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AIG becomes bankrupt
AIG, the world's largest insurance company, announced it was bankrupt. The United States took over AIG with a 85 Billion dollar bailout. Central banks were injecting cash as their credit was drying up. This would be a monetary policy because the banks were dealing with it. The deficit would be saving because the banks were trying to save the company by giving them the cash they could. Source: http://www.wsj.com/articles/SB122156561931242905 -
House rejects government's financial plan
The House rejected the government's $700 billion financial plan, triggering the largest-ever drop in the Dow Jones industrial average by 777.68 points. This would be a monetary policy. THe deficit category would be trade because the Dow Jones is a stock market relating to trade of others. Source: http://www.huffingtonpost.com/2009/12/18/economic-crisis-timeline-_n_397360.html -
American Recovery and Reivvestment Act
Obama and Congress passed the American Recovery and Reinvestment Act (ARRA). ARRA created spending measures and tax cuts to promote economic recovery. THis would be a fiscal policy and the deficit category would be budget because of the spending and measuring of tax cuts promoting economic recovering. (Feb 17, 2009)
Source: http://americasbesthistory.com/abhtimeline2010.html -
US Poverty Rate Jumps
The US poverty rate jumped to 14.3%, which was the highest level since 1994. In America 43.6 million people were under the poverty line, which was the highest number in 51 years according to the census bureau. This would be a result of monetary and fiscal issues. The deficit category would be budget because the government budget the amount of relief they give to people in need. Source: http://www.dof.ca.gov/html/fs_data/LatestEconData/Chronology/chronology.htm#2011 -
Housing Market crashed
When housing market crashed it caused a general credit crisis. Fannie Mae and Freddie Mac both had a positive influence on the housing market and without them crisis would prevail. People blamed United States Congress for the credit crisis. This would be an example of results from monetary and fiscal issues. THe deficit would be leadership due to the corporate companies stability to the house market during this time.
Source: http://projects.scpr.org/timelines/financial-crash-5-years-later/ -
Federal Government Shuts Down
United States Federal Government shuts down. Legislation appropriating funds nor a continuing resolution were established. Ended when a interim appropriations bill was signed. This would be an example of results from fiscal and monetary policies.The deficit would be leadership because the government shut down because of events from the policy. Source: http://americasbesthistory.com/abhtimeline2010.html
