What happened in 2008?

The 2008 financial crisis began with cheap credit and lax lending standards that fueled a housing bubble. When the bubble burst, the banks were left holding trillions of dollars of worthless investments in subprime mortgages. The Great Recession that followed cost many their jobs, their savings, and their homes.

What major events happened in the year 2008?

From left, clockwise: Lehman Brothers went bankrupt following the Subprime mortgage crisis; Cyclone Nargis killed more than 138,000 in Myanmar; A scene from the opening ceremony of the 2008 Summer Olympics in Beijing; the 2008 Sichuan earthquake kills over 87,000; a destroyed Georgian T-72 tank during the Russo- ...

What happened in 2008 in America?

The history of the United States from 2008 to the present began with the collapse of the housing bubble, which led to the Great Recession. The resulting economic downturn and general discontent led Barack Obama to win the presidential election in 2008, becoming the country's first African-American president.

Why did the 2008 financial crisis happen?

The catalysts for the GFC were falling US house prices and a rising number of borrowers unable to repay their loans. House prices in the United States peaked around mid 2006, coinciding with a rapidly rising supply of newly built houses in some areas.

What happened in fall 2008?

The growth of predatory mortgage lending, unregulated markets, a massive amount of consumer debt, the creation of "toxic" assets, the collapse of home prices, and more contributed to the financial crisis of 2008.

How it Happened - The 2008 Financial Crisis: Crash Course Economics #12

What big event happened in September 2008?

The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets and insolvency threats to investment banks and other institutions.

What major event happened in October 2008?

On Friday, October 10, stock markets crashed across Europe and Asia. London, Paris and Frankfurt dropped 10% within an hour of trading and again when Wall Street opened for trading. Global markets have experienced their worst weeks since 1987 and some indices, S&P 500, since the Wall Street Crash of 1929.

Who lost money in 2008 crash?

Steven Spielberg and Jeffrey Katzenberg both are reported to have lost from the funds. So did banks HSBC and Royal Bank of Scotland. Tufts University has written off a $20 million investment with Madoff, and Yeshiva University is another reported victim.

What stopped the 2008 financial crisis?

In September 2008, Congress approved the “Bailout Bill,” which provided $700 billion to add emergency liquidity to the markets. Through the Troubled Asset Relief Program (TARP) passed in October 2008, the U.S. Treasury added billions more to stabilize financial markets—including buying equity in banks.

What happened in New York in 2008?

On the morning of March 6, 2008, an unknown individual placed a small bomb in front of a United States Armed Forces recruiting station in Times Square, located in Midtown Manhattan in New York City.

What happened in 2008 in NYC?

Stock Market Tumbles and New York's Economy Follows

Bear Stearns failed, Lehman Brothers collapsed, and Merrill Lynch was saved only after being swallowed up by Bank of American (which would face its own troubles down the road). To prevent more carnage, the federal government devised a $700 billion rescue package.

What happened in 2008 June?

Obama Secures the Democratic Nomination (June 3): On the final day of the 2008 primary season, Sen. Barack Obama secures 2,154 delegates and becomes the presumptive Democratic presidential nominee. He's the first black candidate to head a major party ticket in a presidential election.

What was happening in 2007 2008?

financial crisis of 2007–08, also called subprime mortgage crisis, severe contraction of liquidity in global financial markets that originated in the United States as a result of the collapse of the U.S. housing market.

What are some fun facts about 2008?

What happened in January 2008?

Suicide Bomber Kills Dozens in Baghdad (Jan. 1): In the worst attack in Iraq in months, a suicide bomber kills 30 people at a home where mourners were paying their respects to the family of a man killed in a car bomb. The Iraqi military blames the attack on al-Qaeda in Iraq.

Was 2008 the worst financial crisis ever?

It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm".

Who was most affected by 2008 financial crisis?

The Carnegie Endowment for International Peace reports in its International Economics Bulletin that Ukraine, as well as Argentina and Jamaica, are the countries most deeply affected by the crisis. Other severely affected countries are Ireland, Russia, Mexico, Hungary, the Baltic states.

How long did 2008 recession last?

According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months.

Who went to jail for 2008?

Kareem Serageldin (/ˈsɛrəɡɛldɪn/) (born in 1973) is a former executive at Credit Suisse. He is notable for being the only banker in the United States to be sentenced to jail time as a result of the financial crisis of 2007–2008, a conviction resulting from mismarking bond prices to hide losses.

Who was blamed for 2008 crisis?

The Biggest Culprit: The Lenders

Most of the blame is on the mortgage originators or the lenders. That's because they were responsible for creating these problems. After all, the lenders were the ones who advanced loans to people with poor credit and a high risk of default.

How to get rich during a recession?

What happened on June 11 2008?

On June 11, 2008, Canadian Prime Minister Stephen Harper issued a formal apology from the Government of Canada to former students of Indian Residential Schools, and acknowledged the damage caused by the Residential School System.

What happened on May 11 2008?

Typhoon Rammasun was an impressive Category 4 storm, making it a super typhoon, when the Moderate Resolution Imaging Spectroradiometer (MODIS) on NASA's Terra satellite captured this image on the morning of May 11, 2008.

What happened on February 11 2008?

2008 East Timor assassination attempts: President of East Timor José Ramos-Horta is shot and wounded in an attack at his home. Rebel leader Alfredo Reinhado, who led the attack, is killed.