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Stock market crash led to recession. There was a sudden dramatic decline of stock prices across the market. There was a significant loss of paper wealth. (Trade). Source:http://useconomy.about.com/od/Financial-Crisis/a/Stock-Market-Crash-2008.htm
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When housing market crashed it caused a general credit crisis. Fannie Mae and Freddie Mac both had a positive influence on the housing market and without them crisis would prevail. People blamed United States Congress for the credit crisis. (leadership).
Source: http://projects.scpr.org/timelines/financial-crash-5-years-later/ -
Obama and Congress passed the American Recovery and Reinvestment Act (ARRA). ARRA created spending measures and tax cuts to promote economic recovery. (budget). Source: http://americasbesthistory.com/abhtimeline2010.html
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Obama unveils 75 Billion mortgage relief plan that was intended to save 9 million Americans from losing their homes. Plan was initiated by the mortgage crisis that hit the year prior. (budget).
Source: video: http://www.cbsnews.com/news/day-30-obama-unveils-mortgage-relief-plan/ -
Congress passes the Financial Regulations Bill. The legislation created a new consumer-protection watchdog housed at the Federal Reserve to prevent abuse in mortgage, auto and credit card lending. It also gave the government power to wind down large failing financial firms and set up a council of federal overseers to police the financial landscape for risks to the global economy. (Leadership) Source: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/20/AR2010052003503.html
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Obama signed law to extend existing federal income tax and long-term unemployment benefits. The law includes a 2% rollback on Social security payroll taxes (savings). Source: http://americasbesthistory.com/abhtimeline2010.html
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Obama signs debt ceiling bill. This marked the conclusion of debt ceiling crisis, spending was reduced, and budget control was provided. The debt ceiling was increased. (savings) Source: http://projects.scpr.org/timelines/financial-crash-5-years-later/
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The war in Iraq is declared over when President Obama orders the last combat troops to leave the country. War is expensive, thus the economy should be shaping up due to less resources being shipped overseas. (leadership). Source: http://americasbesthistory.com/abhtimeline2010.html
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Hurricane Sandy, taking an unusual track up the East Coast and coming to landfall on the New Jersey coast near Atlantic City and Long Island coasts of New York creates significant damage to coastal towns as well as the boroughs of Manhattan and Staten Island, to the estimated cost of $65.6 billion. (Budget) Source: http://americasbesthistory.com/abhtimeline2010.html
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United States Federal Government shuts down. Legislation appropriating funds nor a continuing resolution were established. Ended when a interim appropriations bill was signed. (leadership) Source: http://americasbesthistory.com/abhtimeline2010.html
