![]() ![]() Historical Unemployment Rate: Bureau of Labor Statistics. " More Than 3.3 Million People Have Saved with HARP. “ DJIA Daily Performance History,“ Download DJIA Daily Performance History.įreddie Mac. “ National Income and Product Accounts Tables," Table 1.1.1, "Percent Change From Preceding Period in Real Gross Domestic Product,” Select “Modify,” Select “First Year 2008,” Select “Series Annual,” Select “Refresh Table.” “ National Income and Product Accounts Tables," Table 1.1.1, "Percent Change From Preceding Period in Real Gross Domestic Product,” Select “Modify,” Select “First Year 1980,” Select “Series Quarterly,” Select “Refresh Table.”īureau of Economic Analysis. " Gross Domestic Product, Fourth Quarter 2008 (Advance) and Corporate Profits,"īureau of Economic Analysis. " Gross Domestic Product, Fourth Quarter 2008 (Final) and Corporate Profits,"īureau of Economic Analysis. " Homeowner Affordability and Stability Plan Fact Sheet,"īureau of Economic Analysis. 1 - American Recovery and Reinvestment Act of 2009," In other words, the free market couldn't solve the problem without government help. Banks needed the funds to write down their losses and avoid bankruptcy. That threatened to shut down cash flow to all businesses, large and small. It created a run on the ultra-safe money market funds. That's what Former Treasury Secretary Hank Paulson attempted to do with Lehman Brothers. In other words, the government should have let capitalism do its thing. Other companies would have purchased the good assets and the economy would have been much stronger as a result. The argument was that, if we had just let the banks go bankrupt, the worthless assets would have been written off. They agreed that banks should not have been rescued for making bad decisions based on greed. They thought the banks just used the money for executive bonuses. ![]() There was a lot of anger about the billions in taxpayer dollars used to bail out the banks. People walk past Washington Mutual Inc.'s headquarters Septemin Seattle. The recession caused demand to slump. Economic growth for all of 2008 was an anemic -0.1%. It was also the worst slowdown since Q1 1982 when GDP fell 6.1%. That was worse than the 3.8% drop it reported in its advance report. 27-The Bureau of Economic Analysis’s final report revised its U.S. gross domestic product growth rate for the fourth quarter of 2008 to a negative 6.3%. HASP provided a $1,000-a-year principal payment for borrowers who stayed current on the loan. It was paid out of the Troubled Asset Relief Program funds.įeb. Most banks wouldn't allow a loan modification until the borrower missed three payments. The Homeowner Affordability and Stability Plan was designed to help the 7 million to 9 million homeowners avoid foreclosure by restructuring or refinancing their mortgages before they got behind in their payments. ![]() 18-Obama announced a $75 billion plan to help stop foreclosures. It was the fiscal stimulus that ended the Great Recession.įeb. It provided $54 billion in tax write-offs for small businesses. The American Recovery and Reinvestment Act extended unemployment benefits and suspension of taxes on those benefits through 2009. It boosted economic growth by granting $288 billion in tax cuts, $224 billion in unemployment benefits, and $275 billion for "shovel-ready" public works. It also included a $2,500 college tuition tax credit, an $8,000 tax credit for first-time homebuyers, and a deduction of sales tax on new car purchases. 13-Congress approved the $787 billion economic stimulus package. ![]() Construction project as part of the Stimulus Package. ![]()
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