What happened in the world 2008?

In 2008, the face of the global economy changed forever. Investment banks, the secondary credit market, and an unregulated financial market disappeared. 1 The central banks around the world propped up the financial system. In September of that year, America came very close to total economic collapse.

What major economic event happened in the US in 2008?

The 2008 financial crisis devastated Wall Street, Main Street, and the banking industry. The Federal Reserve and the Bush administration spent hundreds of billions of dollars to add liquidity to the financial markets. They worked hard to avoid a complete collapse.

What was happening in June 2008?

World | Nation | Business/Science/Society. 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. Hillary Clinton suspends her campaign and endorses Obama for the presidency.

What was the most important event in 2008?

Important Events in 2008. Jan 21 Black Monday in worldwide stock markets. FTSE 100 had its biggest ever one-day points fall, European stocks closed with their worst result since 9/11, and Asian stocks drop as much as 15%. Feb 24 Fidel Castro retires as the President of Cuba due to ill health after nearly fifty years.

Why did the US financial crisis happen in 2008?

And because that system had become a globally interdependent one, the U.S. financial crisis precipitated a worldwide economic collapse. So…what happened? The 2008 financial crisis had its origins in the housing market, for generations the symbolic cornerstone of American prosperity.

Why did the housing market crash in 2008?

The 2008 financial crisis had its origins in the housing market, for generations the symbolic cornerstone of American prosperity. Federal policy conspicuously supported the American dream of homeownership since at least the 1930s, when the U.S. government began to back the mortgage market.

What was the result of Black Monday in 2008?

Jan 21 Black Monday in worldwide stock markets. FTSE 100 had its biggest ever one-day points fall, European stocks closed with their worst result since 9/11, and Asian stocks drop as much as 15%. Feb 24 Fidel Castro retires as the President of Cuba due to ill health after nearly fifty years