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Period: to
2007-2018
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2008 Economic Recession
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2010
Unemployment rate reaches 10% which is a pretty high value for the country and the worst employment rate during the recession -
New Definition of Living Well
NYT posted an article talking about how families had to re-evaluate what it means to be living well and were forced to do less extravagant activities to stay close. This created a distance between some families but the idea of what it meant to be together really changed https://www.nytimes.com/2010/08/08/magazine/08FOB-wwln-t.html -
American Jobs Act
President Obama put the American Jobs Act into action with hopes of boosting unemployment. The act consisted of tax cuts to help America's small businesses hire and grow, put workers back on the job while rebuilding and modernizing America, tax relief to every American worker and family and UI funds to to support job-seekers -
Operation Twist
A new monetary policy put in place by Fed Chairman, Ben Bernanke, to restructure the Fed's debt portfolio by selling off short term T bills and buying long term debt.The goal of this policy was to drive long term rates down which would encourage more mortgage and business loan to be made -
The Dollar Soars
The European Central Bank and the Bank of Japan were trying to fight deflation and stimulate economic growth in their own countries. This made the dollar more attractive as it was a beacon of economic growth in a unstable, troubled world economy -
Affordable Care Act
Also known as "Obamacare" extends to cover 20 million people -
China Emerges as the Largest Economy
the US was previously the largest economy until 2015 when China's economy emerged as largest. This placed the EU as #2 and the US as #3 -
2007 Banking Crisis
Fed increased interest rates which made adjustable rate mortgages harder to pay off. Insurance companies covered these with credit that were more similar to hedge funds rather than -
Hurricane Harvey
On this date, Hurricane Harvey struck Texas, leaving destruction in its path. It was classified as a Category 4 storm and caused $180 billion in damage, making it the most damaging natural disaster in US history. This left governor Greg Abbott in need of $125 billion in federal relief. -
Dow hits all time high
On October 3, 2018 the Dow Jones Industrial Average highest closing record was set at 26,828.39. -
Christmas Tree Shortage
Investing in planting Christmas trees in 2008 were not seen as profitable so this year families are expected to pay 10% more for their annual Christmas three than before.
