaders were arrested. The next day the students defied California governor Ronald Reagan's warning against further demonstrations and again staged an anti-Dow demonstration.

Napalm was an acronym derived from naphthetic and palmic acids, whose salts were used to manufacture the jellied gasoline--napalm--that was used in flame-throwers and bombs. Napalm first came into widespread use during World War II, especially in flame throwers used to destroy entrenched Japanese positions in the Pacific war. It was also used extensively in aerial bombs during the Korean War against Chinese and North Korean entrenchments. The use of napalm in the Vietnam War concerned many Americans who considered it an especially cruel and barbaric weapon.

November 20, 1967

Product Safety Commission established

This day brought a victory for shoppers and consumer advocates alike, as President Lyndon Johnson announced the formation of the National Commission on Product Safety. The newly formed agency was charged with sa[censored]uarding the public against "hazardous products," as well as exploring the efficacy of Federal consumer protection legislation.

November 20, 1990

Guinness buys Spanish brewer

The owners of Guinness Beer hoisted a toast on this day to celebrate their $1 billion purchase of Spain's biggest brewer, La Cruz del Campo (Cruzcampo). The deal not only stood as the largest foreign outlay in a Spanish property, but was also a key strategic move for Guinness, which planned to use Cruzcampo as a building block for globalizing its brewing operations

November 20, 1993

Cranston censured for Keating dealings

On this day, the Senate Ethics Committee handed down a stern censure of Alan Cranston, taking the California senator to task for his "dealings" with the scandal-ridden Savings and Loan executive Charles Keating. In the strongly worded statement, which capped off a two-year probe into the actions of the "Keating Five," the committee chided Cranston for "violating unwritten but commonly understood standards of Senate behavior." Specifically, Cranston had pursued $800,000 in "charitable contributions" from Keating during the same period in which he had acted with Federal regulators to defend Lincoln Savings and Loan, Keating's troubled operation. However, an enraged Cranston took to the Senate floor to rebut the claims brought against him. "Nothing I did violated a law or Senate rule," the senator declared, though he did tender an apology for engaging in behavior which gave the appearance of being improper.

Heidi B  
#173 Posted : Tuesday, December 2, 2008 3:38:05 PM(UTC)
Heidi B

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December 2, 1902

V-8 engine is patented

The first working V-8 engine was patented in France by French engine designer Leon-Marie-Joseph-Clement Levavasseur. The engine block was the first to arrange eight [censored]tons in the V-formation that allowed a crankshaft with only four throws to be turned by eight [censored]tons. Today, V-8 engines are extremely common in automobiles that need powerful motors.

December 2, 2001

Enron files for bankruptcy

On this day in 2001, the Enron Corporation files for Chapter 11 bankruptcy protection in a New York court, sparking one of the largest corporate scandals in U.S. history.

An energy-trading company based in Houston, Texas, Enron was formed in 1985 as the merger of two gas companies, Houston Natural Gas and Internorth. Under chairman and CEO Kenneth Lay, Enron rose as high as number seven on Fortune magazine's list of the top 500 U.S. companies. In 2000, the company employed 21,000 people and posted revenue of $111 billion. Over the next year, however, Enron's stock price began a dramatic slide, dropping from $90.75 in August 2000 to $0.26 by closing on November 30, 2001.

As prices fell, Lay sold large amounts of his Enron stock, while simultaneously encouraging Enron employees to buy more shares and assuring them that the company was on the rebound. Employees saw their retirement savings accounts wiped out as Enron's stock price continued to plummet. After another energy company, Dynegy, canceled a planned $8.4 billion buy-out in late November, Enron filed for bankruptcy. By the end of the year, Enron's collapse had cost investors billions of dollars, wiped out some 5,600 jobs and liquidated almost $2.1 billion in pension plans.

Over the next several years, the name "Enron" became synonymous with large-scale corporate fraud and corruption, as an investigation by the Securities and Exchange Commission and the U.S. Justice Department revealed that Enron had inflated its earnings by hiding debts and losses in subsidiary partnerships. The government subsequently accused Lay and Jeffrey K. Skilling, who served as Enron's CEO from February to August 2001, of conspiring to cover up their company's financial weaknesses from investors. The investigation also brought down accounting giant Arthur Anderson, whose auditors were found guilty of deliberately destroying documents incriminating to Enron.

In July 2004, a Houston court indicted Skilling on 35 counts including fraud, conspiracy and insider trading. Lay was charged with 11 similar crimes. The trial began on January 30, 2006, in Houston. A number of former Enron employees appeared on the stand, including Andrew Fastow, Enron's ex-CFO, who early on pleaded guilty to two counts of conspiracy and agreed to testify against his former bosses. Over the course of the trial, the defiant Skilling--who unloaded almost $60 million worth of Enron stock shortly after his resignation but refused to admit he knew of the company's impending collapse--emerged as the figure many identified most personally with the scandal. In May 2006, Skilling was convicted of 19 of 35 counts, while Lay was found guilty on 10 counts of fraud and conspiracy. When Lay died from heart disease just two months later, a Houston judge vacated the counts against him. That October, the 52-year-old Skilling was sentenced to more than 24 years in prison.

Heidi B  
#174 Posted : Wednesday, December 3, 2008 4:39:03 PM(UTC)
Heidi B

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December 3, 1901

TR speaks about trusts

President Theodore Roosevelt took the House floor on December 3, 1901 to deliver a 20,000-word consideration of business conglomerations. Roosevelt called on Congress to curb the nation's trusts, though he urged the need for legislation that stayed "within reasonable limits." Despite this caveat, Roosevelt is often remembered as an ardent trust buster who crusaded against the rise of big business. In fact, Roosevelt was hardly a constant foe of the business community: He came from a wealthy family and neither disdained money nor the growth of business combinations. Rather, he plied a more conservative approach and sought policy which balanced free market principles with the "best interests" of the American public, allowing trusts to exist, albeit within carefully measured limits.

December 3, 1929

Hoover declares nation on rebound

Showing extreme optimism, if not foresight, President Herbert Hoover declared to Congress that the nation had shaken off the impact of the recent stock market crash and regained its faith in the economy. Whatever confidence the public may have clung to was no doubt quashed during the ensuing Depression.

December 3, 1979

Last Pacer is produced

The last Pacer is produced by the American Motor Company. The bubble-topped Pacer was a reasonably popular economy car, though its Jetson-styled body attracted flack from car critics and stand-up comedians alike. More recently, the Pacer gained attention as the mighty roadmobile piloted by Garth of Wayne's World.
Heidi B  
#175 Posted : Friday, December 5, 2008 1:01:15 PM(UTC)
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December 5, 1782

Van Buren is born

On this day in 1782, Martin Van Buren, America’s 8th president, is born in Kinderhook, New York, to Dutch parents. He left grammar school with his sights set on studying law and pursuing a career in politics.

Van Buren married one of his Dutch cousins, Hannah [censored]s, in 1807. The couple, who spoke Dutch at home, settled in Albany, New York, and had five children before she died from tuberculosis in 1819. Two years later, he won his first political election, earning a seat in the U.S. Senate. In 1828, Van Buren became governor of New York, but left that office four months later to accept President Andrew Jackson’s offer to serve as secretary of state. He resigned the office in 1831 to accept a commission as minister to Great Britain; Congress, however, ultimately rejected his nomination. In 1832, Van Buren was elected vice president under Andrew Jackson.

Van Buren was exceptionally effective at uniting the disparate factions of the Democratic Party and at riding the coattails of the very popular Jackson, and he easily won the presidency in 1836. At this point, his political fortunes took a turn for the worse. A financial crisis in 1837 plunged the country into depression. Van Buren’s ineffective response to the crisis, his refusal to pursue annexation of Texas and his anti-slavery leanings caused the pro-slavery, pro-expansionist Democratic Party to split during the election of 1840. Van Buren lost that campaign to Whig William Henry Harrison. He tried and failed to get the Democratic nomination in 1844 and in 1848 ran as the Free-Soil Party candidate on an anti-slavery, anti-annexation platform, but lost again.

Defeated, Van Buren retired to his hometown of Kinderhook, New York in 1849. He died in 1862.

December 5, 1932

Ford Model C and V-8 introduced

The first Ford Model C automobile was introduced on this day in 1932. It boasted the first four-cylinder engine made by Ford with a counter-balanced crankshaft. The Model C was largely eclipsed, however, by Ford's other 1932 offering: the Ford V-8. The V-8 was the first eight-cylinder Ford automobile, and boasted the first V-8 engine block ever cast in a single piece. The V-8 sold well, but Ford's fortunes had fallen from their peak. The one-time industry giant was trailing General Motors and Chrysler in sales.

December 5, 1933

Prohibition ends

The 21st Amendment to the U.S. Constitution is ratified, repealing the 18th Amendment and bringing an end to the era of national prohibition of alcohol in America. At 5:32 p.m. EST, Utah became the 36th state to ratify the amendment, achieving the requisite three-fourths majority of states' approval. Pennsylvania and Ohio had ratified it earlier in the day.

The movement for the prohibition of alcohol began in the early 19th century, when Americans concerned about the adverse effects of drinking began forming temperance societies. By the late 19th century, these groups had become a powerful political force, campaigning on the state level and calling for national liquor abstinence. Several states outlawed the manufacture or sale of alcohol within their own borders. In December 1917, the 18th Amendment, prohibiting the "manufacture, sale, or transportation of intoxicating liquors for beverage purposes," was passed by Congress and sent to the states for ratification. On January 29, 1919, the 18th Amendment achieved the necessary three-fourths majority of state ratification. Prohibition essentially began in June of that year, but the amendment did not officially take effect until January 29, 1920.

In the meantime, Congress passed the Volstead Act on October 28, 1919, over President Woodrow Wilson's veto. The Volstead Act provided for the enforcement of Prohibition, including the creation of a special Prohibition unit of the Treasury Department. In its first six months, the unit destroyed thousands of illicit stills run by bootleggers. However, federal agents and police did little more than slow the flow of booze, and organized crime flourished in America. Large-scale bootleggers like Al Capone of Chicago built criminal empires out of illegal distribution efforts, and federal and state governments lost billions in tax revenue. In most urban areas, the individual consumption of alcohol was largely tolerated and drinkers gathered at "speakeasies," the Prohibition-era term for saloons.

Prohibition, failing fully to enforce sobriety and costing billions, rapidly lost popular support in the early 1930s. In 1933, the 21st Amendment to the Constitution was passed and ratified, ending national Prohibition. After the repeal of the 18th Amendment, some states continued Prohibition by maintaining statewide temperance laws. Mississippi, the last dry state in the Union, ended Prohibition in 1966.

December 5, 1977

Plymouth debuts front-wheel drive

The Plymouth Horizon was introduced on this day. It was the first American-made small car with front-wheel drive. Technical advances in drive technology had reduced the size and cost of front-wheel drive systems.
Heidi B  
#176 Posted : Tuesday, December 9, 2008 11:05:15 AM(UTC)
Heidi B

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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.

Heidi B  
#177 Posted : Wednesday, December 10, 2008 2:54:48 PM(UTC)
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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.
Heidi B  
#178 Posted : Thursday, December 11, 2008 2:10:59 PM(UTC)
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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, s[censored]s, and other essentials.
Heidi B  
#179 Posted : Friday, December 12, 2008 11:02:18 AM(UTC)
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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 sa[censored]uard 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 des[censored]ed 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.

Heidi B  
#180 Posted : Monday, December 15, 2008 2:45:19 PM(UTC)
Heidi B

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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.

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