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Dec-09-1975
President Ford signed a $2.3 billion seasonal loan-authorization that officials of New York City and State said would prevent a city default.
Jun-21-1970
Penn Central was forced into bankruptcy. The default caught the market by surprise, largely because commercial paper ratings were in their infancy. Fed chairman Arthur Burns reacted by making discount window loans to banks that lent to CP issuers.
Apr-22-1898
With the United States and Spain on the verge of formally declaring war, the U.S. Navy began blockading Cuban ports under orders from President McKinley. In the first Spanish-American War action the USS Nashville captured a Spanish merchant ship, the Buenaventura, off Key West, Fla. Also, Congress authorized creation of the First U.S. Volunteer Cavalry, popularly known as the "Rough Riders." In 1998 the book “Empire by Default” by Ivan Musicant retold the story of the was in detail.

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