1970's News and Interesting Tidbits From History

1970's Consumer Driven Economy, Vietnam, Japanese Imports, Race Riots, Arab Israeli War, Watergate

The Seventies Some Tidbits
The decade of the Seventies shows more than any other what happens when inflation goes out of control with prices, wages, interest rates and unemployment and most of the problems could be traced back to one thing that was a major factor OIL Crisis related to the war in the Middle East . At the worst time in mid 70's 1974 Inflation in the US was 11.3% and in the UK 1974 inflation was 24.3% And Interest rates ranged as high as 14.2%.
Most things goods and services doubled in price in just one decade

In 1970 a new house cost $23,400.00 and by 1979 was $58,500.00
In 1970 the average income per year was $9,350.00 and by 1979 was $17,550.00
In 1970 a gallon of gas was 36 cents and by 1979 was 86 cents
But the 70's gave us much more than just raging inflation and high interest rates
The US pulled out of Vietnam
The Watergate Scandal
A new genre of music appeared called Progressive rock featuring the likes of Genesis, Yes, Emerson, Lake & Palmer and Pink Floyd. Led Zeppelin, Aerosmith, AC/DC, Queen, Black Sabbath
The 70's also started using the tools invented in the 60's needed for the digital revolution including the transistor, and Integrated Circuits making things cheaper and more powerful ranging from Calculators to Televisions and the birth of the Home Computer and video games
One other important change which was also caused by the Oil Crisis was the quick uptake of cars from Japan which had smaller engines providing better gas mileage both in Europe and the US
With the 70's came a new generation of passenger aircraft capable of carrying many more passengers ( 747 ) making air travel cheaper and allowing the ordinary family to explore much further afield for holidays.
We can not discuss the 70's without including the liberation of women and the sexual revolution that allowed a more open discussion of anything to do with SEX
With the change in music came a new revolution in fashions carrying on from the more liberal ideas of the 60's of what was acceptable clothing
The 70's

770 bald and golden eagles killed
This was taken from research for our
US States News Stories For Wyoming
August 16, 1971-Recent Report: The Massacre of Golden and Bald Eagles
It was reported that within approximately a week prior to this date a combination total of 770 bald and golden eagles were killed. They were shot from helicopters, and since then action has been taken by angry activists to preserve this national bird.
The interesting thing is how much more we are aware of protecting our environment today than we were in the 70's

Some 70s Videos found on Youtube related to the 70s

The Beatles Let It Be

Peter Paul and Mary at Washington Peace March 1971

Hot Wheels Sizzlers Toy Commercial 1971

McDonalds commercial 1971

Documentary For Munich Olympics Tragedy 1972

Buick riviera Commercial 1973

Jaws Trailer 1975

Leyland Cars Commercial

BBC Transmission Card Used When Not Transmitting 1978

Check out the Seventies Section On The People History For Many More

Mans Innovation From The 70s
The Reason Human Beings are at the top of the food chain is Mans Ability to Innovate

Below are some of Mans Innovations and Inventions from the 1970's

Microprocessor USA

E-Mail USA

Floppy Disk USA by Alan Shugart

Liquid Crystal Displays ( LCD ) Switzerland

LCD England by George Gray - Liquid Crystal Display

Artificial Heart USA Willem J Koiff

Optical Fiber USA

Genetic Engineering USA by S Cohen and H Boyer

Kevlar USA by Stephanie Kwolek )

Personal Computer USA Microsoft

Laser Printer USA

Ink Jet Printer USA

MRI Scanner USA by Raymond Damadian

In Vitro Fertilisation England

Snowboard USA by Daniel E Chadwick

Computer Innovations In The 70's
A few Computer Innovations From 1970
First RAM chip Intel

A few Computer Innovations From 1971
4004 microprocessor Intel
8008 microprocessor Intel

A few Computer Innovations From 1972

A few Computer Innovations From 1974
Dungeons & Dragons
8080 Microprocessor Intel
Altair 8800, the second personal computer

A few Computer Innovations From 1975
BASIC by Bill Gates and Paul Allen and formation of Microsoft, developed for Altair

A few Computer Innovations From 1976
The Fairchild Video Entertainment System (VES)
Apple I single-board computer
Z80 chip released by Zilog

A few Computer Innovations From 1977
Atari 2600
Apple II
Tandy TRS80

A few Computer Innovations From 1978
Space Invaders
Commodore PET

A few Computer Innovations From 1979
Apple II Plus
Arcade Video game 'Space Invaders' released
IBM start development work on personal computer

The Growth Of HI/FI
You can not talk about the Music in the Seventies without including the fantastic growth of HI/FI

Before MP3s….before compact discs…even before cassette tapes….there was hi-fi. Short for “high fidelity,” this is the term given to a high-quality reproduction of sounds or images. With a hi-fi recording, the sound that is reproduced sounds much like the original sound or recording with no excess noise or sound distortion. Hi-fi technology was most popular during the 1960s and 1970s, but the background for it began in the 1920s

Read more about it at Our History Of Hi-Fi and Music Players
History Of Music Players

Some Seventies Music Hits
A few of the big music hits from the 70's

Maggie May Rod Stewart 1971

Puppy Love Donny Osmond 1972

You're The First The Last My Everything Barry White 1974

Bohemian Rhapsody Queen 1975

Lucille Kenny Rogers 1976

Mull Of Kintyre Wings 1977

You're The One That I Want John Travolta & Olivia Newton John 1978

Tragedy The Bee Gees 1979

Another Brick In The Wall Pink Floyd 1979

1970's Music Hits

Recession The Similarities from the 70's and 80's To Now
We should spend more time looking at history when we are trying to work out if we are looking at a world wide recession .

It's interesting when working on a site like The People History and realizing that many of the signs for a recession have been staring us in the face but nobody wanted to see them lets take a few

1. Housing prices have outpaced inflation and earnings ( By Large Amounts )which means Mortgages have required weaker controls for the average person to buy a home with both lenders and borrowers wrongly assuming the continued boom in house prices .

2. A massive market has developed in the last few years for flipping property ( or buying to resell ) at large profits helping to inflate house prices even more

3. The consumer led economy boom has also been fueled by property prices and Consumers using property price increases to secure additional lines of credit

4. America has now been financing a war against terrorism and Iraq and has the largest deficit ever recorded

5. To keep up with other forms of easy available credit the credit card companies have increased spending limits far over where most credit card holders can afford to pay back

6. Europe is not immune to this because they to have been had property inflation with similar results AND if that is not enough European financial institutions are heavily invested in these US Junk home bonds

If we look back through history once property prices start to tumble the house of cards that is the credit market follows and as credit gets squeezed consumers spend less the economic growth stalls and even reverses and BANG HEY PRESTO A RECESSION, and because of a number of reasons this will be a world wide recession

1 Large parts of the world are carrying US Debt ( China , Japan etc. )

2 America is still the worlds largest economy and if it sneezes the rest of the world catches a cold

3 Very boring but boom and bust has been on a cycle for close to 100 years so why should it change now

So how long and how deep it will be is any bodies guess but I think 2 to 3 years and pretty deep possibly the worst recession since the 70's , and like many I can just sit here and hope my family comes through OK and maybe just maybe we will all learn by our mistakes including Governments to live within our means

just my own thoughts as a person who studies modern history not financial markets



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