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138-421: Since the start of the great recession , unemployment and underemployment levels in the U.S. have remained stubbornly high. Through the resulting " jobless recovery ," consumer confidence has remained shaky, raising the specter of a double dip recession . In August 2011, the U.S. Congress agreed on raising the debt ceiling and a reduction in deficits within the next decade. The acrimonious debate leading to

276-660: A Mercedes-Benz automobile. On March 21, he announced that he would not run in the Democratic primary due to his indictment on federal corruption charges. He did not rule out running as an independent . On June 3, Menendez officially filed to run as an independent. He told the Associated Press that despite running as an independent he would not leave the Democratic Party. But on July 23, upon his criminal conviction, Menendez announced his resignation from

414-774: A bill to amend the Internal Revenue Code of 1986 to repeal the imposition of 3 percent withholding on certain payments made to vendors by government entities, was an element of the larger American Jobs Act and passed the US House of Representatives on a bipartisan 405–16 vote. Senate Democrats planned to attach an amendment to H.R. 674 to include an additional element of the American Jobs Act, which would give businesses incentives to hire unemployed and disabled veterans. The "Vow to Hire Heroes Act of 2011" would be funded by "existing funding mechanisms" from

552-440: A bill to put workers back on the job while rebuilding and modernizing America, would've spent $ 50 billion on transportation infrastructure projects and $ 10 billion to fund an "infrastructure bank." The bill was introduced by Senator Amy Klobuchar on October 31, 2011 and failed in a 51–49 vote for cloture on November 3, 2011. In the failed motion to proceed to consider the legislation, 51 Democrats voted in favor of opening debate on

690-515: A black-tie dinner for the Congressional Hispanic Caucus Institute , Obama pitched his jobs plan to Latinos . In an October press conference, Obama responded to the suggestion from a reporter that his jobs tour was part of a political campaign, saying The question is, will Congress do something? If Congress does something, then I can't run against a 'do nothing' Congress. If Congress does nothing, then it's not

828-464: A comprehensive review of securities regulations from the perspective of these small companies to reduce the regulatory burdens on small business capital formation in ways that are consistent with investor protection, including expanding ' crowdfunding ' opportunities and increasing mini-offerings." The proposal had originated on January 31, 2011 as part of the President's Startup America initiative, and

966-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as

1104-418: A football game," he said, referencing the aforementioned Saints-Packers game. However, Congress members were still available to respond to Obama's speech individually. Boehner later released a statement after the speech saying that "the proposals the president outlined tonight merit consideration. We hope he gives serious consideration to our ideas as well." The White House provided a fact sheet which summarizes

1242-806: A foreign agent. Menendez resigned from the Senate in August and will be sentenced in January 2025. Menendez was born on January 1, 1954, in New York City to Cuban immigrants who had left Cuba a few months earlier, in 1953. His father, Mario Menéndez, was a carpenter, and his mother, Evangelina, was a seamstress . The family subsequently moved to New Jersey, where he grew up in an apartment in Union City . He attended Union Hill High School , where his speech teacher, Gail Harper, helped him develop as

1380-456: A letter requesting that she investigate USDA instances of retaliation and political decision-making and asserted that not conducting an investigation would mean these "actions could be perceived as a part of this administration's broader pattern of not only discounting the value of federal employees, but suppressing, undermining, discounting, and wholesale ignoring scientific data produced by their own qualified scientists". In April 2018, Menendez

1518-670: A matter of me running against them. I think the American people will run them out of town. Republicans and conservative radio hosts were quick to label the American Jobs Act as "son of stimulus" after the controversial American Recovery and Reinvestment Act of 2009 . Martin Feldstein , a Harvard economist and Obama appointee to the Economic Recovery Advisory Board , put the price tag on the American Jobs Act at about $ 200,000 per job, which Republicans argue as

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1656-449: A message from the President transmitting the legislative proposal, referred to committee and ordered it to be printed (H. Doc. 112-53). Officially H.R. 12, was introduced on September 21, 2011, by Rep. John Larson, D-Conn. On October 11, the bill was voted on in the Senate where it failed to garner the necessary sixty votes to proceed. In response Obama vowed to break the bill into several smaller derivative bills. The first of these bills,

1794-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than

1932-511: A pathway to citizenship for the undocumented widowers and orphans of deceased U.S. citizens. Menendez is a strong supporter of the DREAM Act , saying, "Children should not be punished for the actions of their parents. These kids have grown up as Americans, worked hard in school and now they want to serve our country in the military or pursue a college education. This is the only home many of them have known and they should be encouraged to pursue

2070-502: A proposed amendment that would have banned adoption in Washington D.C. by same-sex couples and other persons not related by blood or marriage. The amendment failed with 213 votes in favor and 215 votes against. Of gay rights, Menendez has said, "Two people who want to be committed to each other should be able to enter into marriage, and they should receive the benefits that flow from that commitment." Menendez has an "F" rating from

2208-400: A public speaker. Menendez has said, "My mother and Miss Harper made me understand the power of education, what it means to put a premium on learning and working hard." While at Union Hill, Menendez became the student body president. His father, Mario Menéndez, was reportedly a "compulsive gambler" who died by suicide on June 1, 1978, after deciding not to pay gambling debts. Menendez became

2346-536: A rental deal with North Hudson Community Action Corporation, subpoenaing records from them. Some Democrats criticized the investigation, particularly the timing of the investigation and news leaks, as politically motivated. In January 2006, Governor Jon Corzine appointed Menendez to fill the remaining year in Corzine's Senate term, from which Corzine resigned after being elected governor of New Jersey two months before. While several others had been mentioned, Menendez

2484-409: A reporter on October 3 that the bill as a complete package was effectively "dead" and that only parts of the American Jobs Act would be passed. With Obama stating a willingness to consider a piecemeal approach on the legislation, Cantor said, At this point, I think that Washington has become so dysfunctional that we've got to start focusing on the incremental progress we can make. Both sides want to do

2622-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating

2760-413: A second full term and defeated Republican Joe Kyrillos on November 6, with 58% of the vote to Kyrillos's 39%. Menendez ran for reelection to a third full term and defeated Republican Bob Hugin on November 6, with 54% of the vote to Hugin's 42%. In January 2024, Menendez was charged with corruption for promoting the interests of Qatar while receiving various illicit gifts such as cash, gold bars, and

2898-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that

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3036-412: A speech described as "fiery" in a Columbus high school that led to the audience chanting: "Pass this bill!" In a campaign-style rally at North Carolina State University , Obama told college students Every single one of you can help make this bill a reality. The time for hand-wringing is over. The time for moping around is over. We've got to kick off our bedroom slippers and put on our marching shoes. At

3174-504: A suppressor. In December 2018, Menendez was one of 42 senators to sign a letter to Trump administration officials Alex Azar , Seema Verma , and Steve Mnuchin arguing that the administration was improperly using Section 1332 of the Affordable Care Act to authorize states to "increase health care costs for millions of consumers while weakening protections for individuals with pre-existing conditions". The senators requested

3312-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3

3450-566: A win? Republican Majority Leader Eric Cantor indicated that it would be a tough bill to pass quickly: Insisting that this body and the two sides here agree on everything is not a reasonable expectation. House Speaker Boehner said the president's bill should be analyzed immediately by the Congressional Budget Office for scoring before the Administration and Congress pursue negotiations. Cantor confirmed to

3588-417: Is $ 450 billion of spending, after we've spent, spent, spent. On the other side, Peter DeFazio argued against the inclusion of nearly $ 250 billion of tax breaks, saying: Half of it is tax cuts, and quite frankly tax cuts don't work. Great recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of

3726-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges

3864-689: Is an American lawyer and politician who served as a United States senator from New Jersey from 2006 until his resignation in 2024 following his conviction on 16 counts in a political corruption case. A member of the Democratic Party and the Cuban–American lobby , he was first appointed to the Senate by Governor Jon Corzine , and chaired the United States Senate Committee on Foreign Relations from 2013 to 2015 and from 2021 to 2023. In 1974, at age 20, Menendez

4002-601: Is no boss of Hudson County". According to a 2005 New York Times op-ed, "Since entering politics as a corruption-fighting mayor of Union City, N.J., Mr. Menendez has become a proponent of business as usual. He has long been an entrenched de facto leader of the Hudson County Democratic machine." In September 2006, just a few weeks before the 2006 Senate elections , the U.S. Attorney 's Office in New Jersey, headed by Chris Christie , began investigating

4140-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for

4278-491: Is traditionally done after a presidential address to a joint session of Congress. This decision was criticized by House Minority Leader Nancy Pelosi as being "disrespectful" to the president and the American people. However Boehner denied any of this. "This is not a State of the Union address . The American people shouldn't be forced to watch some politician they don't want to listen to. And frankly, most of them would rather watch

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4416-399: The 13th district and reconfigured as a Latino-majority district. Menendez decided to run in the primary—the real contest in this heavily Democratic district—and defeated Robert Haney Jr., 68%–32%. He defeated New Jersey Superior Court Judge Fred J. Theemling Jr. in the general election with 64% of the vote. After that, he was reelected every two years with at least 71% of the vote until he

4554-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD

4692-615: The Commodity Futures Modernization Act of 2000 . After the 2001 Enron scandal , Menendez voted with 333 other House members for the Sarbanes–Oxley Act . Although he had sometimes been portrayed as the political boss of Hudson County , he strongly dislikes this appellation, particularly because, according to an anonymous close source quoted in the December 11, 2005 Union City Reporter , "there

4830-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass

4968-600: The Grand Ethiopian Renaissance Dam (GERD) on the Blue Nile and for trying to convince the U.S. State Department to adopt Egypt's stance on this issue. A superseding indictment in January 2024 accused Menendez of also working for the government of Qatar . In March, Menendez was indicted for obstruction of justice . In July, a jury found him guilty of all charges. He is the first sitting member of Congress to be convicted of conspiracy to act as

5106-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for

5244-670: The NRA Political Victory Fund and a "F−" rating from the Gun Owners of America due to his support of gun law reform. Specifically, he supports universal background checks and a ban on assault weapons. In January 2019, Menendez was one of 40 senators to introduce the Background Check Expansion Act, a bill that would require background checks for either the sale or transfer of all firearms, including all unlicensed sellers. Exceptions to

5382-583: The Secure Fence Act of 2006 , building 700 miles (1,100 km) of physical barriers and expanding surveillance at the Mexico–U.S. border , and supported Senate Amendment 4775, which would have appropriated $ 1.8 billion for the construction of 370 miles (600 km) of triple-layered fencing, and 461 miles (742 km) of vehicle barriers along parts of the Southwest. On January 28, 2013, Menendez

5520-587: The general election . In the midterm elections held on November 7, near the end of his one-year appointment, Menendez ran to retain his Senate seat. He defeated Republican Thomas Kean Jr. , incumbent minority whip in the New Jersey Senate , and son of former state governor Thomas Kean , with 53% of the vote to Kean's 45%. Menendez was endorsed by several newspapers including The New York Times , The Philadelphia Inquirer , The Star-Ledger , and The Record . Menendez ran for reelection to

5658-547: The recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of

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5796-476: The 1996 election for the seat, but eventually dropped out of the race and endorsed Robert Torricelli , the Democrat representing New Jersey's 9th congressional district . Similarly, in 1999, when the state's other U.S. Senator, Frank Lautenberg , announced his planned retirement, Menendez again decided not to run, with the Democratic nomination for the 2000 race going to Goldman Sachs CEO Jon Corzine , who won

5934-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing

6072-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without

6210-600: The 2012 budget was balanced and increased education funding. Menendez voted for the Defense of Marriage Act (DOMA) as a congressman in 1996; on December 18, 2011, he came out in support of, and co-sponsored, the Respect for Marriage Act , which would repeal DOMA. Menendez also voted for the U.S. military's Don't ask, don't tell as a congressman, and co-sponsored the DADT repeal act in 2010. In 1999, Menendez voted against

6348-493: The 33rd Senate district. The next year, Menendez won a seat in the U.S. House of Representatives . He represented New Jersey's 13th congressional district from 1993 to 2006. In January 2006, Menendez was appointed to fill the U.S. Senate seat being vacated by Jon Corzine (who had been elected governor of New Jersey ). He was elected to a full six-year term in November and reelected in 2012 and 2018 . In 2015, Menendez

6486-560: The Act as an amendment to the China trade bill, saying that while he disagreed with the bill's approach to job creation, it deserved to be voted on. On October 5, Reid announced a plan to pay for the American Jobs Act with a 5% surtax on incomes of more than $ 1 million a year. In the House of Representatives, as a matter of procedure; on September 12, 2011 The Speaker pro tempore laid before the House

6624-515: The American dream." He voted for the DREAM Act in 2007 and was a cosponsor along with 31 other senators in the Act's failed passage in 2010. Menendez voted against denying legal status to illegal immigrants convicted of domestic violence, crimes against children and crimes relating to the illegal purchase or sale of firearms, but voted to establish a six-month to 20-year ban for undocumented immigrants seeking citizenship who had been convicted for

6762-648: The Congress to pass his bill immediately. On September 12, he gave a speech in the White House Rose Garden in front of a group of teachers, police officers, construction workers and small-business owners in which he stated that if Congress does not act, just about every family in America will pay more taxes next year. That would be a self-inflicted wound that our economy just cannot afford right now. In Speaker Boehner's home state of Ohio, Obama gave

6900-549: The Department of Veteran Affairs, including adjusting the fee structure for Veterans Affairs Department home loans, as opposed to the tax on Americans making more than $ 1 million a year, which was part of the prior Senate jobs bills. A prior nill version of the 3% withholding repeal by Senate Republicans had failed in the Senate on a 57-43 cloture vote, as Senate Democrats opposed the Senate Republicans plan to fund

7038-528: The EPA intending to decide against setting drinking water limits for perfluorooctane sulfonic acid (PFOS) and perfluorooctanoic acid (PFOA) as part of an upcoming national strategy to manage the aforementioned class of chemicals, Menendez was one of 20 senators to sign a letter to Acting EPA Administrator Andrew R. Wheeler calling on the agency "to develop enforceable federal drinking water standards for PFOA and PFOS, as well as institute immediate actions to protect

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7176-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans

7314-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by

7452-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money

7590-634: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to

7728-408: The Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession

7866-572: The Help Empower Americans to Respond (HEAR) Act, legislation that would ban suppressors being imported, sold, made, sent elsewhere, or possessed and grant a silencer buyback program as well as include certain exceptions for current and former law enforcement personnel and others. The bill was intended to respond to the Virginia Beach shooting , where the perpetrator used a .45-caliber handgun with multiple extended magazines and

8004-617: The House but failed to pass the Senate. Menendez voted for Authorization for Use of Military Force Against Terrorists , authorizing the President to use military force in Afghanistan in response to the 9/11 terrorist attacks . In 2002, Menendez voted against the Iraq Resolution to authorize the invasion of Iraq. Menendez voted against the United Nations Reform Act of 2005 , cutting U.S. funding to

8142-518: The JOBS Act included the requested provisions. The President signed the bill on April 5, 2012. On September 14, Republican Louie Gohmert introduced his own "American Jobs Act of 2011" into the House as H.R. 2911 . The bill would repeal the corporate income tax . Another related bill passed is the Surface and Air Transportation Programs Extension Act of 2011 . President Barack Obama signed

8280-865: The Paris Agreement. Menendez sponsored the Student Non-Discrimination Act , expanding Title IX of the Education Amendments Act to LGBT students, and the Safe Schools Improvement Act of 2011, which would also amend the Higher Education Act of 1965. He voted for the Matthew Shepard and James Byrd Jr. Hate Crimes Prevention Act in 2009, saying, "When someone is harassed, assaulted or killed simply because of

8418-409: The Senate altogether. As of July 2019, Menendez serves on the United States Senate Committee on Banking, Housing, and Urban Affairs ; the United States Senate Committee on Finance ; and the United States Senate Committee on Foreign Relations . On January 6, 2021, Menendez was participating in the certification of the 2021 United States Electoral College vote count when Trump supporters attacked

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8556-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in

8694-685: The Surface and Air Transportation Program Extension Act of 2011 on September 16, 2011 (Public Law No. 112-30). The law extends taxes which fund federal highway expenditures through March and the Federal Aviation Administration through January. Jobs for many construction workers were retained and created because of the extension of this act. Obama toured the country making appearances at various speaking events to promote his legislative recommendation. He appeared before constituents of Eric Cantor 's congressional district to press

8832-574: The Treasury. The Treasury had earned another $ 323B in interest on bailout loans, resulting in an $ 87B profit. Economic and political commentators have argued the Great Recession was also an important factor in the rise of populist sentiment that resulted in the election of right-wing populist President Trump in 2016, and left-wing populist Bernie Sanders ' candidacy for the Democratic nomination. Robert Menendez Robert Menendez ( / m ɛ ˈ n ɛ n d ɛ z / ; born January 1, 1954)

8970-775: The U.N. by 50% over three years, and sponsored the Tsunami Orphans and Unaccompanied Children Act of 2005 to assist victims of the 2004 Indian Ocean earthquake and tsunami . Menendez voted for the PATRIOT Act in 2001, and in 2006 for its reauthorization. In the 105th Congress , Menendez voted for the Gramm-Leach-Bliley Act , repealing provisions of the Glass-Steagall Act of 1933 that limited investment banks from acquiring insurance companies or other commercial banks , and voted for

9108-514: The U.S. Capitol . After rioters breached the Capitol, he was evacuated to an undisclosed location with other senators. He called the attack "anarchy" and "a sad day for our democracy". After the Capitol was secure and Congress reconvened, Menendez voted to certify the election. Menendez blamed Trump and Republicans who supported Trump's baseless claims of voter fraud for inciting the attack. He also called for an investigation into white supremacy in

9246-497: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to

9384-615: The United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in

9522-483: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of

9660-507: The White House's disapproval of the weak showing of support. While some Democrats were opposed to the bill due to the inclusion of tax breaks, others opposed the extent of spending. Both moderate and liberal Democrats have expressed concerns about the bill. Joe Manchin openly voiced his opposition to the Administration by arguing against the inclusion of too much spending, given by his remarks on September 29, The ugly part of that act

9798-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met

9936-481: The administration withdraw the policy and "re-engage with stakeholders, states, and Congress". In January 2019, during the 2018–2019 United States federal government shutdown , Menendez was one of 34 senators to sign a letter to Commissioner of Food and Drugs Scott Gottlieb recognizing the efforts of the FDA to address the effect of the government shutdown on the public health and employees while remaining alarmed "that

10074-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to

10212-469: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared

10350-520: The big, bold things -- the problem is they look vastly different. Many Democrats balked at the bill, siding with the Republicans, especially those facing difficult re-elections in congressional districts where they were hesitant to support unpopular legislation. A majority of the Democrats supported individual components of the bill, but were unwilling to commit to the bill in its entirety, despite

10488-427: The bill's background check requirement included transfers between members of law enforcement, loaning firearms for either hunting or sporting events on a temporary basis, providing firearms as gifts to members of one's immediate family, firearms transferred as part of an inheritance, or giving a firearm to another person temporarily for immediate self-defense. In June 2019, Menendez was one of four senators to cosponsor

10626-536: The council elections with 57% of the vote, beating the reform slate "Transformation '86" and the incumbent "Union City Together" ticket. The Together party, which included Musto's wife, Commissioner Rhyta Musto, represented the remnants of Musto's political machine. Although Republicans had formed and funded the ACA ticket on the premise that the new council would elect Dario mayor, Menendez and Walter convinced Alcobar to switch his vote to Menendez. In November 1987, Menendez

10764-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around

10902-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as

11040-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on

11178-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and

11316-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of

11454-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of

11592-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in

11730-463: The fear of a new recession. After Labor Day , President Obama, in a major speech before a joint session of Congress , detailed a major new jobs package and urged the Congress to pass it without delay. Obama's speech aired in the United States on 11 television networks during primetime, including ABC , CBS , NBC , CNN , Fox News Channel , Fox Business Network , MSNBC , and CNBC . Nielsen Media Research estimate that 31.4 million viewers watched

11868-545: The first in his family to go to college, attending Saint Peter's College in Jersey City , where he was a member of the Lambda Theta Phi fraternity. He graduated with a B.A. in political science and earned his Juris Doctor degree from Rutgers Law School in 1979. Menendez was admitted to the New Jersey bar in 1980 and became a lawyer in private practice. At the start of his career, Menendez

12006-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to

12144-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis

12282-538: The key provisions of the $ 447 billion bill. Some of its elements include: In total the legislation includes $ 253 billion in tax credits (56.6%) and $ 194 billion in spending and extension of unemployment benefits (43.4%). In the Senate, the bill was stalled by Majority leader Harry Reid on September 27, 2011 who said I don't think there's anything more important for a jobs measure than China trade, and that's what we're going to work on next week. On October 4, 2011, Minority Leader Mitch McConnell attempted to offer

12420-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of

12558-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via

12696-517: The legislation and 47 Republican Senators, joined by 3 Democratic Senators ( Joseph Lieberman , Ben Nelson , and Mark Pryor ) voted no. The $ 35 billion bill providing funding to state governments for public school teachers, police and firefighters would've been paid for with a 0.5% tax on incomes in excess of $ 1 million annually, beginning January 1, 2013. The second of these bills, was the Rebuild America Jobs Act, S. 1769 ,

12834-477: The legislation and 47 Republicans Senators, joined by 1 Democratic Senator Ben Nelson and 1 Independent Senator Joseph Lieberman , voted no. The $ 60 billion bill investing in roads, bridges and infrastructure, would have been paid with a 0.7% tax on Americans earning more than $ 1 million per year. A third component was scheduled to receive a cloture vote in the US Senate on November 7, 2011. H.R. 674 ,

12972-624: The lost tax revenue via $ 30 billion in spending cuts. In the failed cloture vote 47 Senate Republicans were joined by 10 Senate Democrats in voting to open debate on the Withholding Tax Relief Act of 2011, S. 1726 . Another element of the Act was passed on March 27, 2012 as part of the Jumpstart Our Business Startups Act . At issue was a White House proposal to "work with the SEC to conduct

13110-590: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about

13248-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of

13386-681: The military. Menendez is an "aggressive advocate" of immigration reform , calling it the "civil rights issue of our time". He has introduced multiple pieces of legislation in attempts to overhaul what he calls our "failed immigration system". Menendez introduced the Comprehensive Immigration Reform Act of 2011, but it died in the Senate Judiciary Committee . In 2009, he introduced the Orphans, Widows, and Widowers Protection Act, granting

13524-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and

13662-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of

13800-487: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of

13938-675: The passage of this bill made clear that some in the United States Congress considered national default to be a viable political option. Following passage, Standard & Poor's downgraded the United States top credit rating from AAA to AA+ citing various factors including the long term political struggle to raise the debt ceiling and a lack of credible plans to reduce federal spending and increase tax revenue. Economic data released in July and August 2011 came in worse than expected, and worldwide stock markets tumbled quickly raising

14076-530: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects

14214-471: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that

14352-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,

14490-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of

14628-676: The public from contamination from additional per- and polyfluoroalkyl substances (PFAS)". In June 2019, Menendez was one of 44 senators to introduce the International Climate Accountability Act, legislation that would prevent President Trump from using funds in an attempt to withdraw from the Paris Agreement and directing the Trump administration to develop instead a strategic plan for the United States that would allow it to meet its commitment under

14766-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed

14904-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of

15042-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in

15180-577: The same crimes along with obstruction of justice, human trafficking and the participation of criminal gang activity. Menendez supported the Comprehensive Immigration Reform Act of 2006 and Comprehensive Immigration Reform Act of 2007 , voting for both bills. He voted against Senate Amendment 1151, declaring English the national language of the Federal government of the United States . He voted to continue federal funding for declared "sanctuary cities". He voted for

15318-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of

15456-549: The speech, 10 million less than the 2011 State of the Union Address , but six million more than his March speech on Libya . The President's address was rescheduled to September 8 after his original request to deliver the speech on September 7 was rebuffed by Speaker of the House John Boehner , who cited a clash with a Republican Presidential debate already scheduled for the same time and stated that more time

15594-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in

15732-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and

15870-490: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off

16008-532: The tools at its disposal, including DHAP, to help these survivors is puzzling – and profoundly troubling" and that hundreds of hurricane survivors were susceptible to being left homeless in the event that FEMA and HUD continued not to work together. Menendez introduced legislation that would incentivize the conversion of vehicles to run on natural gas ; the bill did not make it out of committee in its first incarnation and failed to receive 60 votes required to pass in 2012. In February 2019, in response to reports of

16146-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and

16284-409: The true cost of the legislation. Conservative commentator Brian Darling criticized the act, comparing it with the stimulus, and stated that since the act is based on the same ideas, it is unlikely to have a more positive outcome. Some Republican Members of Congress opposed the act for partisan reasons, with one telling the press anonymously, Obama is on the ropes; why do we appear ready to hand him

16422-586: The type of person they are, it's a crime against an entire community and our nation's values." In 2012, Menendez received a 94% rating from the Human Rights Campaign . During a press conference about the Teachers and First Responders Back to Work Act, Menendez claimed that New Jersey was facing a $ 10.5 billion shortfall in its 2012 fiscal budget that would lead to cuts in state spending on education. PolitiFact rated this statement "false" because

16560-405: The urban, normally Democratic county, Republicans made a significant investment in the 1986 municipal elections. In Union City, Republicans funded an "Alliance Civic Association" (ACA) ticket for city council, led by Republican Assemblyman Ronald Dario . His running mates were two Republicans, Manny Alcobar and Charles Velli, and two Democrats, Menendez and future mayor Bruce Walter. The ACA swept

16698-520: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing

16836-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under

16974-687: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at

17112-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and

17250-489: Was a member of a bipartisan group of eight senators that announced principles for comprehensive immigration reform (CIR). In 2014 the National Council of La Raza (America's largest Latino advocacy organization) recognized Menendez for his work in supporting immigration reform as a member of the "Gang of Eight". In June 2019, Menendez and 18 other Democratic senators sent USDA Inspector General Phyllis K. Fong

17388-565: Was again indicted on federal corruption charges that he aided and provided sensitive information to the government of Egypt . He stepped down as chairman of the Senate Foreign Relations Committee, but refused to resign from the Senate. In October 2023, Menendez was charged with conspiracy to act as a foreign agent of the Egyptian government for accepting bribes in exchange for promoting Egypt's opposition to

17526-622: Was an aide to Union City mayor and state senator William V. Musto . In 1974, he was elected to the Union City Board of Education , the youngest candidate ever to win election to the board. In 1982, he unsuccessfully challenged Musto for mayor. In the 1984 presidential election and 1985 state elections for governor and General Assembly , the Republican Party carried Hudson County , with crucial support from Jersey City mayor Gerald McCann . To build on their gains in

17664-571: Was appointed to the U.S. Senate in January 2006. Menendez, who is described as very close to Republicans on foreign policy, voted for the failed Kosovo Resolution, authorizing the use of military force against Yugoslavia in the Kosovo War . He was an early advocate of preventing Iran from obtaining nuclear capabilities, sponsoring the Iran Nuclear Proliferation Prevention Act of 1998, which passed

17802-605: Was elected to represent New Jersey's 33rd district in the General Assembly . He also continued to serve as mayor until 1992. He held both offices until March 1991, when he moved from the Assembly to the New Jersey Senate upon winning the special election following the death of Christopher Jackman . In 1992, incumbent Democratic U.S. Congressman Frank Guarini , of New Jersey's 14th congressional district , retired after redistricting. The district had been renumbered as

17940-578: Was elected to the Union City School District's Board of Education . He received degrees from Saint Peter's University and Rutgers Law School . In 1986, he was elected mayor of Union City . In 1988, while continuing to serve as mayor, he was elected to represent the state's 33rd district in the New Jersey General Assembly , and in 1991 he moved to the New Jersey Senate upon winning the special election for

18078-529: Was indicted on federal corruption charges; the jury was unable to reach a verdict , and the charges were dropped in 2018. In 2018, the United States Senate Select Committee on Ethics "severely admonished" Menendez for accepting gifts from donor Salomon Melgen without obtaining committee approval, failing to disclose certain gifts, and using his position as a senator to advance Melgen's interests. In September 2023, Menendez

18216-542: Was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of

18354-596: Was one of five Democratic senators to sign a letter to FEMA administrator Brock Long calling on FEMA to enter an agreement with the United States Department of Housing and Urban Development that would "stand up the Disaster Housing Assistance Program and address the medium- and longer-term housing needs" of evacuees of Puerto Rico in the aftermath of Hurricane Maria . The senators asserted that "FEMA's refusal to use

18492-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of

18630-649: Was required to secure the House for the President's visit. The President made his speech at 7:00pm Eastern, instead of the usual 9:00pm start for presidential addresses to joint sessions of Congress, so he would be finished before the first game of the National Football League season between the New Orleans Saints and the Green Bay Packers at 8:30pm. The Republicans declined to broadcast an official opposition response, as it

18768-429: Was the Teachers and First Responders Back to Work Act of 2011, S. 1723 , which would have provided $ 30 billion in state aid to hire teachers and $ 5 billion for first responders. The bill was introduced by Senator Robert Menendez on October 17, 2011 and failed in a 50–50 vote for cloture on October 20, 2011. In the failed motion to proceed to consider the legislation, 50 Democrats voted in favor of opening debate on

18906-786: Was the early favorite among pundits for Governor-elect Corzine's choice. Corzine's decision to appoint Menendez got the support of several Latino groups, including the National Association of Latino Elected and Appointed Officials . Menendez was the sixth Latino to serve in the United States Senate. In 2015, Menendez was ranked #1 on The Hudson Reporter 's annual Power List of the "Fifty Most Powerful Political Figures in Hudson County ". When incumbent U.S. Senator Bill Bradley decided to retire in August 1995, Menendez made known his intention to run in

19044-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut

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