Economic Recession, 2006 to present

Timeline

Housing Market Fell

August 2006 - Present

Lenders began foreclosing houses, totaling to 2.3 million by 2008.

Housing Market Hit Peak

August 2006

The U.S. housing market reached its high point, meaning that many Americans had houses they could not actually afford.

Recession Began

December 2007

National Bureau of Economic Research announced in December 2008 that the U.S. had been in a recession starting December 2007.

Fannie Mae and Freddie Mac Seized By Government

September 7, 2008

The U.S. government took control of mortgage companies Fannie Mae and Freddie Mac, which held about half of the country's mortgages.

Banks Failed, Changed and Reorganized

September 14, 2008 - March 2, 2009

Bank of America bought Merrill Lynch, Barclays bought Lehman Brothers, Goldman Sachs and Morgan Stanley became bank holding companies, Wells Fargo beat out Citibank and bought Wachovia, Citibank got an extra bailout, Citigroup and Morgan Stanley merged, and AIG received four extra bailouts from the government.

Bush Signed Bailout Package

October 3, 2008

After the bailout bill went through the House and Senate, President George W. Bush signed it.

Obama Signed Stimulus Package

February 17, 2009

President Barack Obama signed the package to revitalize the economy.

DOW Dropped

March 9, 2009

DOW reached the current market low of 6,440.

Unemployment Up

April 3, 2009

The Bureau of Labor Statistics Unemployment report showed 8.5% of Americans out of work.

DOW Up

October 14, 2009

DOW reached over 10,000 for the first time in over a year.

GDP Up

October 29, 2009

The Bureau of Economic Analysis reported that U.S. GDP grew at an annual rate of 3.5% in the third quarter, showing the recession is technically likely over.