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Obama and his administration told people that they did not support the buy-out to help him pull ahead of other candidates, but eventually they had to give in and support the buy-out.

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The stock market didn't stabilize until March of 2009. Many industries including the automobile market struggled immensely. Unemployment reached 10%.

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Many American citizens lost homes and jobs and failed to pay mortgages.

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Henry Paulson was the Treasury Secretary. He proposed the TARP (Troubled Asset Relief Program). This program involved the government buying back mortgage-backed securities and bank stocks.

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Ben Bernanke oversaw the federal reserve. He made the decision to buy out billions of dollars worth of mortgages in hopes to boost the economy out of the hole it was in.

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Jamie Dimon was the chairman of JP Morgan. He is the primary cause behind the buying out of Bear Stearns.

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Subprime Lending was predatory lending that offered people higher loans than they could pay for with high interest rates.

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Liar Loans required little documentation allowing for people to fake income numbers and take larger loans than they could afford.

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Securitization allowed for people to invest in pools of companies or people making it a less risky investment.

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In the summer of 2008, Fannie Mae and Freddie Mac, who controlled half of all American mortgages, were seized by the government.

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In September of 2008, the Lehman Brothers declared the largest bankruptcy in history.

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The federal funds rate was lowered due to 9/11.

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In March of 2008, Bear Stearns barely avoided bankruptcy by selling to  JP Morgan.