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Glass-Steagall Act repealedInterest begin a steady and sustained declineDemand for houses goes up so many sub-prime mortgages are madeHousing Prices Increase Dramatically for several yearsInterest rates increaseMany people can’t afford their homes, and default on their mortgageSupply of houses increases and prices FALLBear Stearns FailsLehman Brothers Fails, Washington Mutual Fails, Fannie Mae/ Freddie Mac nationalized, AIG receives $35B govt loanCredit CrunchEmergency Economic Stabilization Act of 2008 (Bush Bailout)Recession is officially declaredAmerican Recovery and Reinvestment Act
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