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2007-2009 Recession
Also called the Great Recession. GDP lowered by 5.1%, unemployment went from 8.7% to 10%, and housing prices plummeted. -
Collapse of Lehman Brothers
Lehman Brothers national bank collapsed bringing about the near collapse of the world's financial system. Took tax-payer financed bail outs to save the industry. Led to the worst recession in 80 years -
Troubled Asset Relief Program
Bailout program where the US government disburses $430 billion to strengthen the financial sector. It purchases difficult-to-value assets from financial institutions, like banks. -
Stock Market Drops
The stock market had its worst week in 75 years from October 6-10. This was aided by the collaps of banks such as Lehman Bothers and the failing housing market -
Case-Shiller Home Price Index Reports Biggest Price Drop in History
The Case-Shiller Home Price Index is the national index for the prices of housing in the nation. The credit crisis that came from the bursting of the housing bubble is the primary cause of the 2009 recession. -
American Recovery and Reinvestment Act
Obama signs in the American Recovery and Reinvestment act of 2009. $787 billion dollar stimulus package promoting tax cuts, invested in infrastructure, health, education, energy, added additional unemployment benefits. -
Patient Protection and Affordable Care Act
Signed into law by Obama on March 23, 2010. In effect by 2014. Predicted to reduce the deficit by up to $294 billion. This is due to many reasons, including higher Medicare taxes on the wealthy, new annual fees on health insurance providers, similar fees on the healthcare industry such as manufacturers and importers of brand-name pharmaceutical drugs and certain medical devices, and limits on tax deductions of medical expenses and fle -
Removal of American troops from Iraq
Started in December of 2007 troop withdrawal was finally completed in 2011 and makred the end of the War in Iraq. This ended the 10 year occupation by U.S soldiers in the area. This saved the American government a significant amount
