|This month in history:
|Dec. 5, 1955
The AFL-CIO was founded with a joining of the American Federation of Labor and the Congress of Industrial Organizations, becoming the leading advocate for trade unions.
|Dec. 15, 1993
Delegations from 117 countries approve the General Agreement on Tariffs and Trade, known as GATT. It was supposed to reduce international tariffs, eliminate trade quotas and protect intellectual property.
|Dec. 23, 1913
The Federal Reserve Act was passed by Congress, establishing the Federal Reserve System to serve as the nation's central bank.
|Dec. 23, 1947
The transistor, a creation that changed the world, was invented at Bell Laboratories by John Bardeen, Walter Brattain and William Shockley.
H&R Block shuts down its
lending unit after failing to
sell it to Cerberus Capital,
laying off the division's 620
employees and leaving behind
a portfolio of $1.1 billion
A coalition of business leaders,
Federal Reserve officials and
members of the Bush administration
engineer a deal to
freeze interest rates on adjustable
rate mortgages in order to prevent
a wave of anticipated foreclosures
in 2008 and 2009.
The Federal Open Market Committee continues on its path and cuts rates another 25 basis points amid more talks of a looming recession and to ease housing concerns.
Just three months after her sister bombed on the MTV Video Music Awards, Jamie Lynn Spears, 16-year-old sister of Britney Spears, drops her own bomb and announces she is 12 weeks pregnant.