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The Global Recession and the Collapse of Wall Street
The investment banks on Wall Street began to collapse due to mortgage crisis and corporate fraud. The Bush Administration came in to bail out a few of the institutions to keep the U.S financial system alive. This falls under the savings deficit area and it is a monetary policy. https://www.thebalance.com/top-10-financial-events-of-the-decade-393162 -
Subprime Housing Crisis
In 2007 and 2008 the value of houses on the market were not unreasonable at all. This became a problem because the banks started to make loans then interest rates went up and people struggled to payback their loans and interest. This event is under the saving deficit area and it is a result. https://www.thebalance.com/top-10-financial-events-of-the-decade-393162 -
The Global Financial Crisis
This was said to be the worst financial crisis since the Great Depression. Merchant bankers refused loans to Americans who could not pay them back. Many Americans suffered during this time. The deficit area would be saving and it would fall into the category of result. http://www.futuretimeline.net/21stcentury/2000-2009.htm -
Emergency Economic Stabilization Act
This was an act that was signed by President Bush. It was seen as a “bailout” for the financial system in the United States. Basically it was for companies to insure their assets which they spent $700 billion on. Also, it caused the Treasury to have to predatory lend to help the homeowners keep their home. The deficit area is budget and it would fall into the category of fiscal policy. http://www.washingtontimes.com/news/2008/sep/28/summary-emergency-economic-stabilization-act-2008/ -
Obamacare
Obamacare, the Affordable Care Act, goes into action to help millions of Americans afford health care. Over 7.3 million joined the system. It falls under the leadership deficit area and it is a fiscal policy.
http://americasbesthistory.com/abhtimeline2010.html -
Chinese stock market crash
China has seen a large increase in consumer spend. When the Chinese stock market crashed the Chinese investors seeked out the U.S to invest in which would have risen the value of the dollar. http://www.economicshelp.org/blog/14212/growth/impact-of-chinese-stock-market-crash Deficit area - budget fiscal policy
