United States

Coordinates: 40°N 100°W / 40°N 100°W / 40; -100

The United States of America (USA), commonly referred to as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major territories and various possessions. The 48 contiguous states and Washington, D.C., are in central North America between Canada and Mexico. The state of Alaska is in the northwestern part of North America and the state of Hawaii is an archipelago in the mid-Pacific. The territories are scattered about the Pacific Ocean and the Caribbean Sea. At 3.8 million square miles (9.842 million km²) and with over 320 million people, the country is the world's third or fourth-largest by total area and the third most populous. It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many countries. The geography and climate of the United States are also extremely diverse, and the country is home to a wide variety of wildlife.

Early 1990s recession

The recession of the early 1990s describes the period of economic downturn affecting much of the world in the late 1980s and early 1990s.

Political ramifications

While the Progressive Conservative government of Brian Mulroney in Canada and the successful election campaign of George H. W. Bush in the United States may have been aided by the brief recovery of 1988, neither leader could hold on to power through the last part of the recession; both were swept from office by opponents running on pledges to restore the economy to health. Bush's 1992 re-election bid was particularly hampered by his 1990 decision to renege on his "Read my lips: no new taxes" pledge during his first campaign in 1988.

In Australia, Paul Keating (then Treasurer of Australia, and future Prime Minister), referred to it as "the recession that Australia had to have." This quote became a cornerstone of the opposition Liberal Party's campaign during the 1993 election, designed to underscore alleged mismanagement of the national economy by the incumbent Labor Party. Unlike the opposition parties in North America, however, the Liberal Party failed to enter government.

New York

New York is a state in the Northeastern United States and is the United States' 27th-most extensive, fourth-most populous, and seventh-most densely populated state. New York is bordered by New Jersey and Pennsylvania to the south and Connecticut, Massachusetts, and Vermont to the east. The state has a maritime border in the Atlantic Ocean with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the west and north. The state of New York, with an estimated 19.8 million residents in 2015, is often referred to as New York State to distinguish it from New York City, the state's most populous city and its economic hub.

With an estimated population of nearly 8.5 million in 2014, New York City is the most populous city in the United States and the premier gateway for legal immigration to the United States. The New York City Metropolitan Area is one of the most populous urban agglomerations in the world. New York City is a global city, exerting a significant impact upon commerce, finance, media, art, fashion, research, technology, education, and entertainment, its fast pace defining the term New York minute. The home of the United Nations Headquarters, New York City is an important center for international diplomacy and has been described as the cultural and financial capital of the world, as well as the world's most economically powerful city. New York City makes up over 40% of the population of New York State. Two-thirds of the state's population lives in the New York City Metropolitan Area, and nearly 40% live on Long Island. Both the state and New York City were named for the 17th century Duke of York, future King James II of England. The next four most populous cities in the state are Buffalo, Rochester, Yonkers, and Syracuse, while the state capital is Albany.

Stock exchange

A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks (also called shares), bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets, with buyers and sellers consummating transactions at a central location, such as the floor of the exchange.

To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets use electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is restricted to brokers who are members of the exchange. In recent years, various other trading venues, such as electronic communication networks, alternative trading systems and "dark pools" have taken much of the trading activity away from traditional stock exchanges.

1991

1991 (MCMXCI) was a common year starting on Tuesday (dominical letter F) of the Gregorian calendar, the 1991st year of the Common Era (CE) and Anno Domini (AD) designations, the 991st year of the 2nd millennium, the 91st year of the 20th century, and the 2nd year of the 1990s decade.

It was the year that is usually considered the final year of the Cold War that had begun in the late 1940s. During the year, the Union of Soviet Socialist Republics collapsed into fifteen sovereign republics. India also abandoned its policies of socialism and autarky and began extensive neoliberal changes to its economy in July 1991 which would increase the GDP but also economic inequality over the next two decades. A U.N.-authorized coalition force from thirty-four nations fought against Iraq, which had invaded Kuwait in the previous year, 1990. The conflict would be called the Gulf War and would mark the beginning of a since-constant American military presence in the Middle East. The clash between Serbia and the other Yugoslav republics would lead into the beginning of the Yugoslav Wars, which ran through the rest of the decade.