It's fine, I believe that the time and effort you put in should be rewarded, you made something that I never really considered a source of intrest. If anyone is reading this then lets get this timeline nominated.
Trailblazing to Victory: The Ramifications of America's First Woman President
- Thread starter Sombergen
- Start date
Thanks it means a lot to me that I got you interested in something like this.
If anyone wants to second the nomination feel free to, it's already an honor just to be nominated.
What about the Supreme Court?
Harry Edwards has been raised as a choice to replace Marshall
Also here’s a list of candidates Clinton considered
https://en.m.wikipedia.org/wiki/Bill_Clinton_Supreme_Court_candidates
Harry Edwards has been raised as a choice to replace Marshall
Also here’s a list of candidates Clinton considered
https://en.m.wikipedia.org/wiki/Bill_Clinton_Supreme_Court_candidates
I have a feeling Mario Cuomo would end up high on any list of Supreme Court nominees for Ferraro considering their personal relationship and whatnot. She'd probably also be compelled to nominate at least one woman, possibly more than that seeing as she'd be interested in seeing more women in significant positions of power. Otherwise I can't say, maybe she'd nominate Edwards or some other African-American judge to replace Marshall (in fact this is probably highly likely) for diversity's sake and because it would please African-Americans who she'd want to make sure would be energized come 1992 to help in her re-election campaign.
Hey folks you can now vote this timeline for a Turtledove here, lets reward @Sombergen for there hard work and dedication.
Do it for President Ferraro.
Do it for President Ferraro.
Thanks so much! And yeah if you have enjoyed this TL please do vote for it, you can vote for more than one TL. It would be an honor to at least get into the final poll even if this TL doesn’t win. There’s also a lot of other ones out there that are as good as this one and also deserving of a Turtledove.
Also sorry for not updating in so long, school’s got me very busy. Hopefully I’ll be able to get another one out some time in the next few weeks when I have the time. We’ll see!
I just added my vote.
School first especially in midterm season. Think of your poor professors during Spring Break. We're normally grading then.
School first especially in midterm season. Think of your poor professors during Spring Break. We're normally grading then.
Thanks! And yeah, I have been thinking about what will come next in this TL but obviously don't have the time to write it down. October 1989 though is going to be an eventful month I can say that but still trying to figure out exactly how eventful it will be for the Ferraro administration.
Alright folks, last round of Turtledove polls and it's all to play for. If you think this timeline deserves an award (having seen how many of you voted I think you do) then give it a quick vote.
Let's get Geraldine Ferraro on top (and if you don't vote because of Ferraro just vote because of Neil Diamond singing America at the Democratic victory party).
Let's get Geraldine Ferraro on top (and if you don't vote because of Ferraro just vote because of Neil Diamond singing America at the Democratic victory party).
Yes please vote but even if TtV doesn’t win I appreciate everyone’s support for getting it this far. There’s always next year! It has been a great joy to write this TL and I hope I will find the time to continue the story of the Ferraro administration and beyond in the months ahead.
Thanks to everyone who has stuck with this TL and come back to read updates even after having none for months, nice to know that many of you have yet to lose interest. Wouldn’t have gotten this far without your support, keep it up!
Patience my friend, I intend to post another update at some point but gotta get through school first. Not dead though just on hiatus. Gerry will be back in due time.
Highlights: News Reports from the First Eight Months of the Ferraro Administration
Highlights: News Reports from the First Eight Months of the Ferraro Administration
“And there you have it, a powerful inaugural address from America’s 41st President Geraldine Ferraro, the first woman to hold the job. Truly a historic moment in our nation’s history and a stark contrast to President Reagan’s calls for smaller government, individual freedom, and a defense of traditional values. One wonders whether President Ferraro will be able to accomplish all she has set out to do with so many issues to address, but at this point I think we can acknowledge that the next four years – maybe even the next eight – will be very different from the last eight as the Democratic Party once again occupies the White House and has full control of Congress.” - Tom Brokaw, January 20, 1989
“Turning to Washington, gridlock continues between President Ferraro and congressional leaders over legislation to combat the growing savings and loan crisis that has already impacted millions of Americans and roiled the banking sector in the past few years. Many Republicans have criticized her plan, which reverses much of the deregulation of the savings and loan industry that occurred under President Reagan, as being a return to the days of ‘overregulation and government overreach’ that had previously threatened the health of the industry. Despite this criticism, many see it as a welcome measure to address the root causes of the savings and loan crisis including freshman Senator Mike Lowry of Washington who praised Ferraro’s plan as one that would ‘help return stability to the savings and loan industry’ and ‘protect future borrowers from the fraud committed over the past eight years’ in a statement released earlier today.”- Dan Rather, February 17, 1989
“Anonymous leaks from within the Defense Department have painted a picture of discord between President Ferraro and Defense Secretary Sam Nunn over the $100 billion in defense cuts she announced earlier this week. According to these leaks Secretary Nunn pushed for more modest cuts in the range of $50-$60 billion to ensure that the military maintain adequate funding to maintain an edge over the Soviet Union but was ultimately rebuffed by President Ferraro who called for much steeper cuts. Coming amid criticism from Republicans that President Ferraro was weak on defense and especially critical statements from Sen. John McCain who claimed such cuts would ‘severely disrupt the operations of the U.S. military,’ this is certain to make it harder for the President to make the cuts in military spending she wants in an effort to reduce the deficit.” – Bernard Shaw, February 24, 1989
“Earlier today President Ferraro announced a proposal for an updated Equal Pay Act that would increase fines for businesses that continued to pay women less for the same job as men and make it easier for women to pursue lawsuits against businesses with a persistent gender wage gap. Already the proposal has stirred up controversy on Capitol Hill, with House Minority Whip Newt Gingrich calling it an ‘attempt to hamstring business with additional regulations’ over an issue that is ‘being overblown by feminists.’ Meanwhile women’s groups such as NOW have praised President Ferraro for elevating the issue of the gender pay gap to the national stage, believing it is time that women were adequately compensated for the work they do. The President herself has previously said an updated EPA would help boost the incomes of poor and middle-class families with working mothers. It is certain that a contention fight over this issue will play out over the coming weeks as a national debate over equal pay begins.” - Peter Jennings, March 9, 1989
“The issue of violence against women has continued to enter public discussion as President Ferraro held a press conference this afternoon with victims of sexual abuse and rape. Many of them described difficulty in getting family members and officials to believe their stories and, in cases where it went to court, having charges dropped against the perpetrators of rape and abuse. With Congressional debate over the Crime Bill continuing there is hope from women’s groups that a Violence Against Women Act will become a part of the final legislation especially with such public support from the President as well as from many Republicans in the House and Senate.”- Tom Brokaw, March 15, 1989
“Congressional Republicans are attacking President Ferraro for a statement she made criticizing the current version for the Crime Bill as ‘not enough to break the cycle of poverty that contributed to America’s crime problem’ and suggesting the creation of additional programs to help the poorest Americans and prevent them from engaging in crime in the first place. Many Republicans decried the statements, with Sen. Bill Armstrong of Colorado calling it the ‘same old thinking that has failed to uplift inner city communities’ and saying it was necessary to ‘incentivize work and personal responsibility rather than waste more money on failed ideas.’ This could threaten to derail bipartisan support for the bill should such measures be introduced to it in the future, although there are currently no indications that President Ferraro seeks to add anti-poverty measures to the current bill.” – Bernard Shaw, April 12, 1989
“President Ferraro signed the National Voter Registration Act, commonly referred to as the Motor Voter Act, into law in a ceremony at the White House this morning after it passed through both houses of Congress with broad bipartisan support. Coming in the wake of low turnout in the 1988 presidential election, the hope is that making it easier to register to vote by offering the option every time some goes to the DMV to renew their license or when they are first getting it will bring more non-voters into the electorate and boost turnout rates in future elections. Indeed, President Ferraro hailed the legislation as a ‘step forward for democracy’ and expressed optimism that it would lead more people to go to the polls in future elections.” – Peter Jennings, April 18, 1989
“In a statement issued this morning Speaker Wright confirmed that the House of Representatives was no longer considering the updated Equal Pay Act that President Ferraro has been aggressively pushing for since introducing it at the beginning of March. This is a high profile defeat for the new administration as it struggles to push its agenda forward even with Democratic control of Congress, despite a spate of successes with the passage of both motor voter and family leave legislation in the past few months. Molly Yard, President of the National Organization for Women, expressed disappointment at the outcome but vowed that NOW would ‘take the fight for equal pay to state legislatures all across America’ in the face of inaction from Congress.” – Tom Brokaw, May 11, 1989
“In a surprising move, Chinese General Secretary Zhao Ziyang addressed the group of protestors that has been gathered in Tiananmen Square for the past week advocating for reforms to combat corruption within the Chinese government as well as greater democracy within the country. Zhao announced a willingness for the government to address these concerns, a breakthrough for reformists within China who have been working to reduce press restrictions, limits on freedom of speech, and other measures aimed at stifling political freedom since the death of Mao Zedong nearly a decade ago. This has brought cautious optimism from many Western observers who see potential for a further expansion of political liberties in China even as hardliners within the Chinese Communist Party remain opposed to any sort of reform that would threaten the CPC’s hold on power.” – Dan Rather, May 18, 1989
“Speaker Jim Wright unexpectedly announced his resignation from Congress in a press conference this morning, citing a desire to spend more time with his family and concerns that investigations into violations of ethics rules were undermining the ability of the House of Representatives to pass crucial legislation on behalf of the American people. Coming amid ongoing budget negotiations between President Ferraro and leaders of the House and Senate, it is expected to lead to a delay in negotiations until the House chooses a new Speaker, which is expected to take a few weeks, and comes at a bad time for the President as she currently faces the ongoing bribery investigation into her husband that has yet to be concluded.” – Peter Jennings, June 12, 1989
“There are now reports coming out of a large victory for Solidarity in parliamentary elections held in Poland on Sunday, the first elections in the country in over 40 years, as projections are that they will win nearly all of the seats they are contesting in the Sejm as well as nearly all of the seats in the Polish Senate. This is more than election observers expected and a blow to Poland’s ruling communist party which had hoped to bolster its legitimacy with a strong showing in elections. While they are still guaranteed to hold at least 65% of the seats in the Sejm, the winds of change appear to be blowing for Poland’s communist party as it struggles to adapt to a growing desire for democracy within the country.”- Dan Rather, June 14, 1989
“President Ferraro held a rally in Cleveland, Ohio this afternoon as part of her tour across the country meant to drum up support for her deficit reduction package that will effectively raise taxes on the wealthiest Americans as well as corporations while also raising the gas tax, cutting military spending, and preventing the use of additional funds than those appropriated by Congress. It has not proven to be especially popular, however, with a Gallup poll from last month showing that 40% of Americans supported Ferraro’s deficit reduction bill while 45% opposed it. The President has also been heckled by protestors decrying her as ‘Big Government Gerry’ and expressing displeasure at the potential for any sort of tax increase for the middle-class.” - Tom Brokaw, July 10, 1989
“Solidarity leader Lech Wałęsa and President Ferraro met this afternoon during her trip through Poland to discuss the results of parliamentary elections held last month as well as the future of the country as the communists’ grip on power appears to be eroding and hopes abound for a democratic Poland in the near future. The President also gave a speech to a crowd assembled in Warsaw in which she said she was heartened by the results in June’s elections and hoped that they would be signs of a ‘new beginning for the Polish people’ and calling on Poland’s communist leaders to ‘continue to listen to their people’s desire for greater freedom and representation within their government.’ Her photo with Wałęsa following this speech has become widely circulated in newspapers across Europe and the United States and has come to symbolize what may perhaps be the beginning of change within Eastern Europe after four decades of communist rule.” - Bernard Shaw, July 26, 1989
“After months of debate and congressional wrangling by her administration, President Ferraro finally signed the Omnibus Budget Reconciliation Act, also known as the Deficit Reduction Act, into law in a much needed legislative triumph for the President. Having narrowly passed the Senate last week, Democrats hope this bill will help reign in a deficit that has more than doubled in the past decade since the last Democratic president, Jimmy Carter, was in office. However, it remains unpopular with the American people with 44% opposed in the latest poll from Gallup which does not bode well for Democrats hoping to run on deficit reduction in elections next year.” – Tom Brokaw, September 11, 1989
“Turning to Washington, gridlock continues between President Ferraro and congressional leaders over legislation to combat the growing savings and loan crisis that has already impacted millions of Americans and roiled the banking sector in the past few years. Many Republicans have criticized her plan, which reverses much of the deregulation of the savings and loan industry that occurred under President Reagan, as being a return to the days of ‘overregulation and government overreach’ that had previously threatened the health of the industry. Despite this criticism, many see it as a welcome measure to address the root causes of the savings and loan crisis including freshman Senator Mike Lowry of Washington who praised Ferraro’s plan as one that would ‘help return stability to the savings and loan industry’ and ‘protect future borrowers from the fraud committed over the past eight years’ in a statement released earlier today.”- Dan Rather, February 17, 1989
“Anonymous leaks from within the Defense Department have painted a picture of discord between President Ferraro and Defense Secretary Sam Nunn over the $100 billion in defense cuts she announced earlier this week. According to these leaks Secretary Nunn pushed for more modest cuts in the range of $50-$60 billion to ensure that the military maintain adequate funding to maintain an edge over the Soviet Union but was ultimately rebuffed by President Ferraro who called for much steeper cuts. Coming amid criticism from Republicans that President Ferraro was weak on defense and especially critical statements from Sen. John McCain who claimed such cuts would ‘severely disrupt the operations of the U.S. military,’ this is certain to make it harder for the President to make the cuts in military spending she wants in an effort to reduce the deficit.” – Bernard Shaw, February 24, 1989
“Earlier today President Ferraro announced a proposal for an updated Equal Pay Act that would increase fines for businesses that continued to pay women less for the same job as men and make it easier for women to pursue lawsuits against businesses with a persistent gender wage gap. Already the proposal has stirred up controversy on Capitol Hill, with House Minority Whip Newt Gingrich calling it an ‘attempt to hamstring business with additional regulations’ over an issue that is ‘being overblown by feminists.’ Meanwhile women’s groups such as NOW have praised President Ferraro for elevating the issue of the gender pay gap to the national stage, believing it is time that women were adequately compensated for the work they do. The President herself has previously said an updated EPA would help boost the incomes of poor and middle-class families with working mothers. It is certain that a contention fight over this issue will play out over the coming weeks as a national debate over equal pay begins.” - Peter Jennings, March 9, 1989
“The issue of violence against women has continued to enter public discussion as President Ferraro held a press conference this afternoon with victims of sexual abuse and rape. Many of them described difficulty in getting family members and officials to believe their stories and, in cases where it went to court, having charges dropped against the perpetrators of rape and abuse. With Congressional debate over the Crime Bill continuing there is hope from women’s groups that a Violence Against Women Act will become a part of the final legislation especially with such public support from the President as well as from many Republicans in the House and Senate.”- Tom Brokaw, March 15, 1989
“Congressional Republicans are attacking President Ferraro for a statement she made criticizing the current version for the Crime Bill as ‘not enough to break the cycle of poverty that contributed to America’s crime problem’ and suggesting the creation of additional programs to help the poorest Americans and prevent them from engaging in crime in the first place. Many Republicans decried the statements, with Sen. Bill Armstrong of Colorado calling it the ‘same old thinking that has failed to uplift inner city communities’ and saying it was necessary to ‘incentivize work and personal responsibility rather than waste more money on failed ideas.’ This could threaten to derail bipartisan support for the bill should such measures be introduced to it in the future, although there are currently no indications that President Ferraro seeks to add anti-poverty measures to the current bill.” – Bernard Shaw, April 12, 1989
“President Ferraro signed the National Voter Registration Act, commonly referred to as the Motor Voter Act, into law in a ceremony at the White House this morning after it passed through both houses of Congress with broad bipartisan support. Coming in the wake of low turnout in the 1988 presidential election, the hope is that making it easier to register to vote by offering the option every time some goes to the DMV to renew their license or when they are first getting it will bring more non-voters into the electorate and boost turnout rates in future elections. Indeed, President Ferraro hailed the legislation as a ‘step forward for democracy’ and expressed optimism that it would lead more people to go to the polls in future elections.” – Peter Jennings, April 18, 1989
“In a statement issued this morning Speaker Wright confirmed that the House of Representatives was no longer considering the updated Equal Pay Act that President Ferraro has been aggressively pushing for since introducing it at the beginning of March. This is a high profile defeat for the new administration as it struggles to push its agenda forward even with Democratic control of Congress, despite a spate of successes with the passage of both motor voter and family leave legislation in the past few months. Molly Yard, President of the National Organization for Women, expressed disappointment at the outcome but vowed that NOW would ‘take the fight for equal pay to state legislatures all across America’ in the face of inaction from Congress.” – Tom Brokaw, May 11, 1989
“In a surprising move, Chinese General Secretary Zhao Ziyang addressed the group of protestors that has been gathered in Tiananmen Square for the past week advocating for reforms to combat corruption within the Chinese government as well as greater democracy within the country. Zhao announced a willingness for the government to address these concerns, a breakthrough for reformists within China who have been working to reduce press restrictions, limits on freedom of speech, and other measures aimed at stifling political freedom since the death of Mao Zedong nearly a decade ago. This has brought cautious optimism from many Western observers who see potential for a further expansion of political liberties in China even as hardliners within the Chinese Communist Party remain opposed to any sort of reform that would threaten the CPC’s hold on power.” – Dan Rather, May 18, 1989
“Speaker Jim Wright unexpectedly announced his resignation from Congress in a press conference this morning, citing a desire to spend more time with his family and concerns that investigations into violations of ethics rules were undermining the ability of the House of Representatives to pass crucial legislation on behalf of the American people. Coming amid ongoing budget negotiations between President Ferraro and leaders of the House and Senate, it is expected to lead to a delay in negotiations until the House chooses a new Speaker, which is expected to take a few weeks, and comes at a bad time for the President as she currently faces the ongoing bribery investigation into her husband that has yet to be concluded.” – Peter Jennings, June 12, 1989
“There are now reports coming out of a large victory for Solidarity in parliamentary elections held in Poland on Sunday, the first elections in the country in over 40 years, as projections are that they will win nearly all of the seats they are contesting in the Sejm as well as nearly all of the seats in the Polish Senate. This is more than election observers expected and a blow to Poland’s ruling communist party which had hoped to bolster its legitimacy with a strong showing in elections. While they are still guaranteed to hold at least 65% of the seats in the Sejm, the winds of change appear to be blowing for Poland’s communist party as it struggles to adapt to a growing desire for democracy within the country.”- Dan Rather, June 14, 1989
“President Ferraro held a rally in Cleveland, Ohio this afternoon as part of her tour across the country meant to drum up support for her deficit reduction package that will effectively raise taxes on the wealthiest Americans as well as corporations while also raising the gas tax, cutting military spending, and preventing the use of additional funds than those appropriated by Congress. It has not proven to be especially popular, however, with a Gallup poll from last month showing that 40% of Americans supported Ferraro’s deficit reduction bill while 45% opposed it. The President has also been heckled by protestors decrying her as ‘Big Government Gerry’ and expressing displeasure at the potential for any sort of tax increase for the middle-class.” - Tom Brokaw, July 10, 1989
“Solidarity leader Lech Wałęsa and President Ferraro met this afternoon during her trip through Poland to discuss the results of parliamentary elections held last month as well as the future of the country as the communists’ grip on power appears to be eroding and hopes abound for a democratic Poland in the near future. The President also gave a speech to a crowd assembled in Warsaw in which she said she was heartened by the results in June’s elections and hoped that they would be signs of a ‘new beginning for the Polish people’ and calling on Poland’s communist leaders to ‘continue to listen to their people’s desire for greater freedom and representation within their government.’ Her photo with Wałęsa following this speech has become widely circulated in newspapers across Europe and the United States and has come to symbolize what may perhaps be the beginning of change within Eastern Europe after four decades of communist rule.” - Bernard Shaw, July 26, 1989
“After months of debate and congressional wrangling by her administration, President Ferraro finally signed the Omnibus Budget Reconciliation Act, also known as the Deficit Reduction Act, into law in a much needed legislative triumph for the President. Having narrowly passed the Senate last week, Democrats hope this bill will help reign in a deficit that has more than doubled in the past decade since the last Democratic president, Jimmy Carter, was in office. However, it remains unpopular with the American people with 44% opposed in the latest poll from Gallup which does not bode well for Democrats hoping to run on deficit reduction in elections next year.” – Tom Brokaw, September 11, 1989
Chapter 19: October Surprises
Chapter 19: October Surprises
“I would refer you to the comments made by Vice President Glenn yesterday which I think speak for themselves. I will not comment further on the allegations regarding the Vice President or, for that matter, the Senators who have been claimed to have influenced regulators on behalf Charles Keating and the companies he owns. This is a matter for the Senate and the Justice Department to investigate and while the allegations are deeply concerning we must not rush to judgment. Their investigations will uncover the truth and we can move forward once they have concluded.” – President Geraldine Ferraro, October 10, 1989
“I would refer you to the comments made by Vice President Glenn yesterday which I think speak for themselves. I will not comment further on the allegations regarding the Vice President or, for that matter, the Senators who have been claimed to have influenced regulators on behalf Charles Keating and the companies he owns. This is a matter for the Senate and the Justice Department to investigate and while the allegations are deeply concerning we must not rush to judgment. Their investigations will uncover the truth and we can move forward once they have concluded.” – President Geraldine Ferraro, October 10, 1989
Every presidency has moments that define them, from scandals and crises to legislative triumphs and diplomatic breakthroughs. There was Kennedy and the Cuban Missile Crisis, Johnson and the passage of the Civil Rights Act of 1964, Carter and the Iran Hostage crisis, and Reagan and the Iran-Contra affair to name a few from the second half of the 20th century. For President Ferraro three of those moments happened in the month of October 1989 when one scandal would end only to be replaced by another that would test her promise of running an honest and transparent administration. At the same time the first major international crisis of the Ferraro administration would occur, one that would have repercussions for many years to come and prove to be a headache for Ferraro and Democrats alike as its wider impact was felt. Any discussion of the Ferraro presidency would not be complete without mentioning the events of this month and the impact they would have on the course of the next three years and beyond.
It began with a filing of Chapter 11 bankruptcy on July 13, 1989 by the Phoenix-based real estate company American Continental Corporation (ACC), owned by Charles Keating, after mounting losses over the course of 1988 and the first six months of 1989. The next day its subsidiary, Lincoln Savings and Loan Association, which accounted for 90% of ACC’s assets would be seized by the Federal Home Loan Bank Board (FHLBB). While initially this seemed to be just another case of a real estate failure brought about by unscrupulous, risky practices that defined the savings and loan crisis it would soon catch the eye of the national news media after former FHLBB chair Edwin Gray came out publicly on August 6 regarding a series of meetings in April 1987 involving federal regulators and five senators. In an article in the Dayton Daily News he stated that Senators Donald Riegle (D-MI), Dennis DeConcini (D-AZ), Alan Cranston (D-CA) and John McCain (R-AZ) as well as Vice President John Glenn (who was then the Senior Senator from Ohio) had attempted to shield Keating from regulatory action by the FHLBB. This sparked further investigation by national and local newspapers alike over the course of the next two months which, by the beginning of October, had become a media frenzy.
As details of the Keating Five scandal, as it became known, began to consume media attention in the first few days of October questions were raised about whether Ferraro had been aware of John Glenn’s involvement when she selected him to be her running mate in July 1988 and exactly how deep his involvement and those of the four sitting Senators went with Charles Keating. On October 4 the Washington Post reported that the Justice Department and the FBI were expanding their current investigations into Keating to include several of the Senators believed to be most involved with Keating: DeConcini, Riegle, and Cranston. Two days later the Senate Ethics Committee chaired by Senator Howell Heflin (D-AL) announced it would be conducting its own investigation into the conduct of DeConcini, Riegle, Cranston, and McCain regarding the meetings with Keating and federal regulators and any actions they may have taken afterward. As pressure mounted on a response by the White House to the growing scandal Ferraro and her close advisors including Chief of Staff Anne Wexler, in coordination with the staff of Vice President Glenn, decided that it would be best for the Vice President to hold a press conference to respond to the growing controversy and defend his own conduct. That press conference, which took place on October 8, saw Vice President Glenn express regret for having attended those meetings but defending his own character saying that he “never intended to intimidate federal regulators into ending their inquiries into Lincoln Savings and Loan Association” but that he was “ensuring the fair treatment of a constituent.” The response was mixed, with many questions remaining as to the extent of John Glenn’s involvement and whether he would be included in the ongoing investigations into Charles Keating as well. Ferraro’s approval rating dipped to 44% in the second week of October as the scandal took its toll on her administration despite efforts to push back against it.
Republicans in Congress were especially aggressive in calling for an investigation into VP Glenn, hoping to spin the Ferraro administration as being corrupt and ethically challenged and questioning President Ferraro’s commitment to rooting out corruption in Washington when her own Vice President appeared to be part of the problem. However, they didn’t hold the power to investigate the Vice President with Democrats in the Senate hoping to keep their inquiry focused solely on the sitting Senators involved in the scandal. Despite this, the media continued to reveal details about the connections between Charles Keating and the members of the Keating Five with a torrent of stories over the first half of October noting the various donations from Keating to the re-election campaigns of four of the five members of the Keating Five as well as to PACs they were associated with. Public anger was palpable as many of the California residents who had been tricked by Charles Keating into accepting risky bonds that proved to be worthless as well as having their life savings wiped out, many of whom were elderly retirees, were plastered on television screens across the country as the human impact of the savings and loan crisis became clear. As a result, a planned vote on the Financial Restructuring and Reform Act on October 11 was scrapped as pressure mounted for a more aggressive response by the federal government to the savings and loan crisis.
Proposals that had previously been pushed by President Ferraro but had been scrapped under pressure from conservatives and the savings and loan lobby were suddenly back on the table including the separation of savings and loan and commercial banking activities and a restructuring of the federal deposit insurance system. However, opposition remained among conservatives in both parties to a large restructuring of America’s banking system. Nevertheless, in an effort to save face and demonstrate that Congress was serious about dealing with the savings and loan crisis a revised version of the FRRA was drafted in mid-October which reversed some of the deregulation of the savings and loan industry which had occurred in the early 1980s (although many loopholes remained that would be exploited in the coming years) and included more aggressive efforts to compensate those whose had been negatively impacted by the bankruptcy of numerous savings and loan associations. This would end up coming to a vote on the floor of the House by the end of October and, after much deliberation, would be passed by the Senate and sent to Ferraro’s desk by the end of November. Even with the passage of the FRRA the Keating Five scandal itself did not leave media attention as more details emerged over the coming weeks and months as investigations into the matter progressed.
As one scandal continued to capture public attention another one came to an end to much relief for President Ferraro and her family. On October 16, after nearly one year of investigation, John Zaccaro was cleared of charges of bribery in the construction of a housing complex in Queens in 1983 by the grand jury that had been investigating the case. Nevertheless, the proceedings had revealed poor judgement on his part as attested by various witnesses and reinforced perceptions that Zaccaro did not go by-the-books in his business dealings and was associated with shady figures involved with organized crime syndicates in Queens. In a statement that day Ferraro expressed that she was “grateful that the outcome confirmed the honorable character of [her] husband” and that her family “was ready to move on from the trouble of the past year.” Her opponents were not so keen to let this controversy pass, in part because the investigation had cast doubt on her husband’s integrity as a businessman as well as the fact that her administration was in the throes of a corruption scandal that contradicted Ferraro’s attempt to portray a façade of transparency and ethical behavior in contrast to her predecessor. Senate Minority Leader Bob Dole expressed concern over the conduct of John Zaccaro, saying that President Ferraro “should acknowledge her husband’s questionable business practices” and that it was possible that this could be “just the tip of the iceberg of what [John Zaccaro] may have done.” House Minority Leader Bob Michel made only a short statement on the matter which said that he was “concerned by the details that the investigation had revealed about the First Gentleman” but did not go as far as Dole in questioning whether Zaccaro had more skeletons in his closet that had yet to be revealed. The most aggressive response came from House Minority Whip Newt Gingrich who seriously questioned the outcome of the grand jury investigation into John Zaccaro and in a press conference stated that it was the “duty of the House of Representatives to investigate whether President Ferraro was aware of the activities of her husband” and if he committed “any criminal acts that she was complicit in.”
While the end of John Zaccaro’s bribery investigation brought a welcome relief for President Ferraro, that would soon be complicated in the following days by the sudden and unexpected invasion of Kuwait by Iraqi troops in the early morning hours of October 23. Kuwait City would fall by noon as Kuwaiti Emir Sheik Jaber III al-Ahmad al-Jaber al-Sabah and his family fled through the desert to seek refuge in Saudi Arabia from the Iraqi assault. Within 48 hours the Iraqi Republican Guard had control of most of Kuwait with the last remaining units of the Kuwait Armed Forces fleeing over the border to Saudi Arabia where much of the Kuwaiti Air Force had already been moved to. Such rapid developments caught President Ferraro and the rest of the international community off guard although warning signs had been building for months that tensions between Iraq and Kuwait were mounting.
Following the conclusion of the Iran-Iraq War in 1988 the Iraqi government was saddled with $60 billion in debt, owing nearly $14 billion of that total to Kuwait alone which it had borrowed over the course of the war. Despite pleas for forgiveness from Iraq the Kuwaiti government remained firm in its commitment to debt repayment. Even a series of meetings over the course of July and early August 1989 between representatives of the Kuwaiti and Iraqi governments failed to reach a settlement on the issue. Instead, Iraqi foreign minister Tariq Aziz alleged that Kuwait had been slant-drilling across its border into the Rumaila oil field and demanded compensation for the oil he claimed had been “stolen” by Kuwait. The Kuwaiti government swiftly denied these accusations as an attempt to justify military action against the country with several firms working in the Rumaila field also dismissing the veracity of Iraq’s claims. Saddam Hussein had already been angered by Kuwaiti oil production considerably exceeding its OPEC quota which, amid an oil glut since 1986 that had reduced the price of oil from $27 a barrel to $10 a barrel, prevented Iraq’s war-torn economy from recovering to pre-war levels. In addition the Kuwaiti government had in fact petitioned OPEC earlier in the year to increase its quota which would further reduce oil prices and harm Iraq’s economy. Seeing the refusal by Kuwait to reduce oil production as an act of aggression and growing increasingly dissatisfied with indecision on the part of other OPEC members to reduce production quotas, Saddam began a military build-up on the border with Kuwait by the end of September 1989 that resulted in the stationing of nearly 90,000 troops there by the middle of October. While the CIA confirmed this troop build-up, which prompted action from Defense Secretary Nunn to move cruisers into the Persian Gulf as a precaution, neither the State nor Defense Departments believed that Iraq was preparing to invade Kuwait and was simply putting pressure on the Kuwaiti government to agree to debt forgiveness and a reduction in oil production.
Iraq’s invasion of Kuwait received widespread international condemnation even from its traditional allies such as France and India, with the American and the Kuwaiti delegations to the UN requesting an emergency meeting of the UN Security Council hours after the invasion had started which lead to the passage of a resolution condemning the invasion and calling for the immediate withdrawal of all Iraqi forces from Kuwaiti territory. The following day the Arab League also passed a resolution calling for internal negotiations to end the conflict within the league but warned against intervention by outside powers. On October 27 the UN passed a resolution placing economic sanctions on Iraq as both China and the Soviet Union placed their own arms embargoes on the country. This was followed shortly afterward with another resolution authorizing a naval blockade as a means of enforcing the sanctions, with the Ferraro administration praising these steps as a “necessary diplomatic response to the violation of Kuwait’s sovereignty” and expressing hope that the pressure would force Saddam to the negotiating table and allow for a “swift and peaceful resolution of the conflict.” Within the administration, however, there was doubt that Saddam would simply withdraw from Kuwait and resignation to the idea that Kuwait’s occupation and de facto annexation by Iraq would end up having to be accepted by the international community because of division over whether to engage in a direct military intervention to dislodge Iraqi troops from Kuwait or continue to pursue diplomatic means to pressure Iraq to withdraw. As October came to a close President Ferraro was still deliberating on any further course of action to take in response to the invasion as pressure mounted from both within the United States and from international partners to take decisive action in the face of Iraqi aggression.
The economic repercussions of the Invasion of Kuwait, however, would not be fully realized until months later. In its immediate aftermath the price of oil rose from $18 per barrel to $24 per barrel but, by January 1990, the price rose to an average of $38 per barrel as concerns over the loss of oil supplies from Kuwait and threats to Saudi Arabian oil production rippled through the market. Market indicators would turn negative in November 1989 as forecasts for GDP growth in the fourth quarter of 1989 and the first quarter of 1990 were revised downward although most forecasters predicted very weak but positive growth. Consumer confidence fell by nearly 1% over the final months of 1989 amid concerns over weakening economic growth, increasing inflation, and a potential war in the Persian Gulf. As the new year began it was clear that the United States was entering a recession as the unemployment rate ticked up from 5.4% in October 1989 to 6.1% in January 1990 and economic data showed that the US economy had contracted in the fourth quarter of 1989. This was confirmed in April 1990 when the Bureau of Economic Analysis (BEA) released its latest economic report showing a further contraction of the US economy in the first quarter of 1990 and it was officially declared that the US economy was now in a recession. For President Ferraro the Invasion of Kuwait would turn out to be a curse on her presidency even as it took away news coverage from the Keating Five scandal and the difficulties of her first nine months in office. As an untested leader and a woman whom many doubted was strong and experienced enough to deal with an international crisis of this magnitude, Geraldine Ferraro would have much to prove in the coming months as one of the most difficult and important sagas of her presidency unfolded before the American people and the entire world.
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