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The housing bubble:
- rising home prices sustained by easy credit
- thought that housing prices would continue to rise
- housing prices fall
Bush administration launches largest federal intervention in the economy since the great depression on 10/3/08
700 billion dollar bailout program to buy toxic mortgages (TARP)
Issues of the 2008 election
slumping economy and financial meltdown
Did the financial crisis hurt McCain?
- McCain offered the same solutions: tax cuts and less regulations
When Obama wins who gains in congress?
Did Barack Obama beat Mccain by a landslide?
Did Bush take the budget surpluses to deficits?
what is the American Recovery and Reinvestment Act of 2009
- Obama's 787 billion stimulus package
- only 3 rep senators vote yes!
Does US auto industry come under federal control in return for loans during the Obama admin?
Obama's direction foreign policy:
- Planned closure of Guantanamo Prison to end harsh interrogation techniques
- end mission in Iraq
- increase troops and resources in Afghanistan to defeat the Taliban
- overtures to Iran, Russia, cuba
The Obama administration's approach will apparently bring?
a significant expansion of the federal government
When did the health care reform bill pass?
- March 2010
- Patient Protection and Affordable Care act
- No Republicans in House or Senate voted for the bill
First two years of Obama's presidency?
- Stimulus Package
- The Patient Protection and Affordable Care Act
- The Dodd-Frank wall street reform and consumer protection act
Unemployment rate goes up dramatically after Obama is elected?
- October 2009 10.2% highest since april 1983
- November 2009 10%
Under Obama: Growing Deficit
- 2009 deficit 1.4 trillion highest since 1945 WW2
- 2010 deficit $1.29 trillion
- 2011 $1.3 trillion
Obama's new direction in foreign policy:
- mulitateralism: engagement
- emphasis on stabilizing Afghanistan 30,000 more troops
April of 2011 Brink of federal government shutdown
- Reps wants lower taxes and cuts in medicare
- Dems want the Bush Era tax cuts
If the US failed to raise the limit by August 2, 2011:
How is it solved?
- the US would have to default for the first time in history
- reps say no deal without steep budget cuts
- last minute deal is reached
- congressional super committee will identify 1.2 trillion in cuts over 10 years
- if super committe cant agree on cuts, big cuts will happen automatically on January 1, 2013
August 5 2011 Standards and Poors credit rating agency:
downgrades long-term credit rating of US governments for first time in history from AAA to AA+
What happens on november 2011 to the Congressional Super Committee
Fails to agree on cuts
Groups Romney won:
- older voters 45+
- stronger among religious voters
- stronger among rural voters
What happened in the legislative branch when Obama was relected?
Republicans retained control in the House of Reps and the Senate
Fiscal Cliff on january 1, 2013
- automatic tax increases for everyone
- automatic budget cuts
- raise debt ceiling or default in early 2012
January 2, deal is reached to avoid fiscal cliff
- tax increase for incomes over 450,000
- automatic cuts-sequestration are delayed until March 1, 2013
- no agreement
Does Obama pass gun control or immigration laws?
Two Crises in Oct 13
- Shut down of government
- Default on US debt- debt ceiling extending until Feb 7 2014
where does the economy stand right now?
- the unemployment rate is showing economic growth
- stock market showing incredible growth
- income gap continues to be an issue
- continuing stalemate with congress