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139-513: Construction on Panorama Tower was put on hold during the 2007-2009 Great Recession . The project was revived in 2012 when owner Tibor Hollo hired Moshe Cosicher, AIA Architect, to redesign the project. In 2013, the project was revised; the 868-foot (265 m) tower includes residential, hotel, retail, and office space. Panorama Tower overtook the Four Seasons Hotel Miami as tallest when it topped out in late 2017. The project

278-404: A TD Bank . In 2012, Hollo began developing plans for the project, and the name "Panorama Tower" was introduced. The height remained the same at 849 feet (259 m), but the number of units was quoted at 724. Hollo revised the plans in 2013. The FAA required the height of the structure to be lowered to 822 feet (251 m). In 2013 and 2014, respectively, the developers were working to ensure

417-473: A Caliph) on their way to Guerrero, Mexico where they played a future role in the wars of independence . Sebastián Vizcaíno explored and mapped the coast of California in 1602 for New Spain , putting ashore in Monterey . Despite the on-the-ground explorations of California in the 16th century, Rodríguez's idea of California as an island persisted. Such depictions appeared on many European maps well into

556-459: A Spanish navigator." The name most likely derived from the mythical island of California in the fictional story of Queen Calafia , as recorded in a 1510 work The Adventures of Esplandián by Garci Rodríguez de Montalvo . Queen Calafia's kingdom was said to be a remote land rich in gold and pearls, inhabited by beautiful Black women who wore gold armor and lived like Amazons , as well as griffins and other strange beasts. Abbreviations of

695-598: A commodity until the 1849 California Gold Rush . From the 1820s, trappers and settlers from the United States and Canada began to arrive in Northern California. These new arrivals used the Siskiyou Trail , California Trail , Oregon Trail and Old Spanish Trail to cross the rugged mountains and harsh deserts in and surrounding California. The early government of the newly independent Mexico

834-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as

973-576: A free state, the "loitering or orphaned Indians", were de facto enslaved by their new Anglo-American masters under the 1850 Act for the Government and Protection of Indians . One of these de facto slave auctions was approved by the Los Angeles City Council and occurred for nearly twenty years. There were many massacres in which hundreds of indigenous people were killed by settlers for their land. Between 1850 and 1860,

1112-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than

1251-624: A modest home which in the 1960s cost $ 25,000 would cost half a million dollars or more in urban areas by 2005. More people commuted longer hours to afford a home in more rural areas while earning larger salaries in the urban areas. Speculators bought houses, expecting to make a huge profit in months, then rolling it over by buying more properties. Mortgage companies were compliant, as people assumed prices would keep rising. The bubble burst in 2007–8 as prices began to crash. Hundreds of billions in property values vanished and foreclosures soared, as financial institutions and investors were badly hurt. In

1390-469: A part of Mexico. In 1846, the total settler population of the western part of the old Alta California had been estimated to be no more than 8,000, plus about 100,000 Native Americans, down from about 300,000 before Hispanic settlement in 1769. In 1848, only one week before the official American annexation of the area, gold was discovered in California, this being an event which was to forever alter both

1529-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating

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1668-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that

1807-748: A short break in 1862 when legislative sessions were held in San Francisco due to flooding in Sacramento . Once the state's Constitutional Convention had finalized its state constitution, it applied to the U.S. Congress for admission to statehood . On September 9, 1850, as part of the Compromise of 1850 , California became a free state and September   9 a state holiday . During the American Civil War (1861–1865), California sent gold shipments eastward to Washington in support of

1946-589: A slight height increase to the current 868 feet (265 m) was sought by the developers and approved by the FAA. Interior design concept was provided by Zyscovich Architecture . Site preparation began in late 2013 with the clearing of the site and demolition of an existing parking garage , with foundation work by HJ Foundation, part of the Keller Group beginning in June 2014, when California -based Tutor Perini

2085-612: A state Constitutional Convention was first held in Monterey. Among the first tasks of the convention was a decision on a location for the new state capital. The first full legislative sessions were held in San Jose (1850–1851). Subsequent locations included Vallejo (1852–1853), and nearby Benicia (1853–1854); these locations eventually proved to be inadequate as well. The capital has been located in Sacramento since 1854 with only

2224-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3

2363-478: A weekend in late March 2015 and was one of the largest continuous pours in Florida history. The project received a US$ 340 million construction loan from Wells Fargo in 2015, with construction well underway. By October 2015, construction was up to the top of the 19-story pedestal. In January 2016, the building received a temporary certificate of occupancy (TCO) for the lower 11 floors of the parking garage. Users of

2502-621: Is Sacramento . The state's diverse geography ranges from the Pacific Coast and metropolitan areas in the west to the Sierra Nevada mountains in the east, and from the redwood and Douglas fir forests in the northwest to the Mojave Desert in the southeast. Two-thirds of the nation's earthquake risk lies in California. The Central Valley , a fertile agricultural area, dominates the state's center. The large size of

2641-787: Is a state in the Western United States , lying on the American Pacific Coast . It borders Oregon to the north, Nevada and Arizona to the east, and shares an international border with the Mexican state of Baja California to the south. With nearly 39   million residents across an area of 163,696 square miles (423,970 km ), it is the most populous U.S. state, the third-largest by area, and most populated subnational entity in North America . Prior to European colonization , California

2780-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges

2919-481: Is expected to open in the third quarter of 2017, with the building to open by the end of the year. In 2014, the building became the first development in the city of Miami to be accepted into the EB-5 visa program. When the application was submitted in late 2012, it was stated that this immigrant investment system could fund about 15% to 20% of the project. However, later estimates were placed lower despite high demand that

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3058-581: Is the first development in the City of Miami to be funded in part by EB-5 visas . While the entire site was technically addressed 1101 Brickell Avenue , the building is actually located on the back of the lot, behind two existing office buildings, at 1100 Brickell Bay Drive. It is about two blocks from the Tenth Street Metromover station. Kobi Karp provided design plans for a tower at 1101 Brickell Avenue by developer Leviev Boymelgreen. It

3197-526: Is the home of Hollywood , the oldest and one of the largest film industries in the world, profoundly influencing global entertainment. The San Francisco Bay and the Greater Los Angeles areas are seen as the centers of the global technology and U.S. film industries, respectively. The Spaniards gave the name Las Californias to the peninsula of Baja California (in modern-day Mexico). As Spanish explorers and settlers moved north and inland,

3336-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for

3475-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD

3614-504: The Battle of Providencia near Los Angeles, he convinced each side that they had no reason to be fighting each other. As a result of Marsh's actions, they abandoned the fight, Micheltorena was defeated, and California-born Pio Pico was returned to the governorship. This paved the way to California's ultimate acquisition by the United States. In 1846, a group of American settlers in and around Sonoma rebelled against Mexican rule during

3753-652: The Bear Flag Revolt . Afterward, rebels raised the Bear Flag (featuring a bear, a star, a red stripe and the words "California Republic") at Sonoma. The Republic's only president was William B. Ide , who played a pivotal role during the Bear Flag Revolt. This revolt by American settlers served as a prelude to the later American military invasion of California and was closely coordinated with nearby American military commanders. The California Republic

3892-715: The California Master Plan for Higher Education in 1960 to develop an efficient system of public education. Meanwhile, attracted to the mild Mediterranean climate, cheap land, and the state's variety of geography, filmmakers established the studio system in Hollywood in the 1920s. California manufactured 9% of US armaments produced during World War II , ranking third behind New York and Michigan . California easily ranked first in production of military ships at drydock facilities in San Diego, Los Angeles, and

4031-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass

4170-566: The Graham Affair , which was resolved in part with the intercession of Royal Navy officials. One of the largest ranchers in California was John Marsh . After failing to obtain justice against squatters on his land from the Mexican courts, he determined that California should become part of the United States. Marsh conducted a letter-writing campaign espousing the California climate, the soil, and other reasons to settle there, as well as

4309-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for

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4448-553: The Indigenous people of California had not yet developed a natural immunity. Under its new American administration, California's first governor Peter Hardeman Burnett instituted policies that have been described as a state-sanctioned policy of elimination of California's indigenous people. Burnett announced in 1851 in his Second Annual Message to the Legislature: "That a war of extermination will continue to be waged between

4587-616: The Presidio of San Diego , the first religious and military settlements founded by the Spanish in California. By the end of the expedition in 1770, they would establish the Presidio of Monterey and Mission San Carlos Borromeo de Carmelo on Monterey Bay. After the Portolà expedition, Spanish missionaries led by Father-President Serra set out to establish 21 Spanish missions of California along El Camino Real ("The Royal Road") and along

4726-750: The Renaissance Center in Detroit and Westin Peachtree Plaza Hotel in Atlanta , both hotels, it would be the only building over 700 feet (210 m) to stick to a total floor-to-floor height of no more than 10 feet (3.0 m). Hotels, parking garages, and condos generally have much less floor-to-floor height than high-rise office towers. However, very few towers of any kind over 50 floors keep to an overall height under 10 feet (3.0 m) per floor, due to increased ceiling heights or

4865-774: The Route 66 . From 1900 to 1965, the population grew from fewer than one million to the greatest in the Union. In 1940, the Census Bureau reported California's population as 6% Hispanic, 2.4% Asian, and 90% non-Hispanic white. To meet the population's needs, engineering feats like the California and Los Angeles Aqueducts ; the Oroville and Shasta Dams ; and the Bay and Golden Gate Bridges were built. The state government adopted

5004-527: The Treaty of Guadalupe Hidalgo (February 2, 1848) that ended the war, the westernmost portion of the annexed Mexican territory of Alta California soon became the American state of California, and the remainder of the old territory was then subdivided into the new American Territories of Arizona, Nevada, Colorado and Utah . The even more lightly populated and arid lower region of old Baja California remained as

5143-673: The coast of California were the members of a Spanish maritime expedition led by Portuguese captain Juan Rodríguez Cabrillo in 1542. Cabrillo was commissioned by Antonio de Mendoza , the Viceroy of New Spain , to lead an expedition up the Pacific coast in search of trade opportunities; they entered San Diego Bay on September 28, 1542, and reached at least as far north as San Miguel Island . Privateer and explorer Francis Drake explored and claimed an undefined portion of

5282-547: The recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of

5421-533: The 13 story pedestal which would also include about 1500 parking spaces. Moshe Cosicher is the architect of record for the project and Fons Inc. was retained to work alongside for the production and construction administration of the project. In 2014, the parking pedestal, now shown as 19 stories and quoted to have 2,000 parking spaces, was reported to include 100,000 square feet (9,300 m) of medical office space and about 50,000 square feet (4,600 m) of retail space. The number of hotel rooms decreased to 208, and

5560-513: The 18th century. The Portolá expedition of 1769–70 was a pivotal event in the Spanish colonization of California, resulting in the establishment of numerous missions, presidios , and pueblos . The military and civil contingent of the expedition was led by Gaspar de Portolá , who traveled over land from Sonora into California, while the religious component was headed by Junípero Serra , who came by sea from Baja California . In 1769, Portolá and Serra established Mission San Diego de Alcalá and

5699-491: The 1992 Rodney King riots. California was the hub of the Black Panther Party , known for arming African Americans to defend against racial injustice. Mexican, Filipino, and other migrant farm workers rallied in the state around Cesar Chavez for better pay in the 1960s and 70s. During the 20th century, two great disasters happened: the 1906 San Francisco earthquake and 1928 St. Francis Dam flood remain

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5838-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing

5977-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without

6116-403: The 21st century, droughts and frequent wildfires attributed to climate change have occurred. From 2011 to 2017, a persistent drought was the worst in its recorded history. The 2018 wildfire season was the state's deadliest and most destructive. One of the first confirmed COVID-19 cases in the United States occurred in California on January 26, 2020. A state of emergency was declared in

6255-522: The California coast in 1579, landing north of the future city of San Francisco . The first Asians to set foot on what would be the United States occurred in 1587, when Filipino sailors arrived in Spanish ships at Morro Bay . Coincidentally the descendants of the Muslim Caliph Hasan ibn Ali in formerly Islamic Manila and had converted, then mixed Christianity with Islam, upon Spanish conquest, transited through California (Named after

6394-526: The California coast, 16 sites of which having been chosen during the Portolá expedition. Numerous major cities in California grew out of missions, including San Francisco ( Mission San Francisco de Asís ), San Diego ( Mission San Diego de Alcalá ), Ventura ( Mission San Buenaventura ), or Santa Barbara ( Mission Santa Barbara ), among others. Juan Bautista de Anza led a similarly important expedition throughout California in 1775–76, which would extend deeper into

6533-534: The California government in 2022. These groups were also diverse in their political organization, with bands, tribes, villages, and, on the resource-rich coasts, large chiefdoms , such as the Chumash , Pomo and Salinan . Trade, intermarriage, craft specialists, and military alliances fostered social and economic relationships between many groups. Although nations would sometimes war, most armed conflicts were between groups of men for vengeance . Acquiring territory

6672-443: The California state government paid around 1.5   million dollars (some 250,000 of which was reimbursed by the federal government) to hire militias with the stated purpose of protecting settlers, however these militias perpetrated numerous massacres of indigenous people. Indigenous people were also forcibly moved to reservations and rancherias, which were often small and isolated and without enough natural resources or funding from

6811-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans

6950-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by

7089-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money

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7228-639: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to

7367-408: The Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession

7506-624: The San Francisco Bay Area. Due to the hiring opportunities California offered during the conflict, the population multiplied from the immigration it received due to the work in its war factories, military bases, and training facilities. After World War II, California's economy expanded due to strong aerospace and defense industries, whose size decreased following the end of the Cold War . Stanford University began encouraging faculty and graduates to stay instead of leaving

7645-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in

7784-562: The Treasury. The Treasury had earned another $ 323B in interest on bailout loans, resulting in an $ 87B profit. Economic and political commentators have argued the Great Recession was also an important factor in the rise of populist sentiment that resulted in the election of right-wing populist President Trump in 2016, and left-wing populist Bernie Sanders ' candidacy for the Democratic nomination. California California

7923-497: The U.S. Army. In the 20th century, thousands of Japanese people migrated to California. The state in 1913 passed the Alien Land Act , excluding Asian immigrants from owning land. During World War II, Japanese Americans in California were interned in concentration camps; in 2020, California apologized. Migration to California accelerated during the early 20th century with the completion of transcontinental highways like

8062-552: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to

8201-454: The Union . However, due to the existence of a large contingent of pro-South sympathizers within the state, the state was not able to muster any full military regiments to send eastwards to officially serve in the Union war effort. Still, several smaller military units within the Union army, such as the "California 100 Company" , were unofficially associated with the state of California due to a majority of their members being from California. At

8340-552: The United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in

8479-483: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of

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8618-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met

8757-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to

8896-469: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared

9035-454: The best land in the state, were secularized by 1834 and became the property of the Mexican government. The governor granted many square leagues of land to others with political influence. These huge ranchos or cattle ranches emerged as the dominant institutions of Mexican California. The ranchos developed under ownership by Californios (Hispanics native of California) who traded cowhides and tallow with Boston merchants. Beef did not become

9174-464: The best route to follow, which became known as "Marsh's route". His letters were read, reread, passed around, and printed in newspapers throughout the country, and started the first wagon trains rolling to California. After ushering in the period of organized emigration to California, Marsh became involved in a military battle between the much-hated Mexican general, Manuel Micheltorena and the California governor he had replaced, Juan Bautista Alvarado. At

9313-401: The building height would not be greatly reduced under the FAA's "emergency airspace" or "one-engine inoperative" policies which were proposed at that time. At this point, the building was designed to include 821 residential units and 250 hotel units, as well as approximately 83,000 sq ft (7,700 m) of retail and approximately 39,000 sq ft (3,600 m) of office space in

9452-551: The conquest include the Battle of San Pasqual and the Battle of Dominguez Rancho in Southern California, as well as the Battle of Olómpali and the Battle of Santa Clara in Northern California. After a series of defensive battles in the south, the Treaty of Cahuenga was signed by the Californios on January 13, 1847, securing a censure and establishing de facto American control in California. Following

9591-483: The crash of the United States housing bubble . The site of the project was purchased by veteran Miami developer Tibor Hollo of Florida East Coast Realty in 2009; the U.S. $ 33-million purchase price included the three-acre site and existing office buildings, built in 1964 and 1985. The office buildings had very low occupancy at this time, around 30% in 2010. The building was renovated and by the end of 2012 occupancy

9730-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around

9869-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as

10008-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on

10147-535: The deadliest in U.S. history. Although air pollution has been reduced, health problems associated with pollution continue. Brown haze known as " smog " has been substantially abated after federal and state restrictions on automobile exhaust. An energy crisis in 2001 led to rolling blackouts , soaring power rates, and the importation of electricity from neighboring states. Southern California Edison and Pacific Gas and Electric Company came under heavy criticism. Housing prices in urban areas continued to increase;

10286-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and

10425-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of

10564-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of

10703-432: The existing buildings had been using off-site parking in the interim. Over 1 million square feet (93,000 m) of the project was structurally completed, and the building was still on schedule for completion in late 2017. During the first half of 2016 a height increase to 868 feet (265 m) was approved; this may affect the floor count, which was at least 81 actual floors at the 822-foot (251 m) level. Other than

10842-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in

10981-457: The flag was revealed to be Hyatt full service brand Hyatt Centric. The hotel would be located within 17 floors lining the east face of the pedestal. The building would be the largest building in Miami, with gross floor area quoted between 2.6 million square feet (240,000 m) and 3 million square feet (278,709 m), the latter number including the existing office building. In 2016,

11120-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to

11259-626: The government to adequately sustain the populations living on them. As a result, settler colonialism was a calamity for indigenous people. Several scholars and Native American activists, including Benjamin Madley and Ed Castillo , have described the actions of the California government as a genocide , as well as the 40th governor of California Gavin Newsom . Benjamin Madley estimates that from 1846 to 1873, between 9,492 and 16,092 indigenous people were killed, including between 1,680 and 3,741 killed by

11398-411: The highest output of any U.S. state, and is led by its dairy , almonds , and grapes . With the busiest port in the country ( Los Angeles ), California plays a pivotal role in the global supply chain, hauling in about 40% of goods imported to the US. Notable contributions to popular culture , ranging from entertainment , sports , music , and fashion , have their origins in California. California

11537-410: The indigenous peoples developed complex forms of ecosystem management, including forest gardening to ensure the regular availability of food and medicinal plants . This was a form of sustainable agriculture . To mitigate destructive large wildfires from ravaging the natural environment, indigenous peoples developed a practice of controlled burning . This practice was recognized for its benefits by

11676-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis

11815-572: The interior and north of California. The Anza expedition selected numerous sites for missions, presidios, and pueblos, which subsequently would be established by settlers. Gabriel Moraga , a member of the expedition, would also christen many of California's prominent rivers with their names in 1775–1776, such as the Sacramento River and the San Joaquin River . After the expedition, Gabriel's son, José Joaquín Moraga , would found

11954-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of

12093-531: The largest dam removal and river restoration project in US history was announced for the Klamath River , as a win for California tribes. Covering an area of 163,696 sq mi (423,970 km ), California is the third-largest state in the United States in area, after Alaska and Texas . California is one of the most geographically diverse states in the union and is often geographically bisected into two regions, Southern California , comprising

12232-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via

12371-590: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about

12510-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of

12649-844: The middle of the state lies the California Central Valley , bounded by the Sierra Nevada in the east, the coastal mountain ranges in the west, the Cascade Range to the north and by the Tehachapi Mountains in the south. The Central Valley is California's productive agricultural heartland. Divided in two by the Sacramento-San Joaquin River Delta , the northern portion, the Sacramento Valley serves as

12788-503: The need for mechanical floor levels, rooftop HVAC, housing for the tops of elevator shafts, spire details, or other infrastructure. It is unclear whether the floor count will remain at 82, or increase to 85 due to the height increase. DeSimone Consulting Engineers is serving as structural engineer on the project. The firm has designed numerous supertall towers and skyscrapers worldwide, and frequently works with top architects and developers on marquee projects globally. On March 24, 2017,

12927-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and

13066-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of

13205-487: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of

13344-530: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects

13483-522: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that

13622-414: The population of San Francisco increased from 500 to 150,000. The seat of government for California under Spanish and later Mexican rule had been located in Monterey from 1777 until 1845. Pio Pico, the last Mexican governor of Alta California, had briefly moved the capital to Los Angeles in 1845. The United States consulate had also been located in Monterey, under consul Thomas O. Larkin . In 1849,

13761-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,

13900-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of

14039-733: The pueblo of San Jose in 1777, making it the first civilian-established city in California. During this same period, sailors from the Russian Empire explored along the northern coast of California. In 1812, the Russian-American Company established a trading post and small fortification at Fort Ross on the North Coast . Fort Ross was primarily used to supply Russia's Alaskan colonies with food supplies. The settlement did not meet much success, failing to attract settlers or establish long term trade viability, and

14178-469: The races until the Indian race becomes extinct must be expected. While we cannot anticipate the result with but painful regret, the inevitable destiny of the race is beyond the power and wisdom of man to avert." As in other American states, indigenous peoples were forcibly removed from their lands by American settlers , like miners, ranchers, and farmers. Although California had entered the American union as

14317-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed

14456-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of

14595-403: The region known as California , or Las Californias , grew. Eventually it included lands north of the peninsula, Alta California , part of which became the present-day U.S. state of California. A 2017 state legislative document states, "Numerous theories exist as to the origin and meaning of the word 'California, ' " and that all anyone knows is the name was added to a map by 1541 "presumably by

14734-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in

14873-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of

15012-407: The same week the building officially surpassed the height of the Four Seasons Hotel Miami , a small fire broke out on the 68th floor just before 7 pm. It was extinguished within hours, with no injuries or delay to the project's timeline. The cause was not immediately known. No work was underway when the fire broke out. With a topping out in April, the 208-room Hyatt Centric hotel in the pedestal

15151-654: The state as part of the Gold Rush or to seek work. Even though the Chinese proved indispensable in building the transcontinental railroad from California to Utah, perceived job competition with the Chinese led to anti-Chinese riots in the state, and eventually the US ended migration from China partially as a response to pressure from California with the 1882 Chinese Exclusion Act . Under earlier Spanish and Mexican rule, California's original native population had precipitously declined, above all, from Eurasian diseases to which

15290-410: The state on March 4, 2020, and remained in effect until Governor Gavin Newsom ended it in February 2023. A mandatory statewide stay-at-home order was issued on March 19, 2020, which was ended in January 2021. Cultural and language revitalization efforts among indigenous Californians have progressed among tribes as of 2022. Some land returns to indigenous stewardship have occurred. In 2022,

15429-430: The state results in climates that vary from moist temperate rainforest in the north to arid desert in the interior, as well as snowy alpine in the mountains . Droughts and wildfires are an ongoing issue. California's economy is the largest of any U.S. state, with a $ 4.0 trillion gross state product as of 2024 . It is the largest sub-national economy in the world. California's agricultural industry has

15568-515: The state's demographics and its finances. Soon afterward, a massive influx of immigration into the area resulted, as prospectors and miners arrived by the thousands. The population burgeoned with United States citizens, Europeans, Middle Easterns, Chinese and other immigrants during the great California gold rush . By the time of California's application for statehood in 1850, the settler population of California had multiplied to 100,000. By 1854, more than 300,000 settlers had come. Between 1847 and 1870,

15707-522: The state's name include CA, Cal., Calif., Califas , and US-CA . California was one of the most culturally and linguistically diverse areas in pre-Columbian North America . Historians generally agree that there were at least 300,000 people living in California prior to European colonization. The Indigenous peoples of California included more than 70 distinct ethnic groups , inhabiting environments ranging from mountains and deserts to islands and redwood forests. Living in these diverse geographic areas,

15846-620: The state, and develop a high-tech region, now known as Silicon Valley . As a result of this, California is a world center of the entertainment and music industries, of technology, engineering, and the aerospace industry, and as the US center of agricultural production. Just before the Dot Com Bust , California had the fifth-largest economy in the world. In the mid and late twentieth century, race-related incidents occurred. Tensions between police and African Americans, combined with unemployment and poverty in inner cities, led to riots, such as

15985-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in

16124-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and

16263-490: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off

16402-511: The ten southernmost counties, and Northern California , comprising the 48 northernmost counties. It is bordered by Oregon to the north, Nevada to the east and northeast, Arizona to the southeast, the Pacific Ocean to the west and shares an international border with the Mexican state of Baja California to the south (with which it makes up part of The Californias region of North America , alongside Baja California Sur ). In

16541-407: The time of California's admission into the Union, travel between California and the rest of the continental United States had been a time-consuming and dangerous feat. Nineteen years later, and seven years after it was greenlighted by President Lincoln, the first transcontinental railroad was completed in 1869. California was then reachable from the eastern States in a week's time. Much of the state

16680-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and

16819-570: The transition from Spanish colonial rule to independent Mexican rule. In 1821, the Mexican War of Independence gave the Mexican Empire (which included California) independence from Spain. For the next 25 years, Alta California remained a remote, sparsely populated, northwestern administrative district of the newly independent country of Mexico, which shortly after independence became a republic. The missions , which controlled most of

16958-520: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing

17097-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under

17236-625: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at

17375-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and

17514-544: Was abandoned by 1841. During the War of Mexican Independence , Alta California was largely unaffected and uninvolved in the revolution, though many Californios supported independence from Spain , which many believed had neglected California and limited its development. Spain's trade monopoly on California had limited local trade prospects. Following Mexican independence, California ports were freely able to trade with foreign merchants. Governor Pablo Vicente de Solá presided over

17653-492: Was approved by the City of Miami in 2006 and cleared by the Federal Aviation Administration (FAA) for a maximum height of 851 feet (259 m) above mean sea level (AMSL) in 2005. The 849-foot (259-meter) (AMSL) building was to contain 270,000 square feet (25,000 m) of office space, 30,000 square feet (2,800 m) of retail as well as 650 residences. However, the project was put on hold due to

17792-482: Was awarded the US$ 255 million contract as the main contractor. As of January 2015 the construction was said to be ahead of schedule. The continuous concrete pour for the approximately 14,000 cubic yard (11,000-cubic-meter (388,461 cu ft)) raft slab required hundreds of cement trucks operating for over 24 hours from numerous factories. The approximately 11,000-cubic-meter (388,461 cu ft) pour took place over

17931-431: Was exceeding the limit of 10,000 visas per year (throughout the country). With a very high Walk Score , Panorama Tower is in the class of apartment buildings that have seen the most increase in value over time even into a market slowdown in 2017. Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of

18070-552: Was extremely well suited to fruit cultivation and agriculture in general. Vast expanses of wheat, other cereal crops, vegetable crops, cotton, and nut and fruit trees were grown (including oranges in Southern California), and the foundation was laid for the state's prodigious agricultural production in the Central Valley and elsewhere. In the nineteenth century, a large number of migrants from China traveled to

18209-607: Was highly unstable, and in a reflection of this, from 1831 onwards, California also experienced a series of armed disputes, both internal and with the central Mexican government. During this tumultuous political period Juan Bautista Alvarado was able to secure the governorship during 1836–1842. The military action which first brought Alvarado to power had momentarily declared California to be an independent state, and had been aided by Anglo-American residents of California, including Isaac Graham . In 1840, one hundred of those residents who did not have passports were arrested, leading to

18348-542: Was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of

18487-714: Was not usually the purpose of these small-scale battles. Men and women generally had different roles in society. Women were often responsible for weaving, harvesting, processing, and preparing food, while men for hunting and other forms of physical labor. Most societies also had roles for people whom the Spanish referred to as joyas , who they saw as "men who dressed as women". Joyas were responsible for death , burial , and mourning rituals , and they performed women's social roles. Indigenous societies had terms such as two-spirit to refer to them. The Chumash referred to them as 'aqi. The early Spanish settlers detested and sought to eliminate them. The first Europeans to explore

18626-666: Was one of the most culturally and linguistically diverse areas in pre-Columbian North America . European exploration in the 16th and 17th centuries led to the colonization by the Spanish Empire . The area became a part of Mexico in 1821, following its successful war for independence , but was ceded to the United States in 1848 after the Mexican–American War . The California gold rush started in 1848 and led to social and demographic changes, including depopulation of Indigenous tribes. The western portion of Alta California

18765-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of

18904-502: Was short-lived; the same year marked the outbreak of the Mexican–American War (1846–1848). Commodore John D. Sloat of the United States Navy sailed into Monterey Bay in 1846 and began the U.S. military invasion of California , with Northern California capitulating in less than a month to the United States forces. In Southern California, Californios continued to resist American forces. Notable military engagements of

19043-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut

19182-399: Was then organized and admitted as the 31st state in 1850 , as a free state , following the Compromise of 1850 . The Greater Los Angeles and San Francisco Bay areas are the nation's second- and fifth-most populous urban regions , with 19 million and 10 million residents respectively. Los Angeles is the state's most populous city and the nation's second-most ; California's capital

19321-399: Was up to 85%. In 2011, Florida International University opened a downtown campus in the building known as FIU Downtown on Brickell; they also got the signage rights to the building. In addition to the renovation, a small glass and steel addition adjacent to Brickell Avenue was completed in 2014. Known as "The Cube", the 2,500-square-foot (232 m) space uses variable-tint glass and houses

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