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Period: to
U.S. Economy
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September 11 Terroist Attacks
9/11 terrorist attacks affected the United State economy negatively. The economic climate was never to be the same again. -
2000s recession
A decline in economic activity. European Union during 2000 and 2001, while the United States was during the 2002 and 2003. -
Stock Mark Crash
Stock market crashed and reached lows not seen since 1997 and 1998 (July/September). -
Hurricanes
Hurricane Rita and Hurricane Katrina hit the Gulf Coast of the U.S. as being a Category 3 and Category 4 or lower storm. The hurricanes destroyed New Orleans causing the lost of 400,000 jobs and 275,000 home destroyed. $200 billion in damage. -
Large Economic Crash
One of the biggest crashes to hit the U.S, almost worse than the Great Depression. -
American Families
Heavily affected by the stock market crash. Lost a large amount of value on homes, lost jobs, and reduced on average money income by $5,800. -
TARP
TARP (Troubled Asset Relief Program) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector. Most of the families who depended on banks that fell to make purchases could be covered by TARP. -
Job Hiring
Very slow and nearly dead. (2.6 million jobs lost in 2008 nationwide). -
Bush Starts TARP
Slowly mended a large amount of financial issues. -
Family Size
Standard family unit. Average size being 4/5 with more issues. Paying more but earning less. -
Credit Markets Froze
Banks withdrew $160 billion from ultra-safe money market accounts. Banks held cash to write down bad mortgages and withdrawals in bank runs.