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House Bubble
The “housing Bubble” burst, setting in motion the subprime mortgage crisis and the great Recession. Congress begins to recognize the emergence of the “ Shadow banking system” and the failure of the regulatory system. Once again the banking system faces a crisis.
Budget, Result
Picture - http://housingpanic.blogspot.com/2006/03/remember-this-point-bigger-boom-bigger.html
Summary- https://www.learner.org/series/econusa/interactivelabs/economic-timeline/ -
Rescue Of Investment Firms
The federal reserve has rescued some of the largest national investment firms. Including Bear Stearns and AIG but let others like the Lehman Brothers collapse. President George W. Bush passed the TARP to purchase asset from other institutions. The can help from going into bankruptcy.
Leadership, Monetary Policy
https://www.learner.org/series/econusa/interactivelabs/economic-timeline/
http://www.ncpa.org/pub/ba705 -
American Recovery and Reinvestment Act (ARRA)
President Barack Obama and the Congress pass American Recovery and Reinvestment Act (ARRA), providing tax cuts and federal funds to create new jobs, save existing jobs, and spur economic growth. The country's debt rises to a new height at $11 Trillion while the deficit rises to $1.4 Trillion.
Savings, Fiscal Policy
Picture - http://www.bestsyndication.com/?q=20090217_american_recovery_and_reinvestment_act_2009_spending_chart_graph.htm -
Financial regulation bill
Congress passes the Financial Regulation Bill. This bill aims to prevent risky behavior and regulatory failures that almost forced the economy to collapse and cost millions of Americans their jobs and savings. Congress also passed the Health Care Reform Bill that helped provide affordable and quality healthcare for all Americans.
Budget, Monetary Policy https://www.learner.org/series/econusa/interactivelabs/economic-timeline/ -
Government Raises Debt Ceiling
With just a few hours until the country defaults on its debt obligations, Congress passes a bill to increase the national debt. Obama signs it and the bill becomes law.
budget,Monetary Policy
https://www.learner.org/series/econusa/interactivelabs/economic-timeline/ -
2012 Presidential Election
As a result of the slowly rising upward trend in economic areas such as employment and and the stock market, Obama was given a second term. His slow and steady recovery plan made voters trust him more than Romney, who some thought would return America to the Bush-Era fiscal policies that caused the recession.
Leadership, Result
http://www.washingtontimes.com/news/2012/nov/6/more-than-ever-before-the-economy-drives-the-race/
