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financial crisis
Created by
shafali
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Updated
7 months ago
Timelines by
shafali
:
7 months ago
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Financial Crisis 2
Events
Glass-Steagall Act repealed
Interest begin a steady and sustained decline
Demand for houses goes up so many sub-prime mortgages are made
Housing Prices Increase Dramatically for several years
Interest rates increase
Many people can’t afford their homes, and default on their mortgage
Supply of houses increases and prices FALL
Bear Stearns Fails
Lehman Brothers Fails, Washington Mutual Fails, Fannie Mae/ Freddie Mac nationalized, AIG receives $35B govt loan
Credit Crunch
Emergency Economic Stabilization Act of 2008 (Bush Bailout)
Recession is officially declared
American Recovery and Reinvestment Act
