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FED innovates to replace failed banking system
The FED decided to revamp the failed financial system that they had created in the past. They ended up buying $800 billion worth of mortgage-backed securities in order to try and lower the interest rates.
http://useconomy.about.com/od/criticalssues/p/2008_Economy.htm -
Credit Market Freeze
Banks started withdrawing money from ultra-safe money market accounts and were hoarding it because of bad mortgages. This then made them freeze credits which led to a cash shortage for many businesses.
http://useconomy.about.com/od/criticalssues/p/2008_Economy.htm -
$700 Billion Bailout
The $700 billion bailout is also known as the TARP program, it was made to purchase toxic mortgages from banks, freeing up more cash for loans. Treasury used $350 billion for the Capital Repurchase Program, which purchased preferred stocks in major banks. Funds were used to keep credit card companies in business while auto industry only got half of what they wanted.
http://useconomy.about.com/od/criticalssues/p/2008_Economy.htm -
Stock Market Crash
The stock market crash had many stocks dropping. They had high percentage declines and an outstanding decrease in money.
http://useconomy.about.com/od/criticalssues/p/2008_Economy.htm -
Obama Wins Presidency
When Obama won the presidency, he said that he would give the US economy the jumpstart that it needs. He put together a very high profile Economic Advisory Board to help him get started.
http://useconomy.about.com/od/criticalssues/p/2008_Economy.htm -
Affordable Care Act
Health insurance reforms that will expand coverage, lower healthcare costs, hold insurance companies accountable, and enhance the quality of care.
http://medicaid.gov/affordablecareact/affordable-care-act.html -
BP oil spill
An oil rig in the Gulf of Mexico exploded and released millions of gallons of oil into the water. The explosion killed 11 and injured another 17. Obama said that he would create and $20 billion relief fund for the spill. -
Obama wins re election
When Obama was re elected he proposed a $3.7 million plan to reshape our economy. The plan included trimming over 200 federal programs. The focuses were on education, medical research and bringing high speed internet to everyone in America.
http://www.washingtonpost.com/wp-dyn/content/article/2011/02/14/AR2011021406234.html -
Government Shutdown
The government shutdown over the Congressional budget standoff, this set off a chain of reactions. The White House Office of Management and Budget Report said that the cost of furloughs was almost $2 billion in lost productivity alone. Almost 120,000 private sector jobs were created because of the shutdown according to The Council of Economic Advisers.
http://www.cheatsheet.com/features/10-most-important-economic-events-of-2013.html/?a=viewall
