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The United States of America (USA), normally referred to as the United States (U.S.) or America, is a country composed of 50 states, a federal district, five major self-governing territories, and possessions. The 48 contiguous states and federal district are in central North America between Canada and Mexico, with the state of Alaska in the northwestern part of North America and the state of Hawaii comprising an archipelago in the mid-Pacific. The territories are scattered about the Pacific Ocean and the Caribbean Sea. At 3.8 million square miles (9.8 million km2)and with over 324 million people, the United States is the world's third-largest country by total area (and fourth-largest by land area) and the third most populous. The U.S. economy is by far the largest economy in the world according to a country-based GDP ranking. In 2016, U.S GDP amounted to about 18.62 trillion U.S. dollars. This equals the combined GDPs of the second to fourth largest economies, China, Japan, and Germany.
Banking in the United States is regulated by both the federal and state governments. The five largest banks in the United States on December 31, 2011, were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs. In December 2011, the five largest banks' assets were equal to 56 percent of the U.S. economy, compared with 43 percent five years earlier.
The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300 million in deposits and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300 million in deposits in the U.S. and over 1,800 with more. American banking is closely linked to the UK; in 2014, the biggest US banks held almost 70 percent of their own and off-balance sheet foreign assets there.
|Agriculture||Vegetables, rice, potatoes, beans, maple syrup, strawberries.|
|Manufacture||petroleum, steel, motor vehicles, aerospace, telecommunication, chemicals, arms industry, electronics, food processing, consumer goods, lumber, mining aircraft etc.|
|Services (Including financial)||77.6% (2015 estimate)|
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|Food, beverage and feed|
|Civilian aircraft and aircraft engines|
The New York Stock Exchange (abbreviated as NYSE and nicknamed "The Big Board", is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is the world's largest stock exchange by market capitalization of its listed companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.
The NYSE is owned by Intercontinental Exchange, an American holding company it also lists (NYSE: ICE). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange.
The NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation.
The Nasdaq Stock Market is an American stock exchange. It is the second-largest exchange in the world by market capitalization, behind only the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic (formerly known as OMX) and Nasdaq Baltic stock market network and several other US stock and options exchanges.
The financial crisis of 2007–09, also known as the global financial crisis and the 2008-09 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.
The precipitating factor was a high default rate in the subprime home mortgage sector. The expansion of this sector had been encouraged by the Community Reinvestment Act (CRA), a US federal law first passed in 1977 and subsequently revised, which was designed to help poorer American inner-city dwellers get mortgage loans. Many of these subprime (high risk) loans were then bundled and sold to quasi-government agencies (Fannie Mae and Freddie Mac). The implicit US federal government guarantee created a moral hazard and thus a glut of risky lending. Many of these loans were also bundled together and formed into new financial instruments called mortgage-backed securities, which could be sold on as (apparently) low-risk securities. Because mortgage lenders could pass these mortgages (and the associated risks) on in this way, they could and did adopt loose underwriting criteria, and some developed aggressive lending practices. The accumulation and subsequent default of these mortgages led to the crisis.
The crisis threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures, and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the Great Recession of 2008–2012 and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "complete evaporation of liquidity".
The bursting of the U.S. housing bubble, which peaked in 2004, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally. The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for subprime borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making. Questions regarding bank solvency, declines in credit availability and damaged investor confidence affected global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined. Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion, and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.
Many causes for the financial crisis have been suggested, with varying weight assigned by experts. The U.S. Senate's Levin–Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street." The Financial Crisis Inquiry Commission concluded that the financial crisis was avoidable and was caused by "widespread failures in financial regulation and supervision", "dramatic failures of corporate governance and risk management at many systemically important financial institutions", "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions, ill preparation and inconsistent action by government that "added to the uncertainty and panic", a "systemic breakdown in accountability and ethics", "collapsing mortgage-lending standards and the mortgage securitization pipeline", deregulation of over-the-counter derivatives, especially credit default swaps, and "the failures of credit rating agencies" to correctly price risk. The 1999 repeal of the Glass-Steagall Act effectively removed the separation between investment banks and depository banks in the United States. Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products and that governments did not adjust their regulatory practices to address 21st-century financial markets. Research into the causes of the financial crisis has also focused on the role of interest rate spreads.
In the immediate aftermath of the financial crisis palliative monetary and fiscal policies were adopted to lessen the shock to the economy.
Paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago, with European colonization beginning in the 16th century. The United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the colonies in the aftermath of the Seven Years War led to the American Revolution, which began in 1775. On July 4, 1776, as the colonies were fighting Great Britain in the American Revolutionary War, delegates from the 13 colonies unanimously adopted the Declaration of Independence. The war ended in 1783 with recognition of the independence of the United States by Great Britain, and was the first successful war of independence against a European colonial empire. The current constitution was adopted in 1788, after the Articles of Confederation, adopted in 1781, were felt to have provided inadequate federal powers. The first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties.
The United States embarked on a vigorous expansion across North America throughout the 19th century, displacing American Indian tribes, acquiring new territories, and gradually admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the American Civil War led to the end of legal slavery in the country. By the end of that century, the United States extended into the Pacific Ocean, and its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power. The United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, and a permanent member of the United Nations Security Council. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the world's sole superpower.
The United States is a highly developed country, with the world's largest economy by nominal GDP. It ranks highly in several measures of socioeconomic performance, including average wage, human development, per capita GDP, and productivity per person. While the U.S. economy is considered post-industrial, characterized by the dominance of services, the manufacturing sector remains the second-largest in the world. Though its population is only 4.4% of the world total, the United States accounts for nearly a quarter of world GDP and almost a third of global military spending, making it the world's foremost military and economic power. The United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations.
The United States dollar is the official currency of the United States and its insular territories. It is divided into 100 smaller cent (¢) units. The circulating paper money consists of Federal Reserve Notes.
The U.S. dollar is fiat money. It is the currency most used in international transactions and is the world's primary reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use only the U.S. dollar for paper money, while the country mints its own coins, or also accepts U.S. coins that can be used as payment in U.S. dollars, such as the Susan B. Anthony dollar.
The American dollar coin was initially based on the value and look of the Spanish dollar, used widely in Spanish America from the 16th to the 19th centuries. The first dollar coins issued by the United States Mint (founded 1792) were similar in size and composition to the Spanish dollar, minted in Mexico and Peru. The Spanish, U.S. silver dollars, and later, Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso remained legal tender until the Coinage Act of 1857. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland Colony (New York), but the lion dollar also circulated throughout the English colonies during the 17th century and early 18th century. Examples circulating in the colonies were usually worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars".
The U.S. dollar was first defined by the Coinage Act of 1792, which specified a "dollar" to be based in the Spanish milled dollar and of 371 grains and 4 sixteenths part of a grain of pure or 416 grains (27.0 g) of standard silver and an "eagle" to be 247 and 4 eighths of a grain or 270 grains (17 g) of gold (again depending on purity).The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars. Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight, and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar.
The same coinage act also set the value of an eagle at 10 dollars, and the dollar at 1?10 eagle. It called for 90% silver alloy coins in denominations of 1, 1?2, 1?4, 1?10, and 1?20 dollars; it called for 90% gold alloy coins in denominations of 1, 1?2, 1?4, and 1?10 eagles.
The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy.
The early currency of the United States did not exhibit faces of presidents, as is the custom now; although today, by law, only the portrait of a deceased individual may appear on United States currency. In fact, the newly formed government was against having portraits of leaders on the currency, a practice compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite Native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).
|National Song||"The Star-Spangled Banner"|
|Currency||United States dollar ($) (USD)|
|GDP / GDP Rank||18.56 trillion USD (2017)|
|GDP Growth Rate||2.4 percent|
|GDP Per Captial||$57436.409 (PPP)|
|Size||9.834 million km2|
UTC−4 to −12, +10, +11
UTC−4 to −10 (Summer)
0.2% Pacific Islander
President- Donald Trump
Vice President- Mike Pence
House Speaker- Paul Ryan
|Website||Go to the web|
|Public Debt||107.6 percent of GDP|
|Export||$ 190975 billion|
|Unemployment Rate||4.9 percent|
|Labor Force (Occupation)||-|