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The Great Recession
The National Bureau of Economic Research dates the beginning of the recession as December 2007. According to the Department of Labor, roughly 8.7 million jobs were shed from February 2008 - February 2010, and GDP contracted by 5.1%, making the Great Recession the worst since the Great Depression. Unemployment rose from 4.7% in November 2007 to peak at 10% in October of 2009. -
Period: to
Economic Crisis
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Stock Market Crash
advertisments targeted people saying that they could buy something that they didn't have money for by taking out a loan and then pay them back when the people had the money. When people failed to pay for the things they had bought, businesses would reposess the goods. -
Budget trading program
the deficit fell to 4.1 percent of the Gross Domestic Product (GDP). This is half of the deficit that existed when the president took office. -
American Recovery and Reinvestment Act
March 18 2009: the Federal Reserve announces decision to buy $1.2 trillion of government bonds and mortgage-related securities.
June, 2009: The recession ends as third quarter 2009 GDP grows 2.2 percent annually.
November 6, 2009: The Bureau of Labor Statistics announces the unemployment rate hit 10.2 percent in October. -
Congress Passes the Financial Regulation Bill
Congress Passes Financial Reform Bill. Sunken economy that is now rebounding 2010- A rebounding US economy Americans have grown gloomier about both the economy and the nation’s direction over the past three months even as the U.S. shows signs of moving from recession to recovery. -
Government Shutdown
The Government went into a shutdown that began on October 1st and ended October 16th. The government got shutdown because congress was not able to pass legislation for funds on the fiscal year in 2014.
