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Savings
Phase one on 9 August 2007 began with the seizure in the banking system precipitated by BNP Paribas announcing that it was ceasing activity in three hedge funds that specialised in US mortgage debt.
http://www.theguardian.com/business/2011/aug/07/global-financial-crisis-key-stages
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Savings
While a rebound in the stock market, an improved savings rate and consumer steps to reduce debt resulted in net worth gains since 2009, only a little more than half of that lost wealth - $8.7 trillion -- is back on household balance sheets.
http://money.cnn.com/2011/06/09/news/economy/household_wealth/
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Budget
The large rise in federal budget deficits beginning in 2008 is mainly a symptom of the weak economy, and has actually supported and sustained the return to economic growth. In fact, a swifter return to full employment will require policymakers to use larger deficits in the near term to finance job-creation measures.
http://www.epi.org/publication/bp355-five-years-after-start-of-great-recession/
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Leadership
Barack Obama was elected president of the United States. Barack Obama has declared his position on many political issues through his public comments and legislative record. The Obama Administration has stated that its general agenda is to "revive the economy; provide affordable, accessible health care to all; strengthen our public education and social security systems.
http://en.wikipedia.org/wiki/Barack_Obama
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Budget
What we now call the Great Recession officially began in December 2007 and ended in June 2009,
pic - http://www.ashugaur.com/wp-content/uploads/2014/07/Budget-cut.png
http://en.wikipedia.org/wiki/Great_Recession -
Savings
In early November, the Federal Reserve announced a plan to purchase $600 billion of longer-term Treasury securities by mid-2011. The plan has come to be known as "QE2" because it represents a second wave of the Fed's so-called quantitative easing program, the first installment of which involved purchases of up to $1¾ trillion in longer-term assets during 2009 and early 2010.
http://www.brookings.edu/research/opinions/2010/12/23-econ-forum
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Budget
Even with the lame-duck budget deal, the U.S. economy is projected to remain depressed, with GDP between $941 billion and over $1.0 trillion below full employment output at the end of 2013
http://www.nytimes.com/2012/11/16/us/politics/the-fiscal-cliff-explained.html?pagewanted=all&_r=0
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Trade
The Commerce Department said the U.S. trade deficit fell 0.6 percent to $40.5 billion in July, its smallest size since January. When adjusted for inflation, it reached its narrowest point since December 2013, prompting economists to raise their estimates for third-quarter gross domestic product.
http://finance.yahoo.com/news/u-jobless-claims-rise-continuing-claims-lowest-since-123551946--business.html
pic - http://www.dineshbakshi.com/images/stories/article-photos/free_trade.jpg
