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Trade
[Source] The U.S imported more goods than it exported. Throughout the entire year of 2008, US continued to have a consistently negative import-export total, affecting the already struggling economy at the time. -
Trade
[Source] The United States is one of the largest consumers of oil in the world. As a result, when foreign oil prices (imported to the US) increased greatly, the US economy suffered greatly. The raise in oil prices also contributed to the larger total trade deficit (in US dollars). -
Savings
[Source] The U.S Economy is in recession. Owners with poor credit history start taking out loans with high interest rates that infects the credit market. Washington Mutual Bank closes in what is the largest United States bank failure in history, further increasing the economic recession. -
Budget *
The US Treasury Department makes public a temporary program that allows for $50 billion from an echange stabilization fund to be utilizied. The money is to be allocated to specific money market mutual funds. Parts of the budget are relocated in order to help stabilize the economy (temporary stabilization). -
Leadership
[Source] President Bush signs a revised version of TARP (Troubled Asset Relief Program). Large businesses, such as Ford and General Motors, request federal loans from TARP. Bush's decision to allow large businesses to take federal loans and recieve government bailouts increases the budget deficit. -
Trade
[Source] Economic growth and consumer spending decreased drastically in comparison to previous years. When paired with the consistent trade deficit and poor bank practices (bank failures and reallocations decided by the federal government), the economy was driven into a deeper recession. -
Budget
[Source] Large companies gain the money they sought shortly after TARP was introduced. The U.S treasury authorizes loans up to 13.4 billions for GM and for 4.0 billion for Chrysler from TARP. Large sums of money are dedicated to large companies in an attempt to boost the economy. -
Budget
[Source] Discussion draft of the Affordable Care Act was proposed under the argument that the act would decrease the budget deficit in long term goals. However, in short terms, the new act would demand a section of the budget to begin implementation.
