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Congress changes from Republican to Democratic majority. (political change)

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The housing market was booming at the beginning of the 21st century. At the beginning of 2007, the price of homes peaks. At this point, individuals and families who previously could not have gotten a mortgage were able to through adjustable ones with little down payments and low initial interests. However, as these rates rose, people couldn't pay mortgages. From this point until the 2nd quarter of 2011, housing prices decreased by over 20%. (economic)

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Apple announces the release of the very first iphone. (cultural)

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32 people died this day fron gunshots delivers by student Seung-Hui Cho, who later committed suicide. Other than the 32 people dead, dozens of people were injured. (Historical)

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US Stock market reaches its all time high, with the DOW exceeding 14,000. However, the DOW loses more than half of its value in the following 18 months and Americans lose money invested in the stock market. (economic)

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The new president of the Russian federation, Dmitry Medvedev, appoints Vladimir Putin as the Russian Prime Minister. (historic)

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Nasa launches the Pheonix Mars Lander durring august of 2007. It successfuly lands on Mars in May of 2008. The purpose of the spacecraft was to examine the soil and minerals that existed on Mars. The lander discovered the existence of water-based ice in the sub-surface of mars which helped researched exampine whether Mars would be hospitable for Humans in the future. (cultural)

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Lehman Brothers, a global finacial services firm files for bankruptcy in 2008. The 164 year old company was America's fourth largest investment bank at the time and it's collapse caused a global financial crisis. When the company collapsed, panicked banks stoped lending completely and the entire global banking stystem became short of funds which led to the decrease in the stock market. (Economic)

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President Bush signs the TARP act into law (Troubled Asset Relief Program). This uses $700 billion toward purchasing securities and assets from financial institutes to restore credit confidence. (legislation)

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President Obama wins the presidency in 2008, and is inaugurated in January of 2009. The political party in power of presidency changes from Republican to Democrat. (political change)

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American Recovery and Reinvestment
Act- President Obama approves a $787 billion stimulus package including tax cuts and money for infrastructure, schools, health care, and green energy (legislation)

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The DOW falls to its greatest low during the Great Recession, a drop of more than 50% from its to date high in October 2007. (economic)

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The Affordable Care Act is passed. This was designed to reduce the cost of health insurance for low income people and increase access for everyone. It expanded Medicaid accessibility, overall strengthened the healthcare system. It required everyone to have insurance, and for insurance companies to accept everyone. Companies could not deny people's request for coverage for a preexisting condition. (legislation)

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President Obama signs the "Dodd-Frank Wall Street Reform" and the "Consumer Protection" act into law, allowing the government to assume control of banks on the brink of financial collapse (legislation).

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The first single from "far east movements"'s third studio album, "Like a G6" is released. (cultural)

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Congress changes from Democrat to Republican majority. (political change)

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Osama Bin Laden is killed in a US military operation, thus minimizing Al Qaeda's impact in later affairs. (historical)

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The London Olympics begins (cultural)

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The DOW Jones reaches a new record high, signaling the official end of the Great Recession (economic).

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Hurricane Sandy, the largest Atlantic hurricane on record measured by diameter, hits land in New Jersey. (Historical)