How did Nixon get impeached?
Nixon refused, but on July 24, the U.S. Supreme Court ordered him to comply. On July 27, 29, and 30, 1974, the Committee approved three articles of impeachment against Nixon, for obstruction of justice, abuse of power, and contempt of Congress, and reported those articles to the House of Representatives.
Will trump be impeached over campaign finance violations like Nixon?
"An Explanation: Nixon, I.T.T. and Milk Case". The New York Times. p. 29. Retrieved December 6, 2019. ^ Conway, Michael (December 17, 2018). "Trump, like Nixon, won't be impeached over campaign finance violations.
What was the last day of the Nixon impeachment debate?
On July 30, the final day of its impeachment debate, Article III, charging Nixon with contempt of Congress for his defiance of eight Judiciary Committee subpoenas, issued during April, May and June 1974, was introduced by Robert McClory, and was approved by a narrow 21–17 margin.
Was Nixon's stonewalling an impeachable offense?
Proponents argued that Nixon's consistent "stonewalling" constituted an impeachable offence as it threatened to diminish the House's constitutional impeachment power. McClory argued that the claim of executive privilege "has no place in an impeachment inquiry."
What President crashed the stock market?
The 1920s were a period of optimism and prosperity – for some Americans. When Herbert Hoover became President in 1929, the stock market was climbing to unprecedented levels, and some investors were taking advantage of low interest rates to buy stocks on credit, pushing prices even higher.
Which president were impeached?
Three United States presidents have been impeached, although none were convicted: Andrew Johnson was in 1868, Bill Clinton was in 1998, and Donald Trump twice, in 2019 and 2021.
Who is the only president to resign?
After successfully ending American fighting in Vietnam and improving international relations with the U.S.S.R. and China, he became the only President to ever resign the office, as a result of the Watergate scandal. Reconciliation was the first goal set by President Richard M. Nixon.
How many times can a president be impeached?
By a 55–45 vote, the Senate rejected a motion asserting that the trial was unconstitutional. The Constitution does not limit the number of times an individual may be impeached.
This is how the Nixon and Clinton impeachment dramas affected markets
MIDVALE, UT - SEPTEMBER 10: A pharmacy technician grabs a bottle of drugs off a shelve at the central pharmacy of Intermountain Heathcare on September 10, 2018 in Midvale, Utah. IHC along with other hospitals and philanthropies are launching a nonprofit generic drug company called "Civica Rx" to help reduce cost and shortages of generic drugs.
The market has shrugged off Trump's impeachment inquiry so far
Investors are more focused on the trade war with China, monetary policy and the economy.
Clinton's impeachment did not rattle the markets
The official inquiry began after the Russian debt crisis and near-collapse of Long-Term Capital Management hedge fund. The S&P 500 gained close to 27% between Clinton's impeachment inquiry and his acquittal.
Nixon's impeachment overlapped with dire market conditions
A recession combined with a bear market and the oil crisis led the S&P 500 sharply lower. It fell 26% between Nixon's impeachment inquiry and his resignation.
Who was followed by Nixon during the OPEC crisis?
The crisis was merely compounded by the fact that Nixon was followed by Ford, who did little to restore confidence, and then by Carter, who destroyed America’s credibility.
What was the reaction of Gold and Watergate?
However, the legalization of gold for American ownership due in 1975 caused the rally to resume going into December 1974 on wild European speculation that had anticipated a huge demand from American citizens.
What happened in the 1980s?
Eventually, the stock market rallied going into 1980 during the Carter Crisis period when the bonds continued to fall to new record lows. Capital became concerned about government and a flight to quality began. This resulted in capital fleeing the bonds markets and moving directly into the share market. Gold & Watergate.
Why did gold outperform the S&P 500?
However, gold outperformed the S&P 500 due to the fact the dollar was declining sharply on world markets. Gold acted more as a hedge against the currency decline since it is a non-national commodity with international value.
When did the S&P 500 peak?
The US stock market (basis S&P 500) also peaked during January 1973 at 120.24. As Watergate continued to grow in significance, the S&P 500 fell almost relentlessly with the exception of a 2 month rally during September/October 1973. The S&P 500 fell reaching its lowest monthly closing in September of 1974 following Richard Nixon’s resignation.
What was the low of August 1974?
From the 1972 high of 142.03, the August 1974 low was established at 86.29 during the week of the 26th. Following the resignation of President Nixon, the US bond market recovered moving higher going into the week of February 17th reaching the 99.31 level.
What happened to the economy in 1973?
The economy was mired in recession as the Watergate scandal broke. (Source: FRED) Inflation, meanwhile, was running in the double-digits. Consumer prices rose 3.6% from the prior year in January 1973. One year later, inflation was running at 9.6% year-on-year; by November 1974, inflation was up 12% year-on-year.
What was the economic rate in 1973?
During this period, the economy was on its way into recession. After economic growth hit an annualized rate of 10.2% in the first quarter of 1973, economic growth rates hit -3.3% in the first quarter of 1974 as the economy entered a recession from which it did not emerge until the second quarter of 1975. The economy was mired in recession as the ...
Who did Trump ask to end the investigation into Michael Flynn?
Following The New York Times’ Tuesday evening report that President Donald Trump asked former FBI director James Comey to end an inquiry into ties former national security advisor Michael Flynn had to Russia, investors are wondering when the chaotic headlines coming from the White House will stop. Story continues.
What was the price of oil in 1974?
Stagflation gripped the economy during 1974-75. (Source: FRED) Oil prices, meanwhile, rose from $3.56 a gallon in January 1973 to $10.11 a year later as OPEC members imposed an oil embargo against the U.S. in response to U.S. involvement in the Arab-Israeli War.
When did Nixon get impeached?
Nixon. The impeachment process against Richard Nixon began in the United States House of Representatives on October 30, 1973, following the series of high-level resignations and firings widely called the " Saturday Night Massacre " during the course of the Watergate scandal .
Why was Nixon's stonewalling an impeachable offence?
Proponents argued that Nixon's consistent "stonewalling" constituted an impeachable offence as it threatened to diminish the House's constitutional impeachment power. McClory argued that the claim of executive privilege "has no place in an impeachment inquiry.".
What was the Watergate scandal?
The Watergate scandal began with the June 17, 1972, break-in at the Democratic National Committee headquarters at the Watergate Office Building in Washington, D.C., and the Nixon administration 's attempted cover-up of its involvement. In January 1973, the same month in which President Nixon began his second term, the burglars each went on trial separately before U.S. District Judge John Sirica; all pleaded or were found guilty. That February, the United States Senate voted to create a special investigative committee to look into the scandal. The resultant Senate Watergate hearings, led by Sam Ervin, commenced in May 1973. Broadcast "gavel-to-gavel" nationwide by PBS and (alternately) by the three U.S. commercial networks — ABC, CBS and NBC, the hearings aroused and held great public interest through that summer. Senators heard testimony that the president had approved plans to cover up administration involvement with the Watergate break-in, and learned of the existence of a voice-activated taping system in the Oval Office.
What was the Nixon smoking gun tape?
On August 5, 1974, Nixon released a transcript of one of the additional conversations to the public, known as the "smoking gun" tape, which made clear his complicity in the Watergate cover-up. This disclosure destroyed Nixon politically.
How many pages were there in the Nixon tapes?
This was followed three days later by the committee's release of its accumulated evidence, which ran to 4,133 pages in all—3,891 pages assemble d by the impeachment inquiry staff, as well as a 242-page rebuttal by James St. Clair, but contained neither commentary nor conclusions from the committee. Afterward St. Clair acknowledged for the first time publicly that a committee vote in favor of impeachment was likely, but White House Press Secretary Ron Ziegler said the president remained confident that the full House would not impeach.
How many articles of impeachment did the Judiciary Committee agree to?
The Judiciary Committee agreed to three articles of impeachment against President Nixon. Together they were a sharp rebuke of his conduct in office, as each one concluded with the same declaration, that:
How many telegrams did Nixon send?
The White House and congressional offices were deluged with a record shattering 450,000 telegrams, most demanding Nixon's impeachment; hundreds of demonstrators gathered outside the White House, loudly demanding the same. Nixon's firing of Archibald Cox triggered an uproar in Congress as well.
