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Start of Reccession
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President Bush signs the Economic Stimulus Act of 2008 into law.
Leadership -
US Treasury bails out banks
$33.5 billion in preffered stocks in 21 US banks under the Capital Purchase Program. -
General Motors Bailed Out
Executives of Ford, General Motors, and Chrysler testify before Congress, requesting access to the TARP for federal loans. -
Fed buys mortgages, from fannie may and freddie mac
The Federal Reserve Bank of New York begins purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae under a program first announced on November 25, 2008. -
Obama signs ¨American recovery and reinvestment act¨
Includes variety of spending measures and tax cuts intended to promote economic recovery. -
National debt eclipses GDP
for only the third time in our national history our national debt eclipsed our national gdp -
Unemployment falls below 8 percent, lowest point since January 09.