In honor of the twenty-fifth anniversary of Dowling & Yahnke, here’s a look back to what else happened that year here in the U.S.:
- Technology: The first website came online in 1991, and the resulting Internet phenomenon provided the information for this blog post. “Blogs,” which is short for the original “web logs,” did not even exist 25 years ago. In the area of personal computing, Apple introduced its first PowerBook in 1991, and the major computer vendors launched notebook computers. As for mobile technology, cellphones still closely resembled bricks. The gaming world was changed by release of the Super Nintendo game system.
- Economy: We’ve certainly seen the effects of inflation over this time period. Twenty-five years ago, an average house cost $120,000, and average monthly rent was $495 on an average annual salary of $29,430. The average rate on a 30-year mortgage was 9.25% as interest rates were significantly higher than they are now. One dozen eggs cost $0.85 and gas was $1.12/gallon. In 1991 the S&P 500 Index had a great year, logging a return of nearly 31% (image: Y-Charts).
- Politics: Our President was George H.W. Bush, and his vice president was Dan Quayle. In January, Congress authorized the military to liberate Kuwait from Iraqi occupation in what came to be known as the Gulf War.
- World events: One of the most important geopolitical conflicts of the latter half of the twentieth century came to an end, though it didn’t happen in the United States. Triggered by Mikhail Gorbachev’s resignation on Christmas Day as president of the Soviet Union, the Cold War flamed out as the Soviet Union dissolved.
- Entertainment: Terminator 2: Judgment Day, starring Arnold Schwarzenegger, was the highest grossing film of the year. The Oscar for Best Picture went to Silence of the Lambs, helmed by Jodie Foster and Anthony Hopkins, both of whom won Oscars for their roles. Also, E! News first appeared.
- Music: Bryan Adams had the top 100 pop song with “(Everything I Do) I do It For You.” The top rock song came from R.E.M. with “Losing My Religion,” and the top country song was “Don’t Rock the Jukebox” by Alan Jackson. Billboard’s top R&B single was “Written All Over Your Face” by Rude Boys. The year 1991 is now recognized as one of the greatest years for the (then relatively new) genre of hip-hop and the top track was “Mind Playing Tricks on Me” by Geto Boys.
- Arts: The Pulitzer Prize for Drama was awarded to Neil Simon for Lost in Yonkers and John Updike won in the fiction category for Rabbit at Rest. The most popular book in fiction was Scarlett by Alexandra Ripley; Me: Stories of My Life by Katharine Hepburn was the best seller in non-fiction that year.
I hope you enjoyed this little stroll down memory lane! At Dowling & Yahnke, we’re looking forward to seeing what the future brings.