Economy

Economy 2007 and beyond

By KitchenSix

  • Stock Market Crash

    Stock Market Crash
    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

  • Lenders Fannie Mae and Freddie Mac were bailed out by the Federal Government

    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/

  • American Recovery and Reinvestment Act (ARRA).

    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

  • Mortgage relief plan

    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/

  • Financial Regulations Bill

    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

  • Law to extend existing federal income tax

    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

  • Debt ceiling bill

    Debt ceiling bill
    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/

  • Iraq war endded

    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

  • Hurricane Sandy

    Hurricane Sandy
    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

  • Federal Government shuts down

    Federal Government shuts down
    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