Stock Market During the George H.W Bush Term (1989-1993)
George Herbert Walker Bush became president on January 20th, 1989. His theme of his presidency was of harmony and conciliation President H.W Bush entered his presidency during a period of a radically changing world. The Soviet Union was beginning to collapse, the Berlin Wall fell, and after a long forty years, the Cold War headed towards its end. During Bush’s term of presidency, the stock market was impacted in accordance to things under his control, as well as things out of his control. In his first year, Bush was confronted with the Exxon Valdez oil spill in Alaska. The Exxon Valdez oil spill happened on March 24th 1989 in Prince William Sound, Alaska. This was an incident out of President H.W Bush’s control, but obviously had a negative impact on the economy. In response to the oil spill, many “fisheries for salmon, herring, crab, shrimp, rockfish and sablefish were closed, with some shrimp and salmon commercial fisheries remaining closed through 1990” (Amadeo, 2009) This oil spill created a large decline in the commercial fishing industry, causing many people to go out of business. There were over two thousand Alaskan Native Americans and thirteen thousand other “subsistence permit holders” who lost the source of their food because of the accident (Amadeo, 2009). The tourism industry in the Alaskan area immediately lost over twenty six thousand jobs with more than $2.4 billion in sales loss (Amadeo, 2009). In January of 1991, President H.W Bush played a significant role in organizing the international community of thirty-two nations against an aggressive Iraq who violated international law by annexing Kuwait, which is also known as the first Persian Gulf War (Gulf Wars, 2005). The United States led the coalition of nations and on January 18th of 1991, began an enormous air war to destroy Iraq's forces and military infrastructure. Iraq retaliated by launching missiles at...
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