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142-710: On November 1, 1974, President Gerald Ford established the National Fire Prevention and Control Administration (NFPCA), known today as the United States Fire Administration, by signing the Federal Fire Prevention and Control Act of 1974 into law (today Public Law 43-198). The Act was created in response to the 1973 National Commission on Fire Prevention and Control 's report America Burning . The report's authors estimated fires caused 12,000 deaths and 300,000 serious injuries annually in

284-510: A deficit every year Ford was president. Despite his reservations about how the program ultimately would be funded in an era of tight public budgeting , Ford signed the Education for All Handicapped Children Act of 1975, which established special education throughout the United States. Ford expressed "strong support for full educational opportunities for our handicapped children" according to

426-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

568-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

710-633: A Grand Rapids law practice with a friend, Philip W. Buchen . Following the December 7, 1941, attack on Pearl Harbor , Ford enlisted in the Navy. He received a commission as ensign in the U.S. Naval Reserve on April 13, 1942. On April 20, he reported for active duty to the V-5 instructor school at Annapolis, Maryland . After one month of training, he went to Navy Preflight School in Chapel Hill, North Carolina , where he

852-693: A campus acquired from Saint Joseph College in March 1979. The NETC comprises the National Fire Academy as well as the Emergency Management Institute . Firefighters and emergency managers from around the United States and the world attend courses at these academies in order to further enhance emergency services in their communities. (correct as at December 7, 2021) Gerald Ford Gerald Rudolph Ford Jr. (born Leslie Lynch King Jr. ; July 14, 1913 – December 26, 2006)

994-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

1136-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1278-577: A half years, on February 1, 1917, Gardner married Gerald Rudolff Ford , a salesman in a family-owned paint and varnish company. Though never formally adopted, her young son was referred to as Gerald Rudolff Ford Jr. from then on; the name change , including the anglicized spelling "Rudolph", was formalized on December 3, 1935. He was raised in what is now East Grand Rapids with his three half-brothers from his mother's second marriage: Thomas Gardner "Tom" Ford (1918–1995), Richard Addison "Dick" Ford (1924–2015), and James Francis "Jim" Ford (1927–2001). Ford

1420-454: A history of hitting his mother. In a biography of Ford, James M. Cannon wrote that the separation and divorce of Ford's parents was sparked when, a few days after Ford's birth, Leslie King took a butcher knife and threatened to kill his wife, infant son, and Ford's nursemaid. Ford later told confidants that his father had first hit his mother when she had smiled at another man during their honeymoon. After living with her parents for two and

1562-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

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1704-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

1846-600: A negotiator and a reconciler, and the record shows it: he did not write a single piece of major legislation in his entire career." Appointed to the House Appropriations Committee two years after being elected, he was a prominent member of the Defense Appropriations Subcommittee . Ford described his philosophy as "a moderate in domestic affairs, an internationalist in foreign affairs, and a conservative in fiscal policy." He voted in favor of

1988-519: A new minority leader. Three members approached Ford to see if he would be willing to serve; after consulting with his family, he agreed. After a closely contested election, Ford was chosen to replace Charles Halleck of Indiana as minority leader. The members of the Republican caucus that encouraged and eventually endorsed Ford to run as the House minority leader were later known as the " Young Turks ". One of

2130-620: A portion of the text of Burdick v. United States , a 1915 U.S. Supreme Court decision which stated that a pardon indicated a presumption of guilt, and that acceptance of a pardon was tantamount to a confession of that guilt. In 2001, the John F. Kennedy Library Foundation awarded the John F. Kennedy Profile in Courage Award to Ford for his pardon of Nixon. In presenting the award to Ford, Senator Edward Kennedy said that he had initially been opposed to

2272-515: A resignation. And he said, 'I'm just warning you that you've got to be prepared, that things might change dramatically and you could become President.' And I said, 'Betty, I don't think we're ever going to live in the vice president's house. ' " When Nixon resigned on August 9, 1974, Ford automatically assumed the presidency, taking the oath of office in the East Room of the White House. This made him

2414-484: A scoreless tie in the first half. After the game, assistant coach Bennie Oosterbaan said, "When I walked into the dressing room at halftime, I had tears in my eyes I was so proud of them. Ford and [Cedric] Sweet played their hearts out. They were everywhere on defense." Ford later recalled, "During 25 years in the rough-and-tumble world of politics, I often thought of the experiences before, during, and after that game in 1934. Remembering them has helped me many times to face

2556-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

2698-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

2840-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

2982-427: A tough situation, take action, and make every effort possible despite adverse odds." His teammates later voted Ford their most valuable player, with one assistant coach noting, "They felt Jerry was one guy who would stay and fight in a losing cause." During Ford's senior year, a controversy developed when Georgia Tech said that it would not play a scheduled game with Michigan if a Black player named Willis Ward took

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3124-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

3266-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

3408-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

3550-604: The 1976 Republican presidential primary , he defeated Ronald Reagan for the Republican nomination, but narrowly lost the presidential election to the Democratic candidate, Jimmy Carter . Ford remains the only person to serve as president without winning an election for president or vice president. Following his years as president, Ford remained active in the Republican Party, but his moderate views on various social issues increasingly put him at odds with conservative members of

3692-506: The 1976 presidential election , an observation with which Ford agreed. In an editorial at the time, The New York Times stated that the Nixon pardon was a "profoundly unwise, divisive and unjust act" that in a stroke had destroyed the new president's "credibility as a man of judgment, candor and competence". On October 17, 1974, Ford testified before Congress on the pardon. He was the first sitting president since Abraham Lincoln to testify before

3834-613: The Carter administration . When Ford assumed office, he inherited Nixon's Cabinet . During his brief administration, he replaced all members except Secretary of State Kissinger and Secretary of the Treasury William E. Simon . Political commentators have referred to Ford's dramatic reorganization of his Cabinet in the fall of 1975 as the " Halloween Massacre ". One of Ford's appointees, William Coleman —the Secretary of Transportation —was

3976-692: The Civil Rights Acts of 1957 , 1960 , 1964 , and 1968 , as well as the 24th Amendment to the U.S. Constitution and the Voting Rights Act of 1965 . Ford was known to his colleagues in the House as a "Congressman's Congressman". In the early 1950s, Ford declined offers to run for either the Senate or the Michigan governorship. Rather, his ambition was to become Speaker of the House , which he called "the ultimate achievement. To sit up there and be

4118-829: The Gilbert Islands , Bismarck Archipelago , Marshall Islands, Asiatic and Pacific carrier raids, Hollandia , Marianas, Western Carolines, Western New Guinea, and the Leyte Operation), the Philippine Liberation Medal with two 3 ⁄ 16 " bronze stars (for Leyte and Mindoro), and the World War II Victory Medal . He was honorably discharged in February 1946. After Ford returned to Grand Rapids in 1946, he became active in local Republican politics, and supporters urged him to challenge Bartel J. Jonkman ,

4260-450: The House elections , taking 49 seats from the Republican Party, increasing their majority to 291 of the 435 seats. This was one more than the number needed (290) for a two-thirds majority, the number necessary to override a presidential veto or to propose a constitutional amendment. Perhaps due in part to this fact, the 94th Congress overrode the highest percentage of vetoes since Andrew Johnson

4402-541: The House of Representatives . In the months following the pardon, Ford often declined to mention President Nixon by name, referring to him in public as "my predecessor" or "the former president." When Ford was pressed on the matter on a 1974 trip to California, White House correspondent Fred Barnes recalled that he replied "I just can't bring myself to do it." After Ford left the White House in January 1977, he privately justified his pardon of Nixon by carrying in his wallet

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4544-660: The Marianas , Western Carolines , and northern New Guinea, as well as in the Battle of the Philippine Sea . After an overhaul, from September to November 1944, aircraft from the Monterey launched strikes against Wake Island , participated in strikes in the Philippines and Ryukyus , and supported the landings at Leyte and Mindoro . Although the ship was not damaged by Japanese forces,

4686-422: The Monterey was one of several ships damaged by Typhoon Cobra that hit Admiral William Halsey's Third Fleet on December 18–19, 1944. The Third Fleet lost three destroyers and over 800 men during the typhoon. The Monterey was damaged by a fire, which was started by several of the ship's aircraft tearing loose from their cables and colliding on the hangar deck . Ford was serving as General Quarters Officer of

4828-592: The National Environmental Policy Act and the Tax Reform Act of 1969 . Another high-profile victory for the Republican minority was the State and Local Fiscal Assistance Act. Passed in 1972, the act established a revenue sharing program for state and local governments. Ford's leadership was instrumental in shepherding revenue sharing through Congress, and resulted in a bipartisan coalition that supported

4970-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

5112-823: The United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until

5254-534: The University of Michigan , where he played center and linebacker for the school's football team and helped the Wolverines to two undefeated seasons and national titles in 1932 and 1933 . In his senior year of 1934 , the team suffered a steep decline and won only one game, but Ford was still the team's star player. In one of those games, Michigan held heavily favored Minnesota —the eventual national champion—to

5396-484: The University of Michigan , where he played for the school's football team , before eventually attending Yale Law School . Afterward, he served in the U.S. Naval Reserve from 1942 to 1946. Ford began his political career in 1949 as the U.S. representative from Michigan's 5th congressional district , serving in this capacity for nearly 25 years, the final nine of them as the House minority leader . In December 1973, two months after Spiro Agnew 's resignation, Ford became

5538-623: The Watergate scandal . Foreign policy was characterized in procedural terms by the increased role Congress began to play, and by the corresponding curb on the powers of the president. Ford signed the Helsinki Accords , which marked a move toward détente in the Cold War . With the collapse of South Vietnam nine months into his presidency, U.S. involvement in the Vietnam War essentially ended. In

5680-589: The assassination of President John F. Kennedy . Ford was assigned to prepare a biography of accused assassin Lee Harvey Oswald . He and Earl Warren also interviewed Jack Ruby , Oswald's killer. According to a 1963 FBI memo that was released to the public in 2008, Ford was in contact with the FBI throughout his time on the Warren Commission and relayed information to the deputy director, Cartha DeLoach , about

5822-475: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

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5964-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

6106-573: The 1939 Neutrality Act . The petition was circulated nationally and was the inspiration for the America First Committee , a group determined to keep the U.S. out of World War II . His introduction into politics was in the summer of 1940 when he worked for the Republican presidential campaign of Wendell Willkie . Ford graduated in the top third of his class in 1941, and was admitted to the Michigan bar shortly thereafter. In May 1941, he opened

6248-410: The 1975 fiscal year and $ 73.7 billion for 1976. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in

6390-795: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

6532-603: The Deck and was ordered to go below to assess the raging fire. He did so safely, and reported his findings back to the ship's commanding officer, Captain Stuart H. Ingersoll . The ship's crew was able to contain the fire, and the ship got underway again. After the fire, the Monterey was declared unfit for service. Ford was detached from the ship and sent to the Navy Pre-Flight School at Saint Mary's College of California , where he

6674-464: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

6816-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

6958-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

7100-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

7242-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

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7384-399: The House and Senate. Some, including Barry Goldwater , voted against him. On September 8, 1974, Ford issued Proclamation 4311 , which gave Nixon a full and unconditional pardon for any crimes he might have committed against the United States while president. In a televised broadcast to the nation, Ford explained that he felt the pardon was in the best interests of the country, and that

7526-593: The NFPCA, to head the new agency as Administrator. The head of USFA between 2017 and 2021 was G. Keith Bryant . From January 20, 2021, Deputy Fire Administrator Tonya Hoover became the Acting Fire Administrator. The current Fire Administrator, Lori Moore-Merrell, was sworn in on October 26, 2021. Under its mandate as set forth in the Federal Fire Prevention and Control Act of 1974, USFA manages many of

7668-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

7810-455: The Nixon family's situation "is a tragedy in which we all have played a part. It could go on and on and on, or someone must write the end to it. I have concluded that only I can do that, and if I can, I must." Ford's decision to pardon Nixon was highly controversial. Critics derided the move and said a " corrupt bargain " had been struck between the two men, in which Ford's pardon was granted in exchange for Nixon's resignation, elevating Ford to

7952-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

8094-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

8236-511: The United States and serve two years working in a public service job or a total of two years service for those who had served less than two years of honorable service in the military. The program for the Return of Vietnam Era Draft Evaders and Military Deserters established a Clemency Board to review the records and make recommendations for receiving a presidential pardon and a change in military discharge status. Full pardon for draft dodgers came in

8378-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

8520-517: The United States, combined with annual property losses of $ 11.4 billion. Among its 90 recommendations, the report proposed that a federal agency be established to help combat the growing problem of fatal fires happening throughout the country. On April 11, 1975, President Ford announced his nomination of Ohio State Fire Marshal David A. Lucht to the new position of Deputy Administrator of the NFPCA. On July 24, 1975, President Gerald Ford nominated Howard D. Tipton , who had served as executive director of

8662-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

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8804-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

8946-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

9088-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

9230-539: The bill with 223 votes in favor (compared with 185 against). During the eight years (1965–1973) that Ford served as minority leader, he received many friends in the House because of his fair leadership and inoffensive personality. For the past decade, Ford had been unsuccessfully working to help Republicans across the country get a majority in the chamber so that he could become House Speaker . He promised his wife that he would try again in 1974 then retire in 1976. However, on October 10, 1973, Spiro Agnew resigned from

9372-429: The blessing of the Ford family, it was placed back into circulation in 2012 as part of the Michigan Football Legends program and issued to sophomore linebacker Desmond Morgan before a home game against Illinois on October 13. Throughout life, Ford remained interested in his school and football; he occasionally attended games. Ford also visited with players and coaches during practices; at one point, he asked to join

9514-451: The boxing coach and assistant varsity football coach at Yale University and applied to its law school. Ford hoped to attend Yale Law School beginning in 1935. Yale officials at first denied his admission to the law school because of his full-time coaching responsibilities. He spent the summer of 1937 as a student at the University of Michigan Law School and was eventually admitted in the spring of 1938 to Yale Law School . That year he

9656-404: The carrier participated in many actions in the Pacific Theater with the Third and Fifth Fleets in late 1943 and 1944. In 1943, the carrier helped secure Makin Island in the Gilberts, and participated in carrier strikes against Kavieng , Papua New Guinea in 1943. During the spring of 1944, the Monterey supported landings at Kwajalein and Eniwetok and participated in carrier strikes in

9798-410: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

9940-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

10082-442: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

10224-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

10366-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

10508-500: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

10650-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

10792-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

10934-627: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

11076-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

11218-548: The factories where they worked. Ford also visited local farms where, in one instance, a wager resulted in Ford spending two weeks milking cows following his election victory. Ford was a member of the House of Representatives for 25 years, holding Michigan's 5th congressional district seat from 1949 to 1973. It was a tenure largely notable for its modesty. As an editorial in The New York Times described him, Ford "saw himself as

11360-576: The federal programs related to firefighting including the systematic collection of statistics relating to fire incidents ( National Fire Incident Reporting System ), public fire education campaign materials, and information on grants and funding. They also provide a directory of approved, fire-safe hotels , and information on home fire safety. The USFA manages the National Emergency Training Center (NETC) in Emmitsburg, Maryland on

11502-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

11644-404: The field. Students, players and alumni protested, but university officials capitulated and kept Ward out of the game. Ford was Ward's best friend on the team, and they roomed together while on road trips. Ford reportedly threatened to quit the team in response to the university's decision, but he eventually agreed to play against Georgia Tech when Ward personally asked him to play. In 1934, Ford

11786-492: The first person appointed to the vice presidency under the terms of the 25th Amendment . After the subsequent resignation of Nixon in August 1974, Ford immediately assumed the presidency. Domestically, Ford presided over the worst economy in the four decades since the Great Depression , with growing inflation and a recession . In one of his most controversial acts, he granted a presidential pardon to Nixon for his role in

11928-639: The first session of the Eighty-ninth Congress alone, the Johnson Administration submitted 87 bills to Congress, and Johnson signed 84, or 96%, arguably the most successful legislative agenda in Congressional history. In 1966, criticism over the Johnson Administration's handling of the Vietnam War began to grow, with Ford and Congressional Republicans expressing concern that the United States

12070-496: The first time the vice-presidential vacancy provision of the 25th Amendment had been implemented. The United States Senate voted 92 to 3 to confirm Ford on November 27. On December 6, the House confirmed Ford by a vote of 387 to 35. After the confirmation vote in the House, Ford took the oath of office as vice president. Ford became vice president as the Watergate scandal was unfolding. On August 1, 1974, Chief of Staff Alexander Haig contacted Ford to tell him to prepare for

12212-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

12354-457: The floor of the House and questioned whether the White House had a clear plan to bring the war to a successful conclusion. The speech angered President Johnson, who accused Ford of having played "too much football without a helmet". As minority leader in the House, Ford appeared in a popular series of televised press conferences with Illinois Senator Everett Dirksen , in which they proposed Republican alternatives to Johnson's policies. Many in

12496-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

12638-464: The head honcho of 434 other people and have the responsibility, aside from the achievement, of trying to run the greatest legislative body in the history of mankind ... I think I got that ambition within a year or two after I was in the House of Representatives". On November 29, 1963, President Lyndon B. Johnson appointed Ford to the Warren Commission , a special task force set up to investigate

12780-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

12922-425: The incumbent Republican congressman. Military service had changed his view of the world. "I came back a converted internationalist ", Ford wrote, "and of course our congressman at that time was an avowed, dedicated isolationist . And I thought he ought to be replaced. Nobody thought I could win. I ended up winning two to one." During his first campaign in 1948, Ford visited voters at their doorsteps and as they left

13064-529: The infant Ford with her to Oak Park, Illinois , where her sister Tannisse and brother-in-law, Clarence Haskins James lived. From there, she moved to the home of her parents in Grand Rapids, Michigan . Gardner and King divorced in December 1913, and she gained full custody of her son. Ford's paternal grandfather paid child support until shortly before his death in 1930. Ford later said that his biological father had

13206-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

13348-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

13490-461: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

13632-478: The members of the Young Turks was congressman Donald H. Rumsfeld from Illinois's 13th congressional district , who later on would serve in Ford's administration as the chief of staff and secretary of defense . With a Democratic majority in both the House of Representatives and the Senate, the Johnson Administration proposed and passed a series of programs that was called by Johnson the " Great Society ". During

13774-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

13916-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

14058-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

14200-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

14342-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

14484-521: The official White House press release for the bill signing. The economic focus began to change as the country sank into the worst recession since the Great Depression four decades earlier. The focus of the Ford administration turned to stopping the rise in unemployment, which reached nine percent in May 1975. In January 1975, Ford proposed a 1-year tax reduction of $ 16 billion to stimulate economic growth, along with spending cuts to avoid inflation. Ford

14626-420: The only person to become the nation's chief executive without being elected to the presidency or the vice presidency. Immediately afterward, he spoke to the assembled audience in a speech that was broadcast live to the nation, noting the peculiarity of his position. He later declared that "our long national nightmare is over". On August 20, Ford nominated former New York Governor Nelson Rockefeller to fill

14768-435: The panel's activities. In the preface to his book, A Presidential Legacy and The Warren Commission , Ford defended the work of the commission and reiterated his support of its conclusions. In 1964, Lyndon Johnson led a landslide victory for his party, secured another term as president and took 36 seats from Republicans in the House of Representatives. Following the election, members of the Republican caucus looked to select

14910-416: The pardon, but later decided that history had proven Ford to have made the correct decision. On September 16 (shortly after he pardoned Nixon), Ford issued Presidential Proclamation 4313, which introduced a conditional amnesty program for military deserters and Vietnam War draft dodgers who had fled to countries such as Canada. The conditions of the amnesty required that those reaffirm their allegiance to

15052-519: The party in the 1990s and early 2000s. He also set aside the enmity he had felt towards Carter following the 1976 election and the two former presidents developed a close friendship. After experiencing a series of health problems, he died in Rancho Mirage, California in 2006. Surveys of historians and political scientists have ranked Ford as a below-average president, though retrospective public polls on his time in office were more positive. Ford

15194-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

15336-633: The players in the huddle. Before state events, Ford often had the Navy band play the University of Michigan fight song, " The Victors ," instead of " Hail to the Chief ." Ford graduated from Michigan in 1935 with a Bachelor of Arts degree in economics . He turned down offers from the Detroit Lions and Green Bay Packers of the National Football League . Instead, he took a job in September 1935 as

15478-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

15620-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

15762-484: The presidency. At the time, Ford and his wife, Betty, were living in suburban Virginia, waiting for their expected move into the newly designated vice president's residence in Washington, D.C. However, "Al Haig asked to come over and see me", Ford later said, "to tell me that there would be a new tape released on a Monday, and he said the evidence in there was devastating and there would probably be either an impeachment or

15904-409: The presidency. Ford's first press secretary and close friend Jerald terHorst resigned his post in protest after the pardon. According to Bob Woodward , Nixon Chief of Staff Alexander Haig proposed a pardon deal to Ford. He later decided to pardon Nixon for other reasons, primarily the friendship he and Nixon shared. Regardless, historians believe the controversy was one of the major reasons Ford lost

16046-471: The press jokingly called this "The Ev and Jerry Show." Johnson said at the time, "Jerry Ford is so dumb he can't fart and chew gum at the same time." The press, used to sanitizing Johnson's salty language, reported this as "Gerald Ford can't walk and chew gum at the same time." After Richard Nixon was elected president in November 1968, Ford's role shifted to being an advocate for the White House agenda. Congress passed several of Nixon's proposals, including

16188-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

16330-631: The second Black man to serve in a presidential cabinet (after Robert C. Weaver ) and the first appointed in a Republican administration. Ford selected George H. W. Bush as Chief of the US Liaison Office to the People's Republic of China in 1974, and then Director of the Central Intelligence Agency in late 1975. Ford's transition chairman and first Chief of Staff was former congressman and ambassador Donald Rumsfeld . In 1975, Rumsfeld

16472-416: The vice presidency he had vacated. Rockefeller's top competitor had been George H. W. Bush . Rockefeller underwent extended hearings before Congress, which caused embarrassment when it was revealed he made large gifts to senior aides, such as Henry Kissinger . Although conservative Republicans were not pleased that Rockefeller was picked, most of them voted for his confirmation, and his nomination passed both

16614-417: The vice presidency. According to The New York Times , Nixon "sought advice from senior Congressional leaders about a replacement." The advice was unanimous. House Speaker Carl Albert recalled later, "We gave Nixon no choice but Ford." Ford agreed to the nomination, telling his wife that the vice presidency would be "a nice conclusion" to his career. Ford was nominated to take Agnew's position on October 12,

16756-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

16898-613: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

17040-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

17182-502: Was President of the United States (1865–1869). Even Ford's former, reliably Republican House seat was won by a Democrat, Richard Vander Veen , who defeated Robert VanderLaan . In the Senate elections , the Democratic majority became 61 in the 100-seat body. The economy was a great concern during the Ford administration. One of the first acts the new president took to deal with the economy

17324-480: Was a belief that controlling inflation would help reduce unemployment. To rein in inflation, it was necessary to control the public's spending. To try to mesh service and sacrifice, "WIN" called for Americans to reduce their spending and consumption. On October 4, 1974, Ford gave a speech in front of a joint session of Congress; as a part of this speech he kicked off the "WIN" campaign. Over the next nine days, 101,240 Americans mailed in "WIN" pledges. In hindsight, this

17466-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

17608-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

17750-514: Was also promoted to the position of junior varsity head football coach at Yale. While at Yale, Ford began working as a model. He initially worked with the John Robert Powers agency before investing in the Harry Conover agency, with whom he modelled until 1941. While attending Yale Law School, Ford joined a group of students led by R. Douglas Stuart Jr. , and signed a petition to enforce

17892-690: Was assigned to the Athletic Department until April 1945. From the end of April 1945 to January 1946, he was on the staff of the Naval Reserve Training Command, Naval Air Station, Glenview, Illinois , at the rank of lieutenant commander . Ford received the following military awards: the American Campaign Medal , the Asiatic-Pacific Campaign Medal with nine 3 ⁄ 16 " bronze stars (for operations in

18034-538: Was born Leslie Lynch King Jr. on July 14, 1913, at 3202 Woolworth Avenue in Omaha, Nebraska , where his parents lived with his paternal grandparents. He was the only child of Dorothy Ayer Gardner and Leslie Lynch King Sr. , a wool trader. His paternal grandfather was banker and businessman Charles Henry King , and his maternal grandfather was Illinois politician and businessman Levi Addison Gardner . Ford's parents separated just sixteen days after his birth and his mother took

18176-467: Was criticized for abruptly switching from advocating a tax increase to a tax reduction. In Congress, the proposed amount of the tax reduction increased to $ 22.8 billion in tax cuts and lacked spending cuts. In March 1975, Congress passed, and Ford signed into law, these income tax rebates as part of the Tax Reduction Act of 1975 . This resulted in a federal deficit of around $ 53 billion for

18318-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

18460-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

18602-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

18744-508: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

18886-604: Was involved in the Boy Scouts of America , and earned that program's highest rank, Eagle Scout . He is the only Eagle Scout to have ascended to the U.S. presidency. Ford attended Grand Rapids South High School, where he was a star athlete and captain of the football team. In 1930, he was selected to the All-City team of the Grand Rapids City League . He also attracted the attention of college recruiters. Ford attended

19028-514: Was named by Ford as the youngest-ever Secretary of Defense . Ford chose a young Wyoming politician, Richard Cheney , to replace Rumsfeld as his new Chief of Staff; Cheney became the campaign manager for Ford's 1976 presidential campaign . The 1974 Congressional midterm elections took place in the wake of the Watergate scandal and less than three months after Ford assumed office. The Democratic Party turned voter dissatisfaction into large gains in

19170-498: Was not doing what was necessary to win the war. Public sentiment also began to move against Johnson, and the 1966 midterm elections produced a 47-seat swing in favor of the Republicans. This was not enough to give Republicans a majority in the House, but the victory gave Ford the opportunity to prevent the passage of further Great Society programs. Ford's private criticism of the Vietnam War became public knowledge after he spoke from

19312-462: Was one of 83 instructors and taught elementary navigation skills, ordnance, gunnery, first aid, and military drill. In addition, he coached all nine sports that were offered, but mostly swimming, boxing, and football. During the year he was at the Preflight School, he was promoted to Lieutenant, Junior Grade , on June 2, 1942, and to lieutenant, in March 1943. After Ford applied for sea duty, he

19454-694: Was selected for the Eastern Team in the Shriners' East–West Shrine Game at San Francisco (a benefit for physically disabled children), played on January 1, 1935. As part of the 1935 Collegiate All-Star football team, Ford played against the Chicago Bears in the Chicago College All-Star Game at Soldier Field . In honor of his athletic accomplishments and his later political career, the University of Michigan retired Ford's No. 48 jersey in 1994. With

19596-401: Was sent in May 1943 to the pre-commissioning detachment for the new aircraft carrier USS  Monterey  (CVL-26) , at New York Shipbuilding Corporation, Camden, New Jersey . From the ship's commissioning on June 17, 1943, until the end of December 1944, Ford served as the assistant navigator, Athletic Officer, and antiaircraft battery officer on board the Monterey . While he was on board,

19738-494: Was the 38th president of the United States , serving from 1974 to 1977. A member of the Republican Party , Ford assumed the presidency after President Richard Nixon resigned, under whom he had served as the 40th vice president from 1973 to 1974. Prior to that, he served as a member of the U.S. House of Representatives from 1949 to 1973. Ford was born in Omaha, Nebraska and raised in Grand Rapids, Michigan . He attended

19880-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

20022-468: Was to create, by Executive Order on September 30, 1974, the Economic Policy Board. In October 1974, in response to rising inflation, Ford went before the American public and asked them to " W hip I nflation N ow". As part of this program, he urged people to wear " WIN " buttons. At the time, inflation was believed to be the primary threat to the economy, more so than growing unemployment; there

20164-437: Was viewed as simply a public relations gimmick which had no way of solving the underlying problems. The main point of that speech was to introduce to Congress a one-year, five-percent income tax increase on corporations and wealthy individuals. This plan would also take $ 4.4 billion out of the budget, bringing federal spending below $ 300 billion. At the time, inflation was over twelve percent. The federal budget ran

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