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Bank Run
bank run 2007 Bank run in the US- type of financial crisis where large number of customers fear its insolvent and and withdraw their deposits at the same time and demand cash or transfer those funds into government bonds -
Global Recession and the collapse of wall street
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Barack Obama passes the ARRA Act
http://www.learner.org/series/econusa/interactivelabs/economic-timeline/ Barack Obama and congress pass the American Recovery and Reinvesting Act- provides tax cuts and federal funds to create new jobs and create economic growth- countrys debt rises to $11 trillion and the deficit rises to $1.4 trillion -
Congress passes the Financial Regulations Bill
http://www.learner.org/series/econusa/interactivelabs/economic-timeline/ Congress passed the Financial Regulations Bill which was meant to prevent the risky behavior and regulatory failures that brought the economy to brink of collapse and cost millions of Americans their jobs and savings. -
The debt ceiling is rasied
http://www.learner.org/series/econusa/interactivelabs/economic-timeline/ The debt ceiling is raised in a multistep process, as republicans and democrats continue to debate over tax cuts, raising revenue, and entitlement cuts such as medicare, medicaid, and social security -
US GDP falls
http://www.forbes.com/sites/abrambrown/2013/01/30/u-s-economy-stumbled-at-the-end-of-2012-q4-gdp-down-0-1/
U.S. gross domestic product fell for the first time in three and a half years in the fourth quarter, declining by an annualized 0.1% -
Low Income Plan is delayed
http://www.galen.org/newsletters/changes-to-obamacare-so-far/Low income plan is delayed until 2015 for obama care- it would’ve provided more affordable health care for people with lower incomes -
Medicare Advantage cuts canceled
http://www.galen.org/newsletters/changes-to-obamacare-so-far/ - Medicare Advantage cuts canceled- scheduled cuts to medicare advantage were canceled by the administration- April 7 2014
