Why is 2008 an important year?

In September 2008 Lehman Brothers collapsed in the biggest U.S. bankruptcy ever. When the bubble burst, financial institutions were left holding trillions of dollars worth of near-worthless investments in subprime mortgages.

Why was the year 2008 significant?

November 4 – 2008 United States presidential election: Democratic U.S. Senator Barack Obama is elected as the 44th President of the United States and U.S. Senator Joe Biden is elected the 47th Vice President. Barack Obama becomes the first African-American President-elect.

What changed the world in 2008?

Ten years ago this week, the collapse of Lehman Brothers became the signal event of the 2008 financial crisis. Its effects and the recession that followed, on income, wealth, disparity and politics are still with us.

What happened in 2008 in US history?

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.

What cool things happened in 2008?

Back in the year 2008, Google released the first “public version” of the Chrome web browser. Over 7,000 Starbucks locations took a three-hour coffee break for employee training. Life expectancy in the U.S. fell slightly to 77.8 years, the first drop since 2004. The United States was also the 18th most obese nation.

The 2008 Financial Crisis - 5 Minute History Lesson

What happened in 2008 in China?

May 12 – 2008 Sichuan earthquake: Over 70,000 killed in central south-west China by the Wenchuan quake, an earthquake measuring 7.9 Moment magnitude scale. The epicenter is 90 kilometers (56 mi) west-northwest of the provincial capital Chengdu, Sichuan province.

What was big in 2008?

What happened in the fall of 2008?

Nonetheless, in the fall of 2008, the economic contraction worsened, ultimately becoming deep enough and protracted enough to acquire the label “the Great Recession." While the US economy bottomed out in the middle of 2009, the recovery in the years immediately following was by some measures unusually slow.

What happened in 2008 in Australia?

11 July – The Apple iPhone is officially released in Australia. 13 July – Pope Benedict XVI arrives for his first papal visit to Australia, ahead of World Youth Day 2008. 15 to 20 July – World Youth Day 2008, the Catholic Church's youth festival is held in Sydney.

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.

How did 2008 affect other countries?

In the year following the 2008 financial crisis, economic activity declined in half of all countries in the world. Our analysis in Chapter 2 of the October World Economic Outlook shows that in many countries output is still well below levels that would have prevailed had output followed its precrisis trend.

What was made in 2008?

What countries were affected by 2008?

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.

What happened in 2008 world history?

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 impact did 2008 have on China?

China introduced the largest stimulus package in the world in late 2008, in the wake of the global financial crisis. China was also the first major economy in the world to emerge from the crisis. After a brief though sharp downturn in 2008, the Chinese economy recovered and grew by 8.7% in 2009 and by 10.4% in 2010.

Who was most responsible for 2008?

What was the 2008 apology?

On 13 February 2008 Prime Minister Kevin Rudd made a formal apology to ​Aboriginal and Torres Strait Islander peoples, particularly to the Stolen Generations whose lives had been blighted by past government policies of forced child removal and assimilation.

Why did inflation rise in 2008?

This fifth inflationary episode occurred when Iraq invaded Kuwait, leading to the first Gulf War. The price of crude oil increased significantly due to heightened uncertainty, leading to a short bout of high inflation. In 2008, the CPI rose above 5 percent for two months due to skyrocketing gas prices.

Who said sorry on sorry day?

On 26 August 1999, Prime Minister John Howard moved a Motion of Reconciliation, which included an expression of "deep and sincere regret that Indigenous Australians suffered injustices under the practices of past generations, and for the hurt and trauma that many Indigenous people continue to feel as a consequence of ...

Why did 2008 crisis affect the world?

The housing market was deeply impacted by the crisis. Evictions and foreclosures began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide.

How did the 2008 crisis end?

1 By October 2008, Congress approved a $700 billion bank bailout, now known as the Troubled Asset Relief Program. 2 By February 2009, Obama proposed the $787 billion economic stimulus package, which helped avert a global depression.

What happened June 2008?

Illinois Senator Barack Obama wins the Democratic Party presumptive nomination, becoming the first African American to be nominated by a major party. (AP via Time) (BBC News) Senator Obama wins the Montana Democratic primary, 2008. New York Senator Hillary Clinton wins the South Dakota Democratic primary, 2008.

What happened in April 2008?

Twenty people are killed and 50 injured in overnight clashes in Sadr City in Baghdad. (AP via Yahoo! News) (CNN) A rocket attack on the Green Zone in Baghdad results in the death of two United States Army soldiers and 17 injuries. (AP via Google News)