THIS DAY IN ECONOMIC HISTORY

Social Security Amended

September 1, 1954 saw the passage of a new amendment to the Social Security Act. As a result, the nation's Social Security rolls swelled by another seven million people. Most of the new seven million were self-employed farmers.

Department of Treasury Formed

On this day in 1789 the United States Department of Treasury is officially created. Immediately after its formation the department was assigned the task of repaying the war debt that was created from the American Revolution.

Death Causes Stocks To Fall

The death of Ho Chi Minh on this day in 1969 caused the Stock Market to dip 10.37 points to close at 825.30. Fears that the death would imperil the peace process caused investors to sell. These fears turned out to be true for the war churned on for many more years.

Eastman Gets Patent For 'Kodak' Camera

After several years of tinkering and experimenting, George Eastman, a junior bank clerk from upstate New York, finally developed a camera that could be used by the general public. He received his patent on this day in 1888, along with the now famous trademark "Kodak."

Union Leaders Get Their "Labor Day"

Labor Day, now a well-known holiday observed throughout the business world, began literally as a day to honor laborers. The first Labor Day in 1882 showed the growing power of the union movement; Labor Day became an officially recognized holiday two years later.

Speedy Electric Car Hits The Track

In 1900, long before the days of the modern hybrid vehicles, Andrew Riker's electric car set a speed record on a five-mile track in Rhode Island. Electric cars remained a fixture on racetracks until the 1920s, when advances in gas engines pushed them from the forefront. High gasoline prices have since renewed interest in developing electric cars.

Get Rich Quick Stays Rich

The Millionaire Next Door, a guide on how to become rich in the American economic system continues its run at the top slot on the New York Times Business Best Seller list.

Recording Industry Strikes Back Against Illegal Online Music

The Recording Industry Association of America filed law suites against 251 individuals across the country, accusing them of illegal sharing of copyrighted music online. The group alleged millions of dollars in losses due to the online sharing of music files.

Business Expands

The New York Stock Exchange trading floor may seem like a pretty cramped place to do business but until this day in 1901 the floor was only half the size it is today. On this day in 1901, the cornerstone was laid for a new building to host the exchange. The new building is the same one still used today.

Candidate Promises Higher Taxes

On this day in 1984, Democratic presidential nominee Walter Mondale unveiled a plan to cut the nation's huge deficit. The plan would have saved $175 million, but it also came with tax hikes. Even though the increased taxes would have affected the corporations and wealthy people, the public still did not embrace his plan. Reagan swept the election, winning every state except Mondale's home state of Minnesota.

Hamilton Named First Treasury Secretary

On this day in 1789, American President George Washington named Alexander Hamilton as the nation's first Secretary of the Treasury. Hamilton's first task was stabilizing the nation's economy and paying back the mountainous debt resulting from the Revolutionary War.

Another Record Breaking Day

On this day in 1996 the Dow Jones had another record-breaking day. The Dow closed the day at 5,771.94 points but at one point was as high as 5,778 points.

Razors And Batteries

On this day in 1996 the Gillette Company merged with battery giant Duracell. This was just another merger by Gillette to diversify their business. Gillette sells everything from razors, toothbrushes, writing utensils, and after this merger batteries. Duracell batteries soon became Gillette's second best selling product line.

How Does $1.40 Sound?

On this day in 1966 the senate adopted legislation to raise the country's minimum wage to $1.40.

Greed Is Good

On this day in 1946, movie director and writer Oliver Stone was born. Stone's most notable contribution to the economic world was his movie "Wall Street." The movie portrayed the 1980s business world. The movie's best known quote, "Greed is good," became a lasting icon for this era of U.S. big business.

Federal Trade Commission (FTC) Was Established.

The Federal Trade Commission (FTC) was established in 1914 to enforce anti-trust and consumer protection legislation.

Mint Gets Recognized

After being in existence for six years the nation's currency agency finally gets a name on this day in 1868. The Bureau of Engraving and Printing became its official name.

Jay Cooke And Co. Closes Doors

On this day in 1873 Jay Cooke and Co. one of the nation's most reputable brokerage houses collapsed. This collapse was due mainly by its ill-conceived plan of adding a second trans-continental railroad. The collapse brought to light years of unchecked expansion and inflation causing five years of severe economic trouble.

The Nation's First Budget

The Committee on Finance of the Continental Congress presents the nation's first budget on this day in 1778.

AT&T Breaks Up

On this day in 1995 AT&T announced that it would voluntarily break itself up into three different companies. The company's divide and conquer attitude was the brunt of many jokes in the business world. But when company announced an 11 percent gain in their stock AT&T was the one laughing.

British Actions Close American Banks

On this day in 1931 Great Britain abandons the gold standard for its currency. Americans fearing their country would follow suit immediately started to pull their money from banks across the country. They feared that not having gold backing their money's value would leave them broke. The resulting withdrawals caused 827 banks to shut down. It took another two years for the United States to abandon the gold standard.

Turner Sells CNN

On this day in 1995 a contract was penned to have billionaire Ted Turner sell his broadcasting company to Time Warner Inc. for $7.5 billion. The deal was lucrative for Turner but not for many of his shareholders and coupled with objections from the Federal Trade Commission it took over a year to get the deal approved. In that time the shares of Time Warner took enough of a hit to cause the finalized deal to be worth only $6.5 billion.

Economic Promises Win Election

American presidential campaigns are won and lost over the economy, and this case was no different. Democratic candidate Jimmy Carter successfully attacked Gerald Ford's presidency in a debate on this day in 1976. Carter was able to appeal to the American people by promising economic reform and prosperity, while Ford could not get over the fallout from Watergate and years of economic stagnation. Carter eventually won the election in November.

Avis Goes Public

On this day in 1996, HFS, (Hospitality Franchise Systems) mostly known for Avis Rent-A-Car, went public by putting 75% of its stock on the market. The switch from a private to public company saw success. The stock for the company opened at $17 and climbed to $22 in half a day.

AT&T Sells Satillites To Start War

In a move to keep pace with the competition, Loral Space Communications announced on this day that it had acquired Skynet, AT&T's broadcast satellite division. The deal cost Loral $712.5 million in cash, money that AT&T would use to try to dethrone the "Baby Bells" in the nation's long-distance and local markets.

AT&T Sells Itself To Get Even

Today in 1996 AT&T sells its broadcast satellite division Skynet to Loral Space Communications. Loral dished out $712.5 million in cash, money that AT&T would use to try and dethrone the "Baby Bells" in the nation's long-distance and local phone markets.

The New Ben

The Treasury Department unveiled a new version of the $100 bill, complete with an off-center, but enlarged picture of Ben Franklin.

Blue Monday

Wall Street has many catchy names for important dates in its history. On this day in 1981 "Blue Monday" becomes a new name for a day of economic turmoil. On this day the New York Stock Exchange had the best day of trading in six months but around the world the story was very different. Japan's Nikkei average took a record dive while British markets posted similar problems.

Nyse Moves Away From Weekend

On this day, The New York Stock Exchange changed it ways, ending the half-workday on Saturdays. To compensate for the lost time, and extra 30 minutes was added to the end of the Wednesday workload.

Read My Lips

President George Bush proposed his own tax hike to the tune of $134 billion over five years.