Poverty Hits 1992

Percent of Selected Poverty Rates
4.5% in just one month on average
21.2% in two months or more
4.2% all months

Percent of people with selected characteristics that were poor
14.6% all people
22.3% under 18
12% between 18-64
10.2% 65 years or older
3.8% employed full time
12.4% employed part time
40% unemployed
37.8% people in female-householder families

Percent of People Who Were Cronically Poor
4.3% all people
8.3% under 18
3.2% between 18-64
4.9% 65 years or older
0.5% employed full time
1.6% employed part time
9.6% unemployed
8.5% people in female-householer families

Aquired Source: http://www.census.gov/prod/2/pop/p70/p70-55.pdf

1992 Census of Retail Trade of Automotives

This video is from a Honda commercial aired in 1992.

Sales Based (1,000)
Automotive dealers 395,147,88
New and used car dealers 333,801,36
Used car dealers 16,031,345
Auto and home supply stores 28,565,320
Auto parts, tires, and accessories stores 26,949,262
Home and auto supply stores 1,616,058
Miscellaneous automotive dealers 16,749,848
Boat dealers 5,537,133
Recreational vehicle dealers 6,313,817
Motorcycle dealers 4,162,684
Automotive dealers, n.e.c. 736,214 3

Acquired Soucre: http://www.census.gov/epcd/www/rc92h55x.html

The Dream Team

1992 was a special year for the Olympics because both a Winter Olympics and Summer Olympics were held. 1992 will forever be remembered for the first Dream Team in Olympic basketball. 1992 was the year that the Olympics were opened to professional athletes, and the United States basketball team, made up of NBA starts, dominated every team they played on the way to the gold medal.

Final Standings
1. United States (8-0)
2. Croatia (6-2)
3. Lithuania (6-2)
4. Com. of Ind. States (5-3)
5. Brazil (4-4)
6. Australia (4-4)
7. Germany (3-5)
8. Puerto Rico (3-5)
9. Spain (3-4)
10. Angola (2-5)
11. Venezuela (2-5)
12. China (0-7)

Mini Housing Market Crash

The 1990s saw the end of a housing bubble and a serious house price crash in the year 1992. Leading up to the housing market crash of 1992, there was a period of economic boom, and corresponding boom in house prices (especially in London and South East). Economic growth reached over 5%, but, at this rate the growth caused inflation to rise to 10%. Therefore, the government felt compelled to start reducing inflation. They felt the best way to reduce inflation was to join the ERM (exchange rate Mechanism). To cut a long story short, the inflation of 10% and membership of the ERM required interest rates to rise very high to 15%. At 15% mortgages became incredibly expensive and so there was a record rise in defaults and home repossessions. People stopped buying and house prices fell by 15% (More in London and South East).

Acquired Source: http://www.mortgageguideuk.co.uk/blog/house-prices/housing-market-crash; New York Times,Feb 18, 1992. Kenneth N. Gilpin

Average Cost of Living

Coffee was $2.39 lb.
Grapes were $.93 lb.
Gas was $1.40 gal.
Grapes were $.93 lb.
Chicken was $.89 lb.
Potato chips were $2.84 lb.
Bread was $.75 lb.

Major Headlines for Wallstreet 1992

Jan. 1 Dow's back to future Wall Street investors set record high
Jan. 5 On Wall Street, Paychecks Pack a Punch
Apr. 9 Wall Street Is Down Again, Politics a Factor in Europe
May 4 Wall Street Apt to Stay Bullish in Spite of Riots
May 24 Wall Street; Congress Stops, the Dow Goes Up
Jun. 16 Dollar Rises Sharply as Wall Street Moves Ahead
Jun. 22 WALL STREET BOOM FAILS TO BOLSTER REGION'S ECONOMY
Jul. 31 Tokyo's Stock Dives After Critical Report Health
Aug. 2 Stocks Surge, And Wall Street Is Surprised
Aug. 9 Wall Street; Picking the Worst Stock Pickers
Aug. 26 Fall in Consumer Confidence Adds Pressure on Wall Street
Oct. 4 Wall Street Seems to Be Ignoring the Recession;Despite Recent Losses
Oct. 18 Five Years After the Crash, Wall Street and Main Street Again Seem out…
Oct. 10 Dow Tumbles 39.45, a New Low for Year Wall Street: A flurry of
Nov. 2 CHAOS HITS WALL STREET--THE THEORY, THAT IS
Nov. 15 Wall Street's Fortunes May Fall as Rates Rise
Dec. 25 Real Estate Executive Turns To Wall Street for Money

Acquired Source's: New York Times, Washington Post, Los Angeles Post, International Herald Tribune,

United States Bureau of Labour Statistics

Unemployment Rates of Nine Countries in 1992

United States 7.5
Canada 11.3
Australia 10.8
Japan 2.2
France 10.2
Germany 4.6
Italy 7.3
Sweden 5.6
U.K. 10.1

All countries were at high rates compared to past decades except for Germany and Japan. The United States unemployment rate hadn’t been that high since 1984, It peeked at 7.5 and started to recede with the following year.


Acquired Source: http://www-old.itcilo.org/actrav/actrav-english/telearn/global/ilo/seura/usunemp.htm

Baby Steps for Banks

At the beginning of 1992 the economy was at a low. This caused the national commercial banks to create a discount rate causing a direct effect on savings returns. “In terms of what Americans were paying for rates, by midwinter of 1992 it was estimated that bank rates that low had not been seen since 1966.” The lowering of these interest rates were to help 92’s faltering economy. The federal budget deficit was at a soaring high of $352 billion which amounted to a gross national product rate of about 6 percent just shy of the post world war II rate of 6.3 percent. As the year progressed the uphill fight against regression seceded. Banks profited 31.5 billion over 1991’s 14 billion. The return of equity also increased sharply. Banks were able to preserve a large portions of earnings that strengthened their capital. Real gross domestic product improved 3 percent and inflation remained low. “Apparently, stubborn expectations of inflation, election uncertainties, and deficit fears limited the decline in longer rates, tilting upward on an already steep yield curve.” Only 100 federally insured commercial banks failed as opposed to 1991 in which 108 failed and more than 200 failed in each year from the year 1987-1989. Overall the commercial banks had a postivie effect on the economy for the year of 1992.

Haute Couture Dwindles

The end of the greed decade of the 1980’s came to a close and the consumers of the early nineties wanted fair pieced clothes in relation to quality. Conspicuous consumption was less common great problems were expected for haute couture labels because the shows were taking place during a great wartime. Americans made up 40 percent of the haute couture market and the American economy began to weaken. Pierre Cardin even made a white Peace Dress written in 14 different languages. At this time there were 40,000 workers in the haute business. Women started to wear what they felt right in and weren't as governed by rules as they had been in the past. Many designers started to create ready to wear lines and they also started licensing accessories and perfumes to help from bankruptcy

Image from Oscar De La Renta winter collection 1992
Acquired Source: History of the 20th Century, Elizabeth Ewing, Costume and Fashion Press, New York, NY

Political Analysis 1992

In 1992, there were many significant events that occurred in the United States. There was an election, the Cold War was declared a success in the eyes of Republicans, the L.A. riots, there was extreme progress with civil rights, and lastly the economy was on its way back up.

Voters in America were ready for change, and people saw Bill Clinton as just that. He was charismatic, youthful, and his number one concern was rebuilding the economy. Wear as George Bush, represented the traditional face of America, and was campaigning the successes of American imperialism. Bill Clinton was elected President of the United States with Al Gore as Vice President. Thus, people were ready for change and a ready for progressive movement towards a better economy, equal right, and wanted diversity to be celebrated. (For political polls see Table 1)

Therefore, the trend during this year was all about change and freedom from traditional conformities. Ethnic groups were becoming more comfortable with identifying with their roots and publically celebrating their cultures. White America was slowly shifting towards a more colorful identity. For example, after the L.A. riots and the death of Rodney King, it made people aware that racism is still an issue and this needs to change. Thus people began to value their individuality more than they had in present years. This is evident in the political polls during the 1992 election, since various ethnic groups supported Ross Perot early on and later Bill Clinton.

Table 1

Presidential Candidate	Vice Presidential Candidate	Political Party	Popular Vote		Electoral Vote
William Clinton	Albert Gore Jr.	Democratic	44,909,806	43.01%	370	68.8%
George Bush	J. Danforth Quayle	Republican	39,104,550	37.45%	168	31.2%
H. Ross Perot	James Stockdale	Independent	19,743,821	18.91%	0	0.0%
Andre Marrou	Nancy Lord	Libertarian	290,087	0.28%	0	0.0%
Other (+)	-	-	375,659	0.36%	0	0.0%

Supporting Articles and Resources

THE 1992 ELECTIONS: REACTION -- VOICES; The Subject Is Politics, and the Voices Are as Diverse as the Country

http://query.nytimes.com/gst/fullpage.html

THE 1992 CAMPAIGN: With the Convention Over, Americans Pause to Talk Politics; In a Reagan Democrat Area, Signs of Unease Over Bush

By ROBERT REINHOLD,

Published: August 22, 1992

THE 1992 CAMPAIGN: Racial Politics; Perot Brings Mixed Record To His First Black Audience

By STEVEN A. HOLMES,
Published: July 11, 1992

http://www.multied.com/elections/1992.html

1992's Current Events

LA RiotsRodney King was beaten badly by police officers in L.A when resisting arrest in 1991. Unknown to the police, there was somebody filming it in the bushes. The police officers were handed a verdict of not guilty by the first review board. This caused racial riots to break out in south central L.A. and led to several days of rioting.

Peace in El SalvadorIn February, El Salvador signed peace agreements between the leftist rebels and the rightist government. Open elections followed two years later.

Quebec votes to remain part of Canada, Quebec had been campaigning for many years to become independent, but the vote fell short of what was needed for the change to happen.

Nicoderm, first nicotine transdermal patchThe first patch for smokers to quit smoking...

Hurricane Andrew hits FloridaKilling 14, it left 250,000 people homeless, and was one of the costliest hurricanes in history.

Johnny Carson leaves the Tonight ShowBette Midler was his last guest, Jay Leno was his replacement. David Letterman then left for CBS and beat him in ratings for a year or so.

Mike Tyson is found guilty of rapeIn July Tyson was sentenced for 6 years for raping 18 year old Miss Black America contestant Desiree Washington.


Fire at Windsor Castle :
In England, a fire breaks out in the Private Chapel room of Windsor Castle, rages for 15 hours, and seriously damages the northwest side of the building (an investigation found that the fire was ignited after a spotlight came into contact with a curtain over an extended period).

First Black Female Astronaut.Dr. Mae C. Jemison becomes the first African-American woman astronaut, spending more than a week orbiting Earth in the space shuttle Endeavor.

Passage of the 27th AmendmentSaid that Congress could not receive an approved raise until the next election, thus giving the people the opportunity to determine whose salary they would be paying with their tax dollars.

Whisper of AIDSMary Fisher gave her famous AIDS speech on August 19, 1992 in Houston, Texas at the Republican National Convention.

Mall Of America OpensThe Mall Of America opens this year with about 10,000 employes waiting to go to work.The mall is the biggest one in America. It is on 78 acres of land, and all most 300-1000 stores inside. (Along with amusement park,and a aquarium).

US/UN Humanitarian Invasion of SomaliaUS led invasion of Somalia to stop a country-wide famine that was caused by civil war and internal warlords. US/Un backed forces would withdraw in 1993

Bush and Yeltsin proclaim a formal end to the Cold War (Feb. 1).
US lifts trade sanctions against China (Feb. 21).

North American Free Trade Agreement (NAFTA) signed (Dec. 17).

US Supreme Court reaffirms right to abortion (June 29).

Bill Clinton elected President, Al Gore Vice President; Democrats keep control of Congress (Nov. 3).

The Church of England votes to allow women to become priests.

October 20 - Erotica is released. Its "overly sexual" themes loses Madonna a lot of religious fans and even gets her concerts banned from Vatican City. The cover, which seems to depict Madonna enjoying sexual intercourse, the inner artwork, the lyrics, and the music videos make Erotica the most controversial album of all time.

Sources: http://www.inthe90s.com/generated/time1992.shtml http://www.infoplease.com/year/1992.html

Culture 1992

Top Music of 1992
1. Nirvana - Smells Like Teen Spirit
The emergence of "Smells Like Teen Spirit" as a top 10 pop hit remains one of the most dramatic events in pop music of the 1990's. Kurt Cobain's sardonic view of teenagers set amongst a pop melody pounded out by drums and guitars bathed in fuzzed up distortion rattled the pop music establishment. It was all accompanied by a music video that presented a memorable and unrelentingly dark view of the classic school pep rally. Grunge had arrived! “Nirvana opened the door for other bands and created a fashion trend for their clothing style, worn plaid flannel shirts and stone washed jeans.”(20th Century Dress, Farrell-Beck and Parsons 247)
2. Whitney Houston - I Will Always Love You. The female pop artists were portrayed in a sexualized manner. Sexy clothing exposing a lot of skin.
3. U2 - Mysterious Ways

4. Red Hot Chili Peppers - Under the Bridge

5. Wreckz - N - Effect - Rump Shaker

6. Michael Jackson - Black Or White

7. House Of Pain - Jump Around

8. Boyz II Men - End Of the Road

9. Arrested Development - Tennessee.

10. Eric Clapton - Tears In Heaven
Eric Clapton Goes Unpluged, one of Eric Clapton's most famous albums.

Top Movies of 1992

1.Aladdin
2.Home Alone 2: Lost in New York
3.Batman Returns
4.Lethal Weapon 3
5.A Few Good Men
6.Sister Act
7.The Bodyguard
8.Wayne's World
9.Basic Instinct
10.A League of Their Own

Sports:

Super Bowl
Washington d. Buffalo (37-24)
World Series
Toronto d. Atlanta Braves (4-2)

this makes Toronto the first Canadian team to win
NBA Championship
Chicago d. Portland (4-2)
Stanley Cup
Pittsburgh d. Chicago (4-0)
Wimbledon
Women: Steffi Graf d. M. Seles (6-2 6-1)Men: Andre Agassi d. G. Ivanisevic (6-7 6-4 6-4 1-6 6-4)
Kentucky Derby Champion
Lil E. Tee
NCAA Basketball Championship
Duke d. Michigan (71-51)
NCAA Football Champions
Alabama (13-0-0)


1992 Summer Olympics: U.S. finishes 2nd behind the Unified Team
Number of Medals: 37 Gold, 34 Silver, and 37 Bronze

1992 Winter Olympics: U.S. finishes 6th
Number of Medals: 5 Gold, 4 Silver, and 2 Bronze

Evander Holyfield loses his heavyweight boxing title to Riddick Bowe, 25, November 13 at Las Vegas.

Baseball Jerseys become the hot thing to wear-Philidelphia Inquirer june 26, 1992

Television:

1.60 Minutes
2.Roseanne
3.Murphy Brown
4.Cheers
5.Home Improvement
6.Designing Women
7.Coach
8.Full House
9.Murder, She Wrote
10.Unsolved Mysteries
11.Major Dad
12.NFL Monday Night Football
13.Room For Two
14.CBS Sunday Movie
15.Evening Shade
16.Northern Exposure
17.A Different World
18.Bill Cosby Show
19.Wings
19.America’s Funniest Home Videos
The viewers of 1992 were getting used to having cable.

The top television of today consists of many sitcoms, where as today sitcoms are few in the top rankings. Three shows from this list in 1992 are still surviving; 60 minutes, Americas Funniest Home Videos, and Monday Night Football.

Technology:

The World Wide Web was born in 1992, changing the way we communicate (email), spend our money (online gambling, stores), and do business (e-commerce).
Compact discs surpass cassette tapes as the preferred medium for recorded music.
There are 900 million television sets in use around the world; 201 million are in the United States.

Sources: http://www.infoplease.com/year/1992.html http://www.inthe90s.com/generated/time1992.shtml tvbythenumbers.com http://kclibrary.lonestar.edu/decade90.html