Financial crisis of 2007–2008
The financial crisis of 2007–2008 known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s. It began in 2007 with a crisis in the subprime mortgage market in the United States, developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system; the crisis was nonetheless followed by the Great Recession. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to "promote the financial stability of the United States".
The Basel III capital and liquidity standards were adopted by countries around the world. Following is a timeline of major events during the financial crisis: February 20, 2007: The Dow Jones Industrial Average hit its peak level of 12,786. Existing home sales peaked this month and began to decline. April 2007: New Century, an American REIT specializing in sub-prime mortgages, filed for Chapter 11 bankruptcy protection; this propagated the sub-prime crisis, to banks around the world. August 9, 2007: BNP Paribas, a French investment bank, blocked withdrawals from two of its hedge funds – a clear sign that banks were refusing to do business with each other. August 2007: The Federal Open Market Committee began reducing the federal funds rate from its peak of 5.25% in response to worries about liquidity and confidence. December 12, 2007: The Federal Reserve instituted the Term Auction Facility to supply short-term credit to banks with sub-prime mortgages. February 13, 2008: The Economic Stimulus Act of 2008 was enacted, which included a tax rebate.
March 17, 2008: The Federal Reserve guaranteed Bear Stearns' bad loans to facilitate its acquisition by JPMorgan Chase. July 11, 2008: IndyMac failed. July 30, 2008: The Housing and Economic Recovery Act of 2008 was enacted. September 7, 2008: Fannie Mae and Freddie Mac were taken over by the federal government. September 15, 2008: Lehman Brothers went bankrupt after the Federal Reserve declined to guarantee its loans, causing the Dow Jones to drop 504 points, its worst decline in seven years; the same day, Bank of America purchased Merrill Lynch. September 16, 2008: The Federal Reserve took over American International Group; the Reserve Primary Fund "broke the buck" as a result of massive withdrawals from money market accounts. September 21, 2008: Goldman Sachs and Morgan Stanley converted themselves from investment banks to bank holding companies to increase their protection by the Federal Reserve. September 26, 2008: Washington Mutual went bankrupt after a bank run. September 29, 2008: The House of Representatives rejected the Emergency Economic Stabilization Act of 2008 instituting the $700 billion Troubled Asset Relief Program.
In response the Dow Jones dropped its largest single-day decline. October 3, 2008: Congress passed the Emergency Economic Stabilization Act of 2008. November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. December 16, 2008: The federal funds rate was lowered to zero percent. January 2009: The Big Three automobile manufacturers received a bailout from the TARP program. February 13, 2009: Congress approved the American Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package. March 6, 2009: The Dow Jones hit its lowest level of 6,443.27. The precipitating factor for the Financial Crisis of 2007–2008 was a high default rate in the United States subprime home mortgage sector – the bursting of the "subprime bubble." While the causes of the bubble are disputed, some or all of the following factors must have contributed. Low interest rates encouraged mortgage lending. Securitization. Many mortgages were bundled together and formed into new financial instruments called mortgage-backed securities, in a process known as securitization.
These bundles could be sold as low-risk securities because they were backed by credit default swaps insurance. Because mortgage lenders could pass these mortgages on in this way, they could and did adopt loose underwriting criteria. Lax regulation allowed predatory lending in the private sector after the federal government overrode anti-predatory state laws in 2004; the Community Reinvestment Act, a 1977 US federal law designed to help low- and moderate-income Americans get mortgage loans encouraged banks to grant mortgages to higher risk families. Reckless lending by, for example, Bank of America's Countrywide Financial unit, caused Fannie Mae and Freddie Mac to lose market share and to respond by lowering their own standards. Mortgage guarantees. Many of the subprime loans were bundled and sold accruing to the quasi-government agencies Fannie Mae and Freddie Mac; the implicit guarantee by the US federal government created a moral hazard and contributed to a glut of risky lending. The accumulation and subsequent high default rate of these subprime mortgages led to the financial crisis and the consequent damage to the world economy.
High mortgage approval rates led to a large pool of homebuyers. This appreciation in value led large numbers of homeowners to borrow against their homes as an apparent windfall; this "bubble" would be burst by a r
Fort Smith, Arkansas
Fort Smith is the second-largest city in Arkansas and one of the two county seats of Sebastian County. As of the 2010 Census, the population was 86,209. With an estimated population of 88,037 in 2017, it is the principal city of the Fort Smith, Arkansas-Oklahoma Metropolitan Statistical Area, a region of 298,592 residents that encompasses the Arkansas counties of Crawford and Sebastian, the Oklahoma counties of Le Flore and Sequoyah. Fort Smith has a sister city relationship with Cisterna, site of the World War II Battle of Cisterna, fought by United States Army Rangers commanded by Fort Smith native William O. Darby; the city has a mutual friendship-city relationship with Jining, China. Fort Smith lies on the Arkansas-Oklahoma state border, situated at the confluence of the Arkansas and Poteau rivers known as Belle Point. Fort Smith was established as a western frontier military post in 1817, when it was a center of fur trading; the city developed there. It became well known as a base for migrants' settling of the "Wild West" and for its law enforcement heritage.
In 2007, the city of Fort Smith was selected by the United States Department of the Interior as the site of the new United States Marshals Service National Museum, slated to open in 2019. This area was occupied for thousands of years by indigenous peoples, attracted to the advantageous site near the rivers, they used the waterways for transportation and trading, to supply fish and water for their villages. The French claimed this area as part of their New La Louisiane; some colonial fur traders traveled the Arkansas and other rivers to trade with the native American tribes. The United States acquired this territory and large areas west of the Mississippi River from France in the Louisiana Purchase. Soon after, the government sent the Pike Expedition to explore the areas along the Arkansas River; the US founded Fort Smith in 1817 as a military post. It was named after General Thomas Adams Smith, who commanded the United States Army Rifle Regiment in 1817, headquartered near St. Louis. General Smith had ordered Army topographical engineer Stephen H. Long to find a suitable site on the Arkansas River for a fort.
General Smith never visited the forts that bore his name. A stockade was built and occupied from 1817 until 1822 by a small troop of regulars commanded by Major William Bradford. A small settlement began forming around the fort, but the Army abandoned the first Fort Smith in 1824 and moved 80 miles further west to Fort Gibson. John Rogers, an Army sutler and land speculator, bought up former government-owned lands at this site and promoted growth of the new civilian town of Fort Smith. Due to the strategic location of this site, the federal government re-established a military presence at Fort Smith during the 1830s era of Indian Removal of tribes from the American Southeast to west of the Mississippi River in Indian Territory, now Oklahoma. In 1838 the Army moved back into the old military post near Belle Point, expanded the base, they used troops from their ancestral homelands in the Southeast. Remnants of the Five Civilized Tribes remained in the southeast, their descendants in some cases have reorganized and been federally recognized.
The Cherokee called the forced march the Trail of Tears, as many of their people and African-American slaves died along the way. The army enforced the removal of these peoples to the reserved Indian Territory, where the federal government granted them land. Many displaced Native Americans fell out of the march and settled in Fort Smith and adjoining Van Buren, Arkansas on the other side of the river; the US Army used Fort Smith as a base during the Mexican War. As a result, the US acquired large territories in the Southwest, annexed the Republic of Texas, independent for some years. Sebastian County was formed in 1851, separated from Crawford County north of the Arkansas River. In 1858, Fort Smith was designated as a Division Center of the Butterfield Overland Mail's 7th Division route across Indian Territory from Fort Smith to Texas and as a junction with the mail route from Memphis, Tennessee, an important port on the east side of the Mississippi River. During the early years of the U. S. Civil War, the fort was occupied by the Confederate Army.
Union troops under General Steele took control of Fort Smith on September 1, 1863. A small fight occurred there on July 31, 1864, but the Union army maintained command in the area until the war ended in 1865; as a result, many refugee slaves, Southern Unionists, others came here to escape the guerrilla warfare raging in Arkansas and the Border States. The slaves were freed under the Emancipation Proclamation of January 1863 by President Abraham Lincoln. Federal troops abandoned the post of Fort Smith for the last time in 1871; the town continued to thrive despite the absence of federal troops. Two of Fort Smith's most notable historic figures were Judge Isaac Parker and William Henry Harrison Clayton known as W. H. H. Clayton. In 1874, William Henry Harrison Clayton was appointed United States Attorney for the Western District of Arkansas by President Ulysses S. Grant. Fort Smith was a bustling community full of brothels and outlaws, just across the river from Indian Territory. William Clayton realized a strong judge would be necessary to bring order to the region.
He knew. But Judge Parker had been confirmed by the US Senate. With the help of President Grant and US Senator Powell Clayt
The Walton family is an American family whose collective fortune makes them the richest family in the United States of America and the richest in the world. The majority of their wealth derives from the heritage of Bud and Sam Walton, who were the co-founders of the world's largest retailer, Walmart; the three most prominent living members have been in the top twenty of the Forbes 400 since 2001, as were John and Helen prior to their deaths. Christy Walton took her husband John's place in that ranking after his death; as of December 2014, the Waltons collectively owned 50.8 percent of the company. In May 2018, the annual Sunday Times Rich List indicated the Walton family's wealth is at $US174.9 billion. The Walton family fortune breaks down as follows: Jim Walton $48.4 billion S. Robson Walton $48.2 billion Alice Walton $48.1 billion Lukas Walton $15.6 billion Ann Walton Kroenke $6.6 billion Christy Walton $6.7 billion Nancy Walton Laurie $5.7 billion
Fayetteville is the third-largest city in Arkansas and county seat of Washington County. The city is centrally located within the county and has been home of the University of Arkansas since the institution's founding in 1871. Fayetteville is on the outskirts of the Boston Mountains, deep within the Ozarks. Known as Washington until 1829, the city was named after Fayetteville, from which many of the settlers had come, it was incorporated on November 3, 1836 and was rechartered in 1867. The four-county Northwest Arkansas Metropolitan Statistical Area is ranked 105th in terms of population in the United States with 463,204 in 2010 according to the United States Census Bureau; the city had a population of 73,580 at the 2010 Census. Fayetteville is home to the University of the state's largest university; when classes are in session, thousands of students on campus change the city's demographics. Thousands of Arkansas Razorbacks alumni and fans travel to Fayetteville to attend football and baseball games.
The University's men's track and field program has won 41 national championships to date. Fayetteville was named the third best place to live in the United States in the 2016 U. S. News Best Places To Live Rankings, one of the best places to retire in the South. Forbes ranked Fayetteville as the 24th-best city for business and careers in 2016. Lonely Planet named Fayetteville among its top 20 places to visit in the South in 2016; the city hosts the Walmart Shareholders Meetings each year at the Bud Walton Arena. In 1828, George McGarrah settled at Big Spring with his family on the modern day corner of Spring and Willow, founding the town of Washington, starting work on the courthouse. On October 17, Washington County was established, Washington chosen as the county seat; the Washington Courthouse was finished in 1829, contained the post office. In the year Postmaster Larkin Newton changed the name to the Fayetteville Courthouse, to avoid confusing with Washington, Hempstead County. Two councilmen selected to name the city were from Fayetteville, itself named for Fayetteville, North Carolina.
That original Fayetteville was named for General Lafayette, a French general who helped the colonies gain independence in the American Revolutionary War. The first store in Fayetteville was opened by John Nye in a small building constructed by James Holmsley. In 1832 David Walker, Chief Justice of the Arkansas supreme court, built a double log cabin on what is now Center Street. In 1822 Archibald Yell, the second Governor of Arkansas, built a house and called it "Waxhaw" after his home in North Carolina; this was on the outskirts of town but now is a street named after him that connects College and School streets. The first hotels were the Onstott House. Fayetteville was incorporated as a town on November 3, 1836. In 1859, a city charter was obtained from the Legislature. During the Civil War the municipal government was suspended and was not reinstated until 1867. P. V. Rhea was the president of the town trustees in 1836. W. Walker was the first mayor under the charter of 1859, M. L. Harrison was the first mayor when the government was reorganized in 1867.
The telegraph came to Fayetteville in 1860, strung along the Military Road from St. Louis, Missouri to Little Rock. During the American Civil War, the Union General Samuel Ryan Curtis occupied Fayetteville on February 18, 1862 and the following week, the Battle of Pea Ridge took place northeast of Fayetteville; the city housed wounded soldiers from the Battle of Prairie Grove in December 1862, housed injured troops on Dickson Street. Confederate troops besieged Union soldiers in Fayetteville on April 18, 1863 at the present-day intersection of College Avenue and Dickson Street, at their headquarters. Union soldiers held the city against cannon fire and cavalry attacks, although their headquarters sustained damage; the building was restored and is operated as the Headquarters House, a museum of the Washington County Historical Society. Fayetteville was occupied from December 1862 until May 1865 by the First Arkansas Union Cavalry, a regiment of Union men from Northwest Arkansas. Union forces repelled a Confederate attack in October 1864.
After the war, the United States government established the Fayetteville National Cemetery in 1867. A cemetery for Confederate dead was founded in 1873. Newspapers were established early; the Fayetteville Weekly Democrat began publishing in 1868. It developed as the Northwest Arkansas Times, is still in print today; the Fayetteville Schools District was founded on March 20, 1871 as the first independent school district in Arkansas. The public school system was established by the Reconstruction era legislature. Arkansas had struggled with a state banking crisis, resulting in the illegality of banking until 1868. Following the reinstatement, the Stark Bank became the first bank in the state in 1872, becoming the William McIlroy Bank four years later; this institution remains today as Arvest Bank. In 1954, a few days after Charleston, Fayetteville was the second school district in the southern United States to implement school integration in response to Brown v. Board of Education. Fayetteville is located in the Boston Mountains, a subset of The Ozarks which run through Northwest Arkansas, southern Missouri, Eastern Oklahoma.
The rocks of the Boston Mountains were formed when sandstones and shales were deposited on top of the Springfield Plateau during the Pennsylvanian Period. In the Fayettevill
A mortgage loan or mortgage is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination; this means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can be described as "a borrower giving consideration in the form of a collateral for a benefit". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property.
The lender will be a financial institution, such as a bank, credit union or building society, depending on the country concerned, the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, other characteristics can vary considerably; the lender's rights over the secured property take priority over the borrower's other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first. In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.
According to Anglo-American property law, a mortgage occurs when an owner pledges his or her interest as security or collateral for a loan. Therefore, a mortgage is an encumbrance on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property; as with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time 30 years. All types of real property can be, are, secured with a mortgage and bear an interest rate, supposed to reflect the lender's risk. Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property. Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: Property: the physical residence being financed; the exact form of ownership will vary from country to country, may restrict the types of lending that are possible.
Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance, or pay off outstanding debt before selling the property. Borrower: the person borrowing who either has or is creating an ownership interest in the property. Lender: any lender, but a bank or other financial institution. Principal: the original size of the loan, which may or may not include certain other costs. Interest: a financial charge for use of the lender's money. Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan. Completion: legal completion of the mortgage deed, hence the start of the mortgage. Redemption: final repayment of the amount outstanding, which may be a "natural redemption" at the end of the scheduled term or a lump sum redemption when the borrower decides to sell the property.
A closed mortgage account is said to be "redeemed". Many other specific characteristics are common to many markets, but the above are the essential features. Governments regulate many aspects of mortgage lending, either directly or indirectly, through state intervention. Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system. Mortgage loans are gen
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation providing deposit insurance to depositors in U. S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, bank runs were common; the insurance limit was US$2,500 per ownership category, this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category; the FDIC and its reserves are not funded by public funds. The FDIC has a US$100 billion line of credit with the United States Department of the Treasury. Only banks are insured by the FDIC; as of the end of 2017, the FDIC provided deposit insurance at 5,670 institutions. The FDIC examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, manages receiverships of failed banks.
Each ownership category of a depositor's money is insured separately up to the insurance limit, separately at each bank. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 × $250,000 = $1,500,000; the distinct ownership categories are Single accounts Certain retirement accounts Joint accounts Revocable trust accounts Irrevocable trust accounts Employee Benefit Plan accounts Corporation/Partnership/Unincorporated Association accounts Government accountsAll amounts that a particular depositor has in accounts in any particular ownership category at a particular bank are added together and are insured up to $250,000. For joint accounts, each co-owner is assumed to own the same fraction of the account as does each other co-owner, thus if three people jointly own a $750,000 account, the entire account balance is insured because each depositor's $250,000 share of the account is insured.
The owner of a revocable trust account is insured up to $250,000 for each unique beneficiary. Thus if there is a single owner of an account, specified as in trust for three different beneficiaries, the funds in the account are insured up to $750,000; the Board of Directors of the FDIC is the governing body of the FDIC. The board is composed of five members, three appointed by the president of the United States with the consent of the United States Senate and two ex officio members; the three appointed members each serve six-year terms. No more than three members of the board may be of the same political affiliation; the president, with the consent of the Senate designates one of the appointed members as chairman of the board, to serve a five-year term, one of the appointed members as vice chairman of the board. The two ex officio members are the Comptroller of the Currency and the director of the Consumer Financial Protection Bureau; as of March 2019, the members of the Board of Directors of the Federal Deposit Insurance Corporation were: Jelena McWilliams – Chairman of the Board Vacant – Vice Chairman Martin J. Gruenberg – Internal Director Joseph Otting – Comptroller of the Currency Kathy Kraninger – Director, Consumer Financial Protection Bureau During the Panics of 1893 and 1907, many banks filed bankruptcy due to bank runs caused by contagion.
Both of the panics renewed discussion on deposit insurance. In 1893, William Jennings Bryan presented a bill to Congress proposing a national deposit insurance fund. No action was taken, as the legislature paid more attention to the agricultural depression at the time. After 1907, eight states established deposit insurance funds. Due to the lax regulation of banks and the widespread inability of banks to branch. In 1921, there were about 31,000 banks in the US; the Federal Reserve Act included a provision for nationwide deposit insurance, but it was removed from the bill by the House of Representatives. From 1893 to the FDIC's creation in 1933, 150 bills were submitted in Congress proposing deposit insurance. There was widespread panic again over the American banking system due to fears over the strength of many banks in The Great Depression. S. banks were closed by bank runs. Bank runs, sudden demands by large numbers of customers to withdraw all their funds at the same time, brought down many bank companies as depositors attempted to withdraw more money than the bank had available as cash.
Small banks in rural areas were affected. Written and publicly announced reassurances and tightened regulations by the government failed to assuage depositors' fears. President Franklin D. Roosevelt himself was dubious about insuring bank deposits, saying, "We do not wish to make the United States Government liable for the mistakes and errors of individual banks, put a premium on unsound banking in the future." B
Bartlesville is a city in Washington County in the U. S. state of Oklahoma. The population was 35,750 at the 2010 census, with a 2015 estimate of 36,595 according to the U. S. Census Bureau. Bartlesville is 18 miles south of the Kansas border, it is the county seat of Washington County. The Caney River runs through Bartlesville. Bartlesville is the primary city of the Bartlesville Micropolitan area, which consists of Washington County and had a population of 52,021 in 2015. A small portion of the city is in Osage County; the city is part of the Tulsa Combined Statistical Area, with a population of 1,151,172 in 2015. Bartlesville is notable as the longtime home of Phillips Petroleum Company. Frank Phillips founded Phillips Petroleum in Bartlesville in 1905 when the area was still an Indian Territory; the company merged with Conoco as ConocoPhillips and split into the two independent companies, Phillips 66 and ConocoPhillips. Both companies have retained some operations in Bartlesville, but they have moved their corporate headquarters to Houston.
It is one of two places in Oklahoma where a Lenape Native American tribe lives, the other being Anadarko. Jacob Bartles, son-in-law of Delaware chief Charles Journeycake, moved from Wyandotte County, Kansas, to Indian Territory in 1873, he settled first at a natural lake south of the present city of Bartlesville. In 1874, he opened a trading post and post office in what is now East Bartlesville. In the following year, he modified it to produce flour. Bartles built a two-story general store and residence, added a rooming house, a blacksmith shop and a livery stable. Other settlers soon moved into the immediate area, called Bartles Town. In 1880, Bartles moved his Turkey Creek post office to this town. Bartles provided the community with electricity, a telephone system and a water distribution system. Development of the present city began after William Johnstone and George B. Keeler opened a general store on the south side of the Caney River in 1884; the first newspaper, The Weekly Magnet, began publication in March 1895.
The town was incorporated in Indian Territory in January 1897. The town was surveyed and platted in 1898, eighty acres were offered to the Atchison and Santa Fe Railroad for a depot; the railroad reached the town in 1899. The post office was moved from "North Bartlesville" in 1899. Bypassed by the railroad, Jacob Bartles moved his store to Oklahoma. Bartlesville was a sundown town where African Americans were not allowed to live. By 1907, the restriction had been lifted, newspapers noted the town's first natural death of an African American, a man named Robert McGee. In 1957, Bartlesville was the test site for the first experiment in pay cable television; the Bartlesville Telemovie System debuted with the film The Pajama Game, starring Doris Day, aired it to an audience of 300 homes. The headline of the September 4, 1957, issue of Variety read, "First-Run Films Now at Home". Bartlesville is located at 36°44′50″N 95°57′34″W. According to the United States Census Bureau, the city has a total area of 21.1 square miles, of which 21.1 square miles is land and 0.04 square miles is water.
The Caney River flows through Bartlesville. The river flooded in October 1986 as a result of unusually heavy rainfall; the city was split in half for several days, the flood caused considerable property damage. The river broke its banks again in June 2007. Bartlesville is familiar with both hot conditions in the summer with a record high of 115 °F or 46.1 °C and with cold conditions with a record of low of −28 °F or −33.3 °C. However with this record of extremes, the climate of Bartlesville is considered humid subtropical with cool winters and hot summers, with the majority of precipitation falling in spring, between the months of April and June. Bartlesville lies in Tornado Alley. Severe weather occurs most in the spring months, occurs with much less frequency throughout the rest of the year; as of the census of 2000, there were 34,748 people, 14,565 households, 9,831 families residing in the city. The population density was 1,646.4 people per square mile. There were 16,091 housing units at an average density of 762.4 per square mile.
The racial makeup of the city was 82.09% White, 3.20% African American, 7.18% Native American, 0.96% Asian, 0.02% Pacific Islander, 1.02% from other races, 5.54% from two or more races. Hispanic or Latino of any race were 3.02% of the population. There were 14,565 households out of which 30.1% had children under the age of 18 living with them, 54.9% were married couples living together, 9.7% had a female householder with no husband present, 32.5% were non-families. 29.5% of all households were made up of individuals and 14.0% had someone living alone, 65 years of age or older. The average household size was 2.35 and the average family size was 2.89. In the city, the population was spread out with 24.9% under the age of 18, 8.1% from 18 to 24, 24.8% from 25 to 44, 23.7% from 45 to 64, 18.5% who were 65 years of age or older. The median age was 40 years. For every 100 females, there were 90.3 males. For every 100 females age 18 and over, there were 85.1 males. The median income for a household in the city was $47,195, the median income for a family was $56,432.
The per capita income for the city was $27,417. About 17.3% of the population were below the poverty line. As of 2010 Bartlesville had a population of 35,750; the raci