Usually more than half of the component elements take place during the year. The Surprises of 2001 Fears of legislative gridlock notwithstanding, President Bush forges a surprisingly constructive working relationship with the new Congress.
Important legislation passes on healthcare, education and income tax reduction.
A bipartisan bill to reduce estate taxes to the equivalent of the capital gains rate passes easily. The yen-dollar exchange ratio reaches 130 and the euro sinks to 0.75. Germans take to the streets in protest over the unworthy successor of the once proud deutsche mark. Wim Duisenberg resigns as president of the European Central Bank and Hans Tietmeyer is called out of retirement to take the helm of the beleaguered institution. OPEC increases production modestly, but strained refining and marketing capacity keeps the price of gasoline and heating oil high, leading to an outcry by consumers and regulatory authorities.