https://padlet.com/marahpollock/97x4ck8gs9yjdhe5 en-us 2022-11-11 18:46:32 UTC 2022-11-15 18:55:27 UTC hello@padlet.com marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380532800 Barack Obama was a very famous figure during this time because he was the president that was tasked with figuring out these substantial problems. He had to deal with blowback from people upset about the stimulus and the recession all around. He helped make many acts that aided the American Population incredibly. ]]> 2022-11-11 18:47:31 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380532800 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380532919 Everyone in America was affected. Whether someone was rich or poor, they were still heavily affected by this recession. The stock market crashed, many houses were foreclosed, and some people were forced into homelessness. There are people who lost family homes, lost immense amounts of money, and went through incredible levels of stress. ]]> 2022-11-11 18:47:40 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380532919 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533106 In 2006, the US Housing Market peaked, and construction in residential areas began declining. In 2007, mortgage-related assets caused heavy strains in the global financial markets. In December of 2007, the US economy completely entered a recession. Many large financial firms experienced great distress, and other markets experienced turbulent lows. In 2008, the contraction of the economy worsened, which made it finally hold the title of "the Great Recession". The economy bottomed in 2009.]]> 2022-11-11 18:47:53 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533106 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533269 This action is relevant today because it created many new back up plans in case this were to ever happen again. It also still lives in the back of many American's lives, because people who were born even a few years before that still remember how it affected them. It was a scary time, and people will always remember it. ]]> 2022-11-11 18:48:08 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533269 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533568 Some people believed that the recession of 2008 was economic terrorism. This would cause unrest within political parties. Kevin D. Freeman was one of these people who would believe these theories. He believed that China, Russia, and Islamic financial terrorists were trying to pose economic warfare against the United States. This would cause a great amount of abrasion that we still see amongst these groups today. ]]> 2022-11-11 18:48:27 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533568 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533691 In November of 2008, the Federal Reserve put out a series of LSAP (Large-Scale Asset Purchase) programs, which bought mortgage-backed securities and Treasury Securities. 
Another was the Dodd-Frank Act of 2010. This created new provisions to treat large financial institutions. This also created the Orderly Liquidation Authority (OLA). This allowed the Federal Deposit Insurance Corporation to to help stop the fall-out of financial failure if the institution posed a risk.  
The American Recovery and Reinvestment Act was the $787 billion economic stimulus plan that ended the recession. It granted $212 billion in tax cuts, $575 billion in outlays, and $311 billion for new projects. Obama announced a $75 billion to help stop foreclosures called the Homeowner Stability Initiative. ]]> 2022-11-11 18:48:37 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533691 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533869 Something that helped America out of the 2008 Recession was the Dodd-Frank Act of 2010. It created new provisions of institutions, so they would be prepared if the same thing were to happen again. In October of 2008, Congress made the Troubled Asset Relief Program, which helped bail out banks that were hurting at the time. They lent $115 billion dollars to banks. Barack Obama, the president at the time, proposed a $787 billion dollar economic stimulus package. This helped avert a global depression. 

]]> 2022-11-11 18:48:50 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380533869 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380534010 In September of 2008, the Stock Market crashed. This crash made the recession much, much worse than it had already been. Another incredibly important event was the $700 billion bank bailout bill, which helped a lot of banks get back on their feet to support people again. In February of 2009, Congressed passed the American Recovery and Reinvestment Act, which helped boost the economy. Obama also helped stop foreclosures during this time. ]]> 2022-11-11 18:49:01 UTC https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380534010 marahpollock https://padlet.com/marahpollock/97x4ck8gs9yjdhe5/wish/2380534129 https://www.federalreservehistory.org/essays/great-recession-and-its-aftermath#:~:text=The%20decline%20in%20overall%20economic,recession%20since%20World%20War%20II.


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