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Housing Bubble Burst
In 2007 the housing bubble bursts, setting in motion the mortgage crisis. Leading to congress recognizing the shadow banking system is a way of the gov. monitoring the banks but not on a regular basis. This is related to Budget and saving because of the fact that once the housing market crashed many people will lose their jobs and the money they have invested into it. http://www.learner.org/series/econusa/interactivelabs/economic-timeline/ -
The Global Recession and the Collapse of Wall Street
The great investment banks that had stood on Wall Street began to collapse due to the sub-prime mortgage crisis and serious corporate fraud. During the last months of the Bush Administration, the federal government stepped in to bail out some of these institutions in order to keep the U.S. financial system afloat. This is budget and result because Bush used the gov. money to keep these businesses afloat. https://www.thebalance.com/top-10-financial-events-of-the-decade-393162 -
ARRA
Congress and Obama pass the American Recovery and Reinvestment Act, providing tax cuts and federal funds to create jobs. The country's debt was at a new height of $11 trillion while the deficit was at $1.4 trillion. This is leadership and fiscal because the president passed this act.http://www.learner.org/series/econusa/interactivelabs/economic-timeline/ -
An Online Savings Bond Program
Americans no longer buy savings bonds over the counter through banks and other financial institutions. Instead they have to buy them online from treasurydirect.gov making it easier to keep track of your bonds since it is open 24/7. The online savings bond is Savings and Monetary because it has to do with you investing into banks with bonds, while these banks are lead by the FED. http://www.treasurydirect.gov/timeline.htm -
Obama Care
Obama Care otherwise known as Patient Protection and Affordable Care Act is used to make heath care affordable most U.S. citizens. Although Obama Care is free it doesn't replace private insurance, medicare, or medicaid. Obama Care is Leadership and Fiscal because it was introduced to the America by the President. http://obamacarefacts.com/obamacare-facts/ -
Trade Deficit with China
United States Imports exceeded the exports of the country leading to a trade deficit with China because U.S. companies were sending more and more raw materials to China to be assembled. This lead to the U.S. being in debt to China for $1.246 trillion (equal to 20% of public debt). This trade deficit is trade and result because the gov. is trading with China and the result of it was the U.S, being in debt. https://www.thebalance.com/u-s-china-trade-deficit-causes-effects-and-solutions-3306277
