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76 Cards in this Set
- Front
- Back
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MANIFEST DESTINY
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the idea in the United States in the 1800's that the country must expand its borders to the Pacific Ocean
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Oregon Fever
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The U.S. and Britain competed for the region, but agreed to co-own it in 1818 but in 1830; missionaries came to convert Native Americans and told Northerners about the region. The trail to Oregon was called the Oregon Trail. President Polk wanted Oregon to be 54-40 or fight Britain for it publicly. Privately he made a deal with Britain to divide it, the U.S. getting it to the 49th degree north latitude
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Mexican-American War
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It all started when Polk ordered Zachary Taylor’s troops to cross into Mexican territory so that the Mexicans could fire the first shot and they did so America declared war on Mexico. Polk called out for 50,000 volunteers. Taylor completed his mission, Kearney captured Santa Fe, and John Fremont made a successful uprising in California declaring it independent. Polk called Winfield Scott, instead of Taylor because he was a threat to winning the presidency, to seize Mexico City which he did. Mexico signed the Treaty of Guadalupe Hidalgo: Mexico ceded 50,000 square miles of land to the U.S. and accepted the Rio Grande as Texas’ southern border. In return the U.S. would pay 15 million to Mexico and 3.25 million in debts Mexico owed American citizens. Conflict soon grew on whether this new land would allow slavery.
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Wilmot Proviso
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David Wilmot, a democrat from Pennsylvania, proposed that in any territory the U.S. did not gain from Mexico, slavery nor servitude shall ever exist. Southerners were outraged for this would threaten slavery everywhere. The House passed it and the Senate refused to vote on it
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Compromise of 1850
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Invasions by Henry Clay, it said that California would come into the Union as a free state but the other land from Mexico would have no slavery restrictions. The border between New Mexico and Texas would favor New Mexico but the government would pay off Texas’ debts. Slave trade would be outlawed in Washington D.C. but slavery would be legal. Congress would pass a new fugitive slave act to help Southerners recover enslaved blacks who fled to the North and Congress wouldn’t interfere with domestic slave trade.
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Kansas-Nebraska Act
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Thought up by Stephen Douglas, but went against the Missouri Compromise because it wouldn’t get passed if the area didn’t allow slavery. He proposed to create Nebraska as a Free State and Kansas as a slave state. Despite outrage from the Northern Democrats and Whigs, the bill was passed in 1854.
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Dred Scott
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Scott was an enslaved man from Missouri but was taken to Minnesota by his slave owner. Scott sued to end his slavery because he believed that since he lived in a free state he was free. The Supreme Court ruled against Scott because since blacks weren’t citizens, they couldn’t sue in courts.
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Bull Run
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the Union made an attack on the Confederacy at Manassas Junction, Virginia. They pushed the Confederates back all the way to a stream called Bull Run. Reinforcements, led by General Stonewall Jackson, helped the Union to retreat. The defeat at Bull Run showed that Lincoln would need to call upon more men to defeat the Confederacy.
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Gettysburg
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Lee decided to make an attack in the North after the battle of Chancellorsville. General Meade, just put in charge, intercepted Lee at Gettysburg. The Confederates pushed the Union troops out of town. After holding their ground on a second attack, Lee ordered Pickett’s Charge. It was a disaster. Lee retreated back to Virginia. This was the turning point in the war, for it strengthened the Republican Party and ensured that Britain wouldn’t recognize the Confederacy.
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Vicksburg
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The Plan for the Union was to capture Vicksburg, cutting the South into two parts. Grand called for Grierson to distract the soldiers at Vicksburg by raiding through Mississippi, allowing Grant to attack from the South. The plan succeeded and they drove the Confederates all the way into their defenses at Vicksburg. After trying two unsuccessful assaults, Grant decided to lay siege on the city. The plan worked and the Confederacy was divided into two.
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Emancipation Proclamation
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Encouraged by the victory at Antietam, Lincoln publicly announced that he would issue the Emancipation Proclamation. It was a decree freeing all enslaved persons in states still in rebellion after January 1, 1863. Because the proclamation freed enslaved African Americans only in states at war with the Union, it didn’t address slavery in the border states. Lincoln didn’t want to end slavery there because he didn’t want to loose the loyalty of the border states. The proclamation made it look to the Europeans that it was a war on slavery. This destroyed any interest of Europe entering the war.
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13th Ammendment
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The 13th Amendment was signed on January 31, 1865 to end slavery permanently. Therefore it was to ban slavery in the United States, narrowly passed the House of Representatives and was sent to the states for ratification.
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14th Ammendment
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The 14th Amendment was passed to keep the Civil Rights Act in line. It was to grant citizenship to all persons born or naturalized in the United States and declared that no state could deprive any persons of life, liberty, or property.
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15th Ammendment
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The 15th Amendment was passed for African American suffrage. It declared that the right to vote shall not be denied on account of race, color, or previous condition of servitude.
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10% Oath
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It was Lincoln’s plan which was called the Proclamation of Amnesty and Reconstruction. In his moderate plan, he offered a general amnesty or pardon to all the southerners who took an act of loyalty to the U.C. accepted the Union’s proclamation concerning slavery. When 10% of a state’s voters in the 1960 presidential election had taken the oath, they could create a new state government.
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Wade-Davis Bill
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The bill was a compromise between the radical and moderate republicans as a opposition to Lincoln’s bill. It required the majority of the adult white men in a former Confederate state to take an oath of allegiance to the Union. The state could then hold a constitutional convention to create a new state government. Each state’s convention would then have to abolish slavery, reject all debts the state had acquired as part of the Confederacy, and deprive all former Confederate government officials and military officers of the right to vote or hold office. Although it was passed in Congress, Lincoln pocket vetoed it.
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Radical Reconstruction
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They didn’t want to reconcile the South. They had three main goals. First, they wanted to prevent the leaders of the Confederacy from returning to power after the war. Second, they wanted the Republican Party to become a powerful institution in the South. Third, they wanted the federal government to help African Americans achieve political equality by guaranteeing their right to vote in the South. Black Codes - They were a series of laws passed by Southern state legislature which severely limited African Americans’ rights in the South. They varied from state to state, but their main purpose was to keep blacks in a condition similar to slavery. They were sometimes known as Jim Crow Laws, and they enraged the Northerners.
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Black Codes
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They were a series of laws passed by Southern state legislature which severely limited African Americans’ rights in the South. They varied from state to state, but their main purpose was to keep blacks in a condition similar to slavery. They were sometimes known as Jim Crow Laws, and they enraged the Northerners.
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Little Big Horn
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the Lakota went against the treaty and left their reservations to hunt. The government responded by sending an expedition. Colonel George Custer was in charge of the 7th Cavalry. He underestimated the Lakota fighting ability and launched a three-pronged attack against the largest Lakota army assembled along Little Bighorn River. They repulsed the first charge and defeated Custer. The newspapers portrayed Custer as the victim of the battle.
Sitting Bull- He was one of the chiefs of the Lakota tribe, who made a dance known as the “Sun Dance.” It encouraged the tribes to fight strong and they defeated Custer’s forces. He came back from his reservation from Canada and tried to resist police efforts to resist him. He was killed in the exchange of gunfire. |
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Wounded Knee
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This was a battle that occurred on the Lakota reservation during a resistance of federal authority. They defied the law of no ritual dances and continued the Ghost Dance. Federal authorities came and tried to arrest Sitting Bull, but he was killed in gunfire. The other Lakota fled the reservation and stopped at Wounded Knee Creek. Troops tried to disarm the Lakota and then gunfire occurred. Many Lakota died in the battle.
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Dawes Act
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The at allotted, or broke up reservations into individual plots of land to assimilate the Native Americans where they could be self supporting, to each head of household 160 acres of reservation land for farming. The land that remained would be sold to American settlers with the proceeds going into a trust for Native Americans. The plan failed to achieve its goals. Some Indians found little interest in farming, while others saw that land as too small to make a profit and so they sold them.
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NEW DEAL
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FDR’s policy for ending the depression, set the gold standard [1 oz. of gold = x amount of $], set bank holidays, passed many acts/programs
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NIRA
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National Industry Recovery Act, suspended antitrust laws, allowed businesses to cooperate in setting up voluntary rules for each industry
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AAA
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Agricultural Adjustment Administration, govt. Pays farmers to grow or to not grow certain crops to fix economy
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Court Packing Scheme
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If any Justice served for 10 years and did not retire within 6 months after turning 70, the president could appoint another Justice [Roosevelt’s first serious political mistake]
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Neutrality Acts
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Acts that made it illegal for Americans to sell arms to any country at war
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Atlantic Charter
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FDR and Churchill met, this committed the 2 leaders to postwar democracy, non-aggression, free trade, economic advancement, and freedom of seas
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Lend Lease Act
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U.S cannot lend/lease arms to any country considered “vital to the defense of the U.S”
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Pearl Harbor
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U.S. intercepted of possible targets for Japanese attacks, U.S thought that Hawaii was too far to be attacked, however a surprise attack occurred on 12/06/1941, the next day FDR asked congress to declare war
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Operation Overlord
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When France was under NAZI control, Stalin, Churchill, and FDR invaded, occurred in
Normandy on 06/06/1944 |
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Coral Sea
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very shallow in many places and caused troops to run ashore and have to swim to mainland under heavy Japanese fire, was part of the U.S. island-hopping plan
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Midway
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U.S. learned that Japanese planned to attack here, Admiral Nimitz organized a counterattack, after some fighting the Japanese retreated, was a big loss for Japan
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Okinawa
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Was captured to create a base close to Japanese mainland so that troops could be trained here before the invasion of Japan
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Iwo Jima
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Island captured so that B29 bombers could land after bombing Japan since they did not have enough fuel to fly back to U.S
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Hiroshima
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City on which 1st nuclear bomb was dropped, named “little boy,” this stunned Japanese 08/06/1945
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Nagasaki
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City on which 2nd nuclear bomb was dropped, named “fat man,” 3 days after “little boy” was dropped and on the same day that the USSR declared war on Japan 08/09/1845
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COLD WAR
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Period of tensions between the U.S and the USSR after WWII
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Marshall Plan
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European Recovery Program, pumped billions of dollars to recover W. Europe’s economy so that communism would seem unappealing
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Truman Doctrine
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Truman asked for $400 million to fight communism in Greece and Turkey
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Korean War
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U.S and USSR entered Korea [USSR the North, the U.S. the South] to disarm Japanese forces there, U.N. intervened and sent more troops there, became a limited war to contain communism
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Berlin Crisis
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Western Berlin was to be divided among U.K, U.S, and France, even though it was located in USSR portion of Germany
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Sputnik
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First satellite to orbit earth, launched by USSR, because of this NASA was created and the National Defense Education Act was passed, which was intended to educate young people in sciences
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MADD
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Mothers Against Drunk Driving [Mothers whose children were killed by drunk drivers or were driving drunk when their children died]
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Flexible Response
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When brinkmanship was used too much, this was the solution; a massive military buildup when needed to help communism
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Brinkmanship
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The willingness to go to the brink of nuclear war just to make the other side back down
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Bay of Pigs
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When Fidel Castro overthrew the Cuban govt. and began close ties with the USSR, the CIA sent troops down there to train revolutionaries; however the revolution was a failure, big mistake in Kennedy’s administration
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Cuban Missile Crisis
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USSR was setting up sites to build nuclear bombs in Cuba, the U.S blockaded an entry port to block the delivery of nukes, nuclear war was very close, and however finally an agreement was reached
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Domino Theory
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The idea that if Vietnam fell to communism than the rest of Southeast Asia would also fall to communism. This was Eisenhower’s view on protecting the US policy in Vietnam in the News Conference regarding Vietnam in 1954.
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Ho Chi Minh
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When Vietnam was overtaken by the Japanese, there was a push for independence and reforms to the French colonial government. Ho Chi Minh was a nationalist leader that took part in this push for freedom; he organized the Vietminh [A nationalist groups that united both communists and non-communists in the struggle to expel Japanese forces. The US later sent aid to the Vietminh]
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Ngo Dinh Diem
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After the Geneva Accords [Divided Vietnam along the 17th parallel, with Ho Chi Minh and the Vietminh in control of North Vietnam, and a pro-western regime in control of the South] were put through, he became the leader of the government in Cambodia. When countrywide elections were to be held, as required by the Geneva Elections, Diem refused to run
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Gulf of Tonkin Resolution
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When Johnson said that North Vietnamese had fired upon 2 American Destroyers. Johnson ordered American aircraft to attack North Vietnamese ships and naval facilities [even though Reagan provoked the attack on American ships because American warships had been helping the South Vietnamese conduct electronic spying and commando raids against North Vietnam]. Congress passed this resolution, authorizing the president to “take all necessary means to repel any armed attack against the forces of the US and to prevent further aggression.” This in effect gave the president war powers.
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Tet Offensive
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During the Vietnamese New Year, the Vietcong and the North Vietnamese launched a massive surprise attack. Guerilla fighters attacked virtually all American airbases in South Vietnam and most of the South’s major cities and provincial capitals. It turned out to be disaster for communist forces because after about a month, American and South Vietnamese soldiers pushed back the Tet Offensive.
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Détente
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This was Nixon’s attempt the attempt to relax tensions between the US and the USSR towards the middle/end of the Cold War. Reagan ended this policy, especially when he put the Star Wars plan into action.
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SALT I
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After the public learned of US negotiations with China, the Soviets proposed an American-Soviet summit. At this summit, in Moscow, both superpowers [Nixon and Brezhnev] signed the first Strategic Arms Limitation Treaty, which was a plan to limit nuclear arms the 2 nations had been working on for years.
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Helsinki Accords
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Ford met with leaders of NATO and the Warsaw Pact to sign these. Under the accords, parties recognized the borders of Eastern Europe established at the end of WWII. The Soviets in return promised to uphold certain human rights, including the right to move across national borders, However, Soviet failure to uphold these basic rights turned many Americans against détente.
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ICBM
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Intercontinental Ballistic Missile, missiles which could carry nuclear bombs over far distances, including over oceans. There was a program started by the USSR in the 1950s to produce these
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Reagan Doctrine
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This was pretty much Reagan’s policy of ending the Cold War. It included the massive military buildup so that the USSR would attempt to follow however would fail because of lack of funds. This also included the SDI or Star Wars which was the idea to be able to intercept incoming missiles and destroy them
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Mikhail Gorbachev
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became leader of the Soviets in 1985 and agreed to resume arms control talks. He believed that the USSR had to reform its economic system soon or it would collapse and that it could not afford a new arms race with the US. Reagan and Gorbachev had improved relations; they signed the Intermediate-Range Nuclear Forces [INF] Treaty which was the first treaty to call for the destruction of nuclear weapons
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Star Wars
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Name dubbed bye media of Reagan’s policy of SDI or Strategic Defense Initiative which called for the development of weapons that could intercept and destroy incoming nuclear missiles. Reagan introduced this policy because he believed that the threat of mutual destruction by nuclear weapons was not reliable because it had the risk of massive death rates
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Fair Deal
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In United States history, the Fair Deal was U.S. President Harry S. Truman's policy of social improvement, outlined in his 1949 State of the Union Address to Congress on January 5, 1949. In his address, Truman proposed an ambitious social and economic program that he called the Fair Deal. He asked Congress to enlarge programs in the areas of economic security, conservation, and housing and to go far beyond Franklin Delano Roosevelt’s initiatives in civil rights, national health insurance, federal aid to education, and agriculture subsides. By building on Roosevelt's New Deal, Truman believed that the federal government should guarantee economic opportunity and social stability, and he struggled to achieve those ends in the face of fierce political opposition from conservative legislators determined to reduce the role of government. Included among the Fair Deal programs were a full time employment law, an inventive national health insurance plan, extended social security to aid the elderly, aid to education nationally, focused civil rights legislation, public housing, universal military training, an increase in the minimum wage, and a fair employment practices committee. Truman fought with the Congress as it cut spending and reduced taxes. The 81st Congress passed most of his proposed legislation except the repeal of the Taft-Hartley Act, federal aid to children, national health insurance plan, and crop subsidy system. Not long thereafter, Truman began lessening his focus on domestic affairs, as the Cold War and the Korean War began taking his time and energy.
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New Frontier
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Kennedy's New Frontier domestic program was ambitious, promising federal funding for education, medical care for the elderly by the creation of Medicare and Medicaid, and government intervention to halt the recession. Kennedy also promised an end to racial discrimination. The New Frontier program proved impossible to complete, however, due to the reluctance of a conservative Congress. Still, Kennedy established the President's Committee on Equal Employment Opportunity to eliminate racial discrimination in hiring of government employees and in 1962 issued an executive order forbidding segregation of federally funded housing. Apart from these efforts, Kennedy's lack of follow-through on his campaign promise disappointed many civil rights activists. The New Frontier program was successful in establishing the Peace Corps, a group dedicated to helping Third World countries. This was both a humanitarian group and a new front in the Cold War. If the Peace Corps could win the hearts of Third World countries, it could prevent communist expansion into them. The New Frontier was basically President John F. Kennedy's plan to better the American society by making changes in the economy and promoting peace and equality among individuals and countries. This provided the basis of ideas for future improvement throughout U.S. history, many of which were included and brought to life by President Lyndon B. Johnson's Great Society.
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Little Rock
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The Crisis in Little Rock Arkansas. September 1957, nine African American students enrolled in The Central High School, formerly segregated but illegal since Brown vs. Topeka Board of Education. Orval Faubus, governor of Little Rock, previously believed to be a moderate, went psycho and all of a sudden thought blacks were bad. (Wanted to be reelected). He ordered the National Guard to block the students from registering. Then after he met with Ike, he ordered the troops away but left it to a mob. All was heavily televised. Ike then got mad and sent in the 101st Airborne and the students went to school. Yeah! The federal government enforced its legislation.
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Brown vs. Board of Education
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1954 - NAACP and Thurgood Marshall fight segregation in schools. Linda Brown wants to go to school by her house but that is full of white kids, thus told to go to other side of town. Parents sued with NAACP and it went to Supreme Court. Court favored integration stating that, “In the filed of public education, the doctrine separate but equal has no place. Separate educational facilities are inherently unequal.”
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Montgomery Bus Boycott
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Rosa Parks is tired and doesn’t want to get up and let some white person sit down. So they arrest her. This all happens around the time of the Brown vs. Board of Education. So Jo Ann Robinson, head of Women’s Political Council, called on African Americans to boycott the buses on the day Rosa appeared in court. Well, it was a huge success so they formed a Montgomery improvement association and got Dr. King Jr. to lead them. Went on for a year. The case went to the Supreme Court and of course, they declared segregation on buses illegal.
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SCLC
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“Southern Christian Leadership Conference”, 1957 – established by African American ministers led by Dr. King Jr. after they saw that peaceful protest was possible. It was founded to eliminate segregation from American society and to encourage African Americans to vote. They worked hard with Dr. King to fight segregation at the voting booths and in public transportation and housing and public accommodations, etc.
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SNCC
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“Student Nonviolent Coordination Committee”, 1960, founded by students to organize student blacks and whites who were against segregation. Came largely from sit-ins by students. Ella Baker encouraged it and Marion Barry and John Lewis were early leaders. They helped desegregate many public facilities through sit ins and media coverage. Did the Voter Education Act, started by Moses, which was a program to get people to vote by sending out workers into the rural south. Also part of the Selma March. (“Blood Sunday”) Where the armed forces charged the peaceful marchers.
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CORE
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“Congress of Racial Equality”, 1942, founded by James Farmer and George Houser. They largely used sit ins to desegregate facilities. Also involved in the Freedom Riders, who rode buses into south together blacks and whites. They were beaten, etc. Especially by Eugene “Bull” Conner. Got Kennedy involved, after he got back from Khrushchev talks he used ICC to force desegregation of interstate buses.
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Warren Commission
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Death of J. F. K. Assassinated! By Lee Harvey Oswald, (crazed, confused, and battered Marxist) in Dallas. Was shot to death in police custody by Jack Ruby. (Possibly to protect others involved?) Warren Commission said that, in 1964, (1963 November was when JFK was killed) Oswald was the lone assassin. Warren = Chief Justice Warren. Left questions unanswered. Not many theories of who was involved in killing president.
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1960’s Rock Music
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Started in 1950’s. Part of the new youth culture. Be a rebel! Parents are the devil! Etc, etc. Stemmed from African American rhythms and sounds. Loud and heavy beat made it ideal for dancing and lyrics. Cars, romance, and young people stuff. Buddy Holly, Chuck Buddy, and Buddy, I mean Bill Haley and Comets. Elvis Presley. Thank you, thank you very much. Were well known artists. Parents thought it was loud, mindless, and dangerous. And some places even banned it. The music, the council declared, “attracted undesirable elements given to practicing their gyrations in abbreviated bathing suits.” – (Directly from book) The Rock ‘n’ Roll hits lead to a generation gap or cultural separation between children and their parents. In the 1960’s it was part of the counter culture. (Hippies!) And wanted to use it as a way to topple the evil society. The Beatles were famous around 1964. Bob Dylan. Janis Joplin. Jimi Hendrix. People danced alone so it symbolized the individuality promoted by the counter culture.
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Great Society
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The Great Society was a set of domestic programs proposed or enacted in the United States on the initiative of President Lyndon B. Johnson (1963-1969). Two main goals of the Great Society social reforms were the elimination of poverty and racial injustice. In addition, several major initiatives in the areas of education, health, urban problems, transportation, consumer protection, and the environment were launched during this period. The Great Society was loosely based on the New Deal domestic agenda instituted by Franklin Roosevelt and initially drew from John F. Kennedy's stalled New Frontier programs. Of note is the Civil Rights Act of 1964, which barred discrimination of many kinds, and the Voting Rights Act of 1965, Medicare, Medicaid, child nutrition act, Head Start, Elementary and Secondary / Higher Education Act, The Office of Economic Opportunity, Housing and Urban Development Act, The Water Quality Act and Clean Air Acts, The Highway Safety act, the Fair Packaging and Labeling Act. The project became very large and uncontrollable. It, coupled with the Vietnam War increased the deficit and caused inflation. It did help many people and many of the programs are still around today. Raised the question of how much should the government help its disadvantaged citizens.
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Richard Nixon
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President 1968 – 1974
He was a conservative. Ran against Hubert Humphrey and George Wallace in 1968. Employed the Southern strategy, by supporting the slowing down of desegregation, to attract southerners to the Republican Party. He was the Law and Order president. Appointed many conservatives to the Supreme Court, including Warren Burger. Implemented New Federalism, which gave more control to the local and state governments. Through revenue sharing he gave federal funding to local and state agencies. However, this later actually gave the federal government more control. Replaced the Aid to Families with Dependant Children with the Family Assistance Plan, which failed too. (It gave a fixed amount to all families below the poverty line) His biggest successes were on the foreign front. He employed Kissinger as his national security advisor. Together they used détente or relaxing of relations between the United States and communist countries. He visited China then Russia in summit meetings. They signed a SALT I, or “Strategic Arms Limitation Treaty”, a plan to limit nuclear arms. |
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Watergate
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Nixon paranoid about loosing the election (though he didn’t need to be), because of how close the first was. McCord (ex-CIA and part of the Committee for the Re-election of the President) and some others break into the Democratic headquarters in the Watergate Hotel to plant bugs and gain information. They are caught. Nixon tries to cover it up, (stupid!), ordering the CIA to stop the FBI investigation. And he and his cabinet denied any White House involvement. Nixon is still reelected. Sam J. Ervin, a senator sets up a committee to investigate it. McCord testifies, then some others, and John Dean, who leveled accusations at the president himself. Said Attorney General John Mitchell had ordered the Watergate break-in and that Nixon had covered it up. Then good old Alex Butterfield talks about the tapes. They ask for tapes. Saturday Night Massacre, Nixon attempts to fire Archibald Cox, who was the investigator for the issue, because he was trying to get the tapes. Nixon pleads executive privilege, the right to retain information necessary for National Security. Nixon finally must turn over the tapes. Then he is impeached, and he resigns. Ford pardons Nixon at his own expense.
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Jimmy Carter
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Elected 1976. He was a political outsider. Promised to return morality and to employ reforms for the bad economy. (Stagflation!) Carter tried to fix the economy, but he wasn’t very good at it. First he tried to battle the recession, and then when inflation flared he tried to combat that. His main focus was the energy crises (stupid OPEC!) In the end nothing worked and so he was a useless. Created the Department of Energy. Deregulated oil industry. But instituted windfall tax so no go. Also, as a political outsider, he had no knowledge of how to work politics and not many of his proposals were passed. Carter also failed to translate his goals into a concrete theme for his administration. People hated him, more than the lying Nixon. Carter promised morality in foreign policy. Carter did sign the Camp David Accords which brought peace between Egypt and Israel. Transferred the Panama Canal from the United States to Panama. But the hostage situation in Iran brought him down right before the election. (If he really could have gotten any lower). Did try a rescue attempt, but that failed.
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Stagflation
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Stagnant economy + inflation. Increase in the price of gas, decrease in the availability. Downsizing. World market starting to compete with the less-technologically advanced American Industry. LBJ’s Vietnam War and Great Society programs pumped money into the economy. Fixed by Reagan’s Reaganomics. He raised interest rates while decreasing taxes. Allowed businesses to expand. “Trickle down economics.” Monetarists + supply side economics. He also believed in de regulation. And as such new companies started popping up and oil prices dropped.
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OPEC
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Organization of Petroleum Exporting Countries. Mainly Arab states. They didn’t like US support of Israel, so they did an embargo and then greatly raised the price of gas.
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Supply Side Economics
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When in a recession the government should pump money into the economy to jump start it, even if that means going into a deficit. Lower taxes, decrease interest rates, start government funded projects. Give loans. Demand drives prices. When the prices are up, that means a booming economy
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