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Collapse of American Housing Market
Housing Market Collapse<a href=' There was a collapse of the American Housing market because many large financial institutions were heavily invested in mortgages and there was a steep deterioration in the bank balance sheets. The government tried to intervene and eventually prevented the collapse of the banking system. However, it did little to restore economic growth and the US eventually entered a recession in 2007. -
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Economic Deficit Timeline
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Lehman Brothers Bankruptcy
Lehman Brother BankruptcyThe Lehman Brothers filed for chapter 11 bankruptcy, which caused it to be the largest bankruptcy filing in American History. Lehman was the fourth-largest investment bank in the US. Filing for bankruptcy caused them to exodize most of their clients and cause drastic loses in stock. This somewhat contributed to the global financial crisis during the 2000's. URL: http://dm.epiq11.com/LBH/Project -
FDIC Insurance
FDIC InsuranceThe FDCI Insurance bank accounts increased from $100,000 to $250,000 wihtin the year. This caused the government to take more money from their budget and put it towards this bank, insurance failure. -
Barack Obama becomes the new President of the United States
President Obama Obama became the new president, changing the face of leadership drastically. Since he's been in leadership, the economy seems to have gotten worse than it had been in previous years. -
End to the War
End to the warPresident Obama declares an end to the seven-year American combat war in Iraq. He had said that the United States has met its responsibility to that country and that it is now time to turn to pressing problems at home. This also benefitted the government in the long run by costing less money and providing a good budget. -
Major Trade Deficit
Trade DeficitTrade became a larger portion of the US economy and during the 80's and 90's the US imports became bigger than exports. Causing the trade deficit to get larger instead of smaller. And the deficit cost the US 50 billion per month. -
Ben Bernanke replaced Alan Greenspan
Bernanke Replaces Green A small portion of leadership changed when American Economist, Ben Bernanke, replaced Alan Greenspan as Chairman of the Federal Reserve. He has served a total of two terms. -
Wild Finance
Stimulus PackageA $757 billion economic stimulus package is signed into law. The goal of the package was to reinvigorate the economy and prevent the reserve of a recession by boosting employment and spending. Which, in this time, has not seemed to have gotten any better based upon unemployment rates going up.
