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President Bush signs the Economic Stimulus Act of 2008 into law.
StimulusThe Economic Stimulus Act of 2008 was an Act of Congress providing for several kinds of economic stimuli intended to boost the United States economy in 2008 and to avert a recession. -
US government bails out AIG.
AIGAIG had insured mortgage-backed securities. Panic in money markets as one fund declines in value. Reserve Primary Fund dropped below $1 a share because of losses on debt issued by Lehman Brothers. -
US passes $700 financial sector bailout package.
BailoutThis is the TARP package, which initially set out to buy bad debts from failing institutions, but then was used to inject liquidity directly into failing institutions in return for government ownership of preferred stock. The TARP package reversed course in March 2009 to again purchase bad loans and securities from failing institutions. Developing countries face problems caused by food, fuel and financial crises. -
Credit Card Spirals out of Control
DebtThe total credit card debt was over 950 billion dollars. It is currently under 800 billion dollars. A lot of pople do no completly realize how much debt they are actually in. THey must makea planof action to cut theirdebt, and they must act quickly. -
President Obama signs stimulus package into law.
ObamaThe $787 billion stimulus package would implement tax cuts, create jobs in building infrastructure, and provide further social welfare funding. The package also promised money to education and health care, as well as to science and technology. -
US Treasury released proposal for reforming financial regulatory system.
US This proposal was created to prevent future crises. Once Obama took presidency very detailed plans were made. The treasury expects to pay down $35 billion. They plan on paying off parts of the debt so there is wiggle room during hard times. -
US passes financial reform bill
Dodd-FrankThis bill is called the Dodd–Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank will prevent the excessive risk-taking that led to the financial crisis. The law also provides common-sense protections for American families, creating new consumer watchdog to prevent mortgage companies and pay-day lenders from exploiting consumers. These new rules will build a safer, more stable finan -
Trade Deficit
TradeOur current trade deficit is $43,610,805,212.04 we are no longer the worst, as Britain is now has the highest trade deficit. But during the 2008 recession the deficit was 677,100,000,000.
