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Zeitgeist of the 70’s
-“The sprit of the times”
By Ross Lazerowitz, Deanna Manniello, Elena Tesser, and Stephen Maggio
In order to understand the Recession of the
70’s, we need to understand what was going on in the world
during that time….
THE VIETNAM WAR
THE VIETNAM WARThe U.S entered the war in the 1965, but did not leave until the mid-1970’s
THE VIETNAM WARThe U.S entered the war in the 1965, but did not leave until the mid-1970’s
Wars are costly in more ways than Just lives….
Uncle Sam has to shell out the big bucks when we go to war
Uncle Sam has to shell out the big bucks when we go to war
At today’s prices, the U.S spent about $700 Billion in the Vietnam War
The war racked up some debt…..
This led toSTAGFLATION
This led toSTAGFLATION
We will come back to this later..
It’s all about Oil
Oil, isn’t that the smelly stuff I put
into my car?
Oil
Senior care
Gas
Clothing
Electronics
Electricity
Plastics
Government Budgets
Travel
Transportation of goods
Groceries
Just a few examples of things affected by oil prices
Oil is connected to everything
Where does all this “oil stuff” come from?
The middle east!
Specifically-
1973- “The year oil got really expensive”
It’s all good, we got you back
Israel
Tov, toda!
The middle east did not like that the U.S was
supporting Israel
Embargo time!
Oil became very
expensivo
National Speed Limit
Gas Lines
Gas Shortages
Nixon Ordered Cutbacks
There was a lot of pressure on the West to leave the Middle East
All of this added up to a
Time to break out the charts