3. 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

4. Savings & Loans Failures

5. 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

6. 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

7. Iraq Invades Kuwait 1990

17. 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

18. Soviet Satellites Freed

20. Soviet Union Collapses *Communists Lose Power *NO COMMUNISTS!

22. William Jefferson “Bill” Clinton

24. NAFTA 1994 *North American Free Trade Agreement Canada United States Mexico

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

28. Impeachment Impeachment: – Clinton second President to be impeached by House of Representatives – acquitted by Senate – checks and balances

29. Clinton Impeachment *Charges: -Perjury -Obstruction of Justice

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

34. Impeached Presidents

37. Bush v. Gore