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Housing Bubble bursts, starting the subprime mortgage crisis and then the Great Recession. After that, Congress began to recognize the emergence of the shadow banking system and the failure of the regulatory system. This is a CRISIS.
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InstitutionSome of the nations largest investment firms are bailed out by the federal reserve. Some examples of these are Bears Stearns and AIG. They to allow Lehman Brothers to collapse. After this President George W. Bush and Congress passed TARP (Trouble Asset Relief Program) to help purchase assets and equity from hurting institutions. Companies who have benefitted from this are General Motor and Chrysler.
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One of the biggest crashes since the great depression.
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ARRAAmerican and Recovery and Reinvestment Act was passed, creating new jobs by tax cuts and federal funds, as well as saving existing jobs and spark economic growth.
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The Financial Regulation Bill was passed in efforts to prevent regulatory failures that almost crahsed the economy.
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AmericanCongress passes the Health Care Reform Bill. This bill provides goo, affordable health care for all Americans.
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A bill passes authorizing an increase in the U.S. debt, with less than 24 hours before America defaults on its debt obligations. This raised the debt cieling in a multi-step process.
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