Why did Nixon release his tax returns in 1973?
Buffeted by allegations that, since taking office, Nixon had greatly underpaid what he owed the IRS in taxes, the president had agreed in December 1973 to publicly release his returns covering the years 1969 through 1972. He also asked Congress' Joint Committee on Taxation to examine his personal finances.
What events led to Nixon's impeachment?
After Nixon fired Watergate Special Prosecutor Archibald Cox, which led to the immediate departures of Attorney General Elliot Richardson and Deputy Attorney General William Ruckelshaus in what became known as the "Saturday Night Massacre" of October 20, 1973, however, momentum towards impeachment grew rapidly.
What did Nixon say about his foreign policy?
He then went on to review the accomplishments of his presidency, especially in foreign policy. Nixon acknowledged that some of his judgments "were wrong," and he expressed contrition, saying: "I deeply regret any injuries that may have been done in the course of the events that led to this decision."
What happened to Nixon in the Soviet Union?
Then, in the Soviet Union, he and General Secretary Leonid Brezhnev signed the Threshold Test Ban Treaty. The White House worked to portray these visits, and the president himself, as vital to peace and prosperity in that part of the world. Unknown to the public at the time, Nixon was suffering a potentially fatal case of phlebitis.
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.
Can the President close the stock market?
The stock and bond markets alike will be closed in honor of George Washington's birthday. Most Americans are being treated to a three-day weekend thanks to the Presidents' Day holiday ... and that includes investors. The stock markets and bond markets will be closed on Feb. 21, 2022, in observation of Presidents' Day.
Is it possible to shut down the stock market?
Circuit breakers halt trading on the nation's stock markets during dramatic drops and are set at 7%, 13%, and 20% of the closing price for the previous day. The circuit breakers are calculated daily. Trading will halt for 15 minutes if drop occurs before 3:25 p.m.
What was a major cause of the stock market crash?
The main cause of the Wall Street crash of 1929 was the long period of speculation that preceded it, during which millions of people invested their savings or borrowed money to buy stocks, pushing prices to unsustainable levels.
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.
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.
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.
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 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.
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 ...
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.
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.
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.".
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 .
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.
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The height of the Clinton impeachment ran from Dec. 19, 1998, to Feb. 12, 1999 - the date the House approved two articles of impeachment, to the date the Senate announced his acquittal. During that period, the blue-chip Dow Jones Industrial Average gained 4.2%. The broader S&P 500 rose 3.5% on a price basis.
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During the two-year period of 1998 and 1999, the cyclical bull market was on fire. The Dow rose 45% from the beginning of 1998 to the end of 1999. The S&P 500 jumped 51%.
