History of American Economics

Ok, so this may be a stretch when it comes to discussing the history of American economics, but where do bank robberies occur? In banks, right? And banks contain money... and money is definitely a key component of economics.

On February 28, 1997, one of the most famous bank robberies in American history took place in Los Angeles, California, an event that would become known as the 1997 North Hollywood Shootout.

I will always remember this event because a large majority of the shootout was broadcast live on TV from an aerial helicopter. It was an amazing spectacle to say the least.

Clipta - new video wave: Bank robbers (North Hollywood California)

Here is a timeline of the events that happened as described in the History Channel documentary 1997 North Hollywood Shootout.

• Approximately 9:17 am attempt robbery of Bank of America location in North Hollywood, entering bank location spraying bullets into the ceiling as they enter
  
• Police who just happened to be driving by notice two masked men entering the bank and immediately call for back-up
  
• Larry Phillips & Emil Matasareanu storm into the bank, armed with AK47s and spraying bullets at the ceiling
  
• A little more than $300,000 was taken, but later abandoned during shootout
  
• Locked 30 Bank of America Employees in the vault
  
• AK 47 and M16 automatic weapons used by bank robbers with armor piercing bullets, they wore the full body armor
  
• Approximately 9:25 am: When they exited the bank, they were stunned to see the bank was surrounded by LAPD units
  
• After fierce gun battle, robbers attempted to leave the scene outside of the bank location, one in a car (Matasareanu ), while the other (Philips) walked beside him
  
• Some officers went to a nearby gun store during shootout to get assault weapons
  
• After tires were shot out of the car by police, Philips took cover behind a tractor-trailer, but when his automatic weapon jammed, he pulls out a 9mm handgun, which was soon shot from his hand...after picking it up, he put it under his chin and fired a single shot
  
• Matasareanu then got out of the car and started firing at civilians
  
• 9:59 am, Matasareanu is handcuffed by police after being gunned down, but died at the scene
  
• Before all is said and done, 350 policemen and women had been dispatched to the scene
  
• The gunmen fired over 1100 rounds of ammunition
  
• Police and SWAT 650 rounds
  
• 10 police officers and 7 civilians injured
  
• Both suspects were killed
  
• Larry Phillips shot 11 times including self-inflicted shot under his chin
  
• Emil Matasareanu was shot 29 times and died on the scene