George H.W. Bush Savings and Loans Failures: – deregulation of banks often led to illegal and unsound banking practices {Reagan}: hundreds of savings.

George H.W. Bush

• Savings and Loans Failures:– deregulation of banks often led to illegal and

unsound banking practices {Reagan}:• hundreds of savings and loans associations therefore

went bankrupt

– FDIC paid $500 billion to insured depositors

Savings & LoansFailures

Desert Storm• Persian Gulf War:– 1990- Iraq invades and annexes oil rich nation of

Kuwait– Saddam Hussein leader of Iraq

• Operation Desert Shield {1990}:– Bush sends 500,000 U.S. troops to halt further Iraqi

aggression into other countries {especially Saudi Arabia}

– international alliance joins the U.S. {collective security}

– United Nations establishes economic blockade of Iraq

Desert Storm

• Operation Desert Storm {1991}:– alliance begins five weeks of bombing to weaken

Iraqi military– ground force then take four days to remove Iraqi

troops from Kuwait

Iraq Invades Kuwait1990

Iron Curtain Falls

• Iron Curtain Falls:– Soviet satellites in Eastern Europe break away

from Soviet control:• replace communist dictatorship with democratic

governments• Berlin Wall collapses• East and West Germany reunited

• Soviet Union collapses

Soviet Satellites Freed

Soviet UnionCollapses

*Communists Lose Power

*NO COMMUNISTS!

William Jefferson

“Bill” Clinton

NAFTA1994

*North American Free Trade Agreement

Canada United States Mexico

NAFTA

• NAFTA {1994}:– North American Free Trade Agreement:– economic alliance between U.S., Canada, Mexico– removed tariffs between the member nations

Impeachment

• Impeachment:– Clinton second President to be impeached by

House of Representatives– acquitted by Senate– checks and balances

Clinton Impeachment

*Charges: -Perjury

-Obstruction of Justice

Clinton-LewinskyScandal

“I did not have sexual relations with that woman, Miss Lewinsky…” President Bill Clinton

ImpeachedPresidents

Bush v. Gore