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Economic Stimulus Act of 2008
George W. Bush signs an act in an attempt to stimulate the economy. The Act gave $600 to every household in the USA, The hope was that by putting money into the hands of americans that money would be out into the local economy. -
Fannie Mae and Freddie Mac
Two large loaning companies(government sponsered) that specialized in loans for morgages. They did not have fixed intrest loans and they went bankrupt causing intrest rates to increase and many people to loose their homes. -
Troubled Asset Relief Program (TARP)
President Bush signs a emergency relief program that establishes the 700 billion dollar troubled asset relief program. The program allows the government to purchase assets to strengthen the financial sector. -
The Dow suffers
The DOW suffered its worst weekly loss ever. It fell 18% in one business week. -
Obama stimulus package
President Obama signed a $787 billion stimulus package. The package included tax cuts, money for infrastructure, schools, healthcare, and green energy. -
DOW hits low point
The DOW hits the lowest point of the recession. It was down 54% from the 2007 high. -
Recession
The recession officially ends after eighteen months. The economy is still downturned. -
ObamaCare
Obama signs the affordable care act which is created to provide more affordable and extensive care for the citizens of the USA. It will be several years before it is upheld by the supreme court and a few more until it is implemented.
