137-761: BHO can refer to: Barack Hussein Obama II , 44th president of the United States (2009–2017) Barack Hussein Obama, Sr. , father of Barack Hussein Obama II Bhojpuri language (ISO 639 alpha-3, bho ) Bibliotheca Hagiographica Orientalis , a hagiographical sourcebook Blackhorse Road station (National Rail station code BHO) British History Online Browser Helper Object Butane hash oil Raja Bhoj Airport IATA code Topics referred to by
274-605: A Juris Doctor magna cum laude . University of Chicago Law School In 1991, Obama accepted a two-year position as Visiting Law and Government Fellow at the University of Chicago Law School to work on his first book. He then taught constitutional law at the University of Chicago Law School for twelve years, first as a lecturer from 1992 to 1996, and then as a senior lecturer from 1996 to 2004. From April to October 1992, Obama directed Illinois's Project Vote ,
411-580: A U.S. senator representing Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004. Obama was born in Honolulu , Hawaii. He graduated from Columbia University in 1983 with a Bachelor of Arts degree in political science and later worked as a community organizer in Chicago . In 1988, Obama enrolled in Harvard Law School , where he was the first black president of
548-561: A junior , where he majored in political science with a specialty in international relations and in English literature and lived off-campus on West 109th Street. He graduated with a Bachelor of Arts degree in 1983 and a 3.7 GPA . After graduating, Obama worked for about a year at the Business International Corporation , where he was a financial researcher and writer, then as a project coordinator for
685-514: A summer associate at the law firms of Sidley Austin in 1989 and Hopkins & Sutter in 1990. Obama's election as the first black president of the Harvard Law Review gained national media attention and led to a publishing contract and advance for a book about race relations, which evolved into a personal memoir. The manuscript was published in mid-1995 as Dreams from My Father . Obama graduated from Harvard Law in 1991 with
822-542: A voter registration campaign with ten staffers and seven hundred volunteer registrars; it achieved its goal of registering 150,000 of 400,000 unregistered African Americans in the state, leading Crain's Chicago Business to name Obama to its 1993 list of "40 under Forty" powers to be. In a 2006 interview, Obama highlighted the diversity of his extended family : "It's like a little mini-United Nations," he said. "I've got relatives who look like Bernie Mac , and I've got relatives who look like Margaret Thatcher ." Obama has
959-487: A "confirmed atheist " by the time his parents met, and his stepfather as "a man who saw religion as not particularly useful." Obama explained how, through working with black churches as a community organizer while in his twenties, he came to understand "the power of the African-American religious tradition to spur social change." In January 2008, Obama told Christianity Today : "I am a Christian, and I am
1096-561: A 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004. In 1994, he was listed as one of the lawyers in Buycks-Roberson v. Citibank Fed. Sav. Bank , 94 C 4094 (N.D. Ill.). This class action lawsuit was filed in 1994 with Selma Buycks-Roberson as lead plaintiff and alleged that Citibank Federal Savings Bank had engaged in practices forbidden under
1233-746: A Senate amendment to the State Children's Health Insurance Program , providing one year of job protection for family members caring for soldiers with combat-related injuries. Obama held assignments on the Senate Committees for Foreign Relations , Environment and Public Works , and Veterans' Affairs through December 2006. In January 2007, he left the Environment and Public Works committee and took additional assignments with Health, Education, Labor and Pensions and Homeland Security and Governmental Affairs . He also became Chairman of
1370-506: A basis for the values that I hold most dear." Obama has also written and talked about using alcohol , marijuana , and cocaine during his teenage years to "push questions of who I was out of my mind". Obama was also a member of the "Choom Gang" (the slang term for smoking marijuana), a self-named group of friends who spent time together and smoked marijuana. College and research jobs After graduating from high school in 1979, Obama moved to Los Angeles to attend Occidental College on
1507-699: A community organizer from June 1985 to May 1988. He helped set up a job training program, a college preparatory tutoring program, and a tenants' rights organization in Altgeld Gardens . Obama also worked as a consultant and instructor for the Gamaliel Foundation , a community organizing institute. In mid-1988, he traveled for the first time in Europe for three weeks and then for five weeks in Kenya, where he met many of his paternal relatives for
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#17327909932591644-662: A country (such as the US) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports. All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices. Ben Bernanke referred to this as
1781-522: A decade in the minority, regained a majority. He sponsored and led unanimous, bipartisan passage of legislation to monitor racial profiling by requiring police to record the race of drivers they detained, and legislation making Illinois the first state to mandate videotaping of homicide interrogations. During his 2004 general election campaign for the U.S. Senate, police representatives credited Obama for his active engagement with police organizations in enacting death penalty reforms. Obama resigned from
1918-459: A devout Christian. I believe in the redemptive death and resurrection of Jesus Christ . I believe that faith gives me a path to be cleansed of sin and have eternal life." On September 27, 2010, Obama released a statement commenting on his religious views, saying: I'm a Christian by choice. My family didn't—frankly, they weren't folks who went to church every week. And my mother was one of the most spiritual people I knew, but she didn't raise me in
2055-579: A female. Bo died of cancer on May 8, 2021. Obama is a supporter of the Chicago White Sox , and he threw out the first pitch at the 2005 ALCS when he was still a senator. In 2009, he threw out the ceremonial first pitch at the All-Star Game while wearing a White Sox jacket. He is also primarily a Chicago Bears football fan in the NFL , but in his childhood and adolescence was a fan of
2192-562: A field speculated to include former Indiana Governor and Senator Evan Bayh and Virginia Governor Tim Kaine . At the Democratic National Convention in Denver , Colorado, Hillary Clinton called for her supporters to endorse Obama, and she and Bill Clinton gave convention speeches in his support. Obama delivered his acceptance speech at Invesco Field at Mile High stadium to a crowd of about eighty-four thousand;
2329-558: A full scholarship. In February 1981, Obama made his first public speech, calling for Occidental to participate in the disinvestment from South Africa in response to that nation's policy of apartheid . In mid-1981, Obama traveled to Indonesia to visit his mother and half-sister Maya and visited the families of college friends in Pakistan for three weeks. Later in 1981, he transferred to Columbia University in New York City as
2466-450: A further collapse, encourage lending, restore faith in the integral commercial paper markets, avoid the risk of a deflationary spiral , and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the " lender of last resort " to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered
2603-432: A global economic shock, resulting in several bank failures . Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in evictions and foreclosures . Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by
2740-635: A half years, supplemented by English-language Calvert School homeschooling by his mother. As a result of his four years in Jakarta , he was able to speak Indonesian fluently as a child. During his time in Indonesia, Obama's stepfather taught him to be resilient and gave him "a pretty hardheaded assessment of how the world works". In 1971, Obama returned to Honolulu to live with his maternal grandparents, Madelyn and Stanley Dunham . He attended Punahou School —a private college preparatory school —with
2877-714: A half-sister with whom he was raised (Maya Soetoro-Ng) and seven other half-siblings from his Kenyan father's family, six of them living. Obama's mother was survived by her Kansas-born mother, Madelyn Dunham, until her death on November 2, 2008, two days before his election to the presidency. Obama also has roots in Ireland; he met with his Irish cousins in Moneygall in May 2011. In Dreams from My Father , Obama ties his mother's family history to possible Native American ancestors and distant relatives of Jefferson Davis , President of
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#17327909932593014-513: A household income of $ 5.5 million—up from about $ 4.2 million in 2007 and $ 1.6 million in 2005—mostly from sales of his books. On his 2010 income of $ 1.7 million, he gave 14 percent to non-profit organizations, including $ 131,000 to Fisher House Foundation , a charity assisting wounded veterans' families, allowing them to reside near where the veteran is receiving medical treatments. Per his 2012 financial disclosure, Obama may be worth as much as $ 10 million. Obama
3151-483: A housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis. Additional downward pressure on interest rates was created by rising U.S. current account deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman Ben Bernanke explained how trade deficits required
3288-405: A law that increased tax credits for low-income workers, negotiated welfare reform , and promoted increased subsidies for childcare. In 2001, as co-chairman of the bipartisan Joint Committee on Administrative Rules, Obama supported Republican Governor George Ryan 's payday loan regulations and predatory mortgage lending regulations aimed at averting home foreclosures . He was reelected to
3425-545: A really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy. Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This housing bubble resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by
3562-404: A significant increase in subprime lending . Subprime had not become less risky; Wall Street just accepted this higher risk. Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts,
3699-489: A single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested. By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid
3836-707: A third time and worked for the Kenyan government as the Senior Economic Analyst in the Ministry of Finance. He visited his son in Hawaii only once, at Christmas 1971, before he was killed in an automobile accident in 1982, when Obama was 21 years old. Recalling his early childhood, Obama said: "That my father looked nothing like the people around me—that he was black as pitch, my mother white as milk—barely registered in my mind." He described his struggles as
3973-457: A vast web of derivatives linked to those MBS, collapsed in value . Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis . The prerequisites for the crisis were complex. During the 1990s, the U.S. Congress had passed legislation intended to expand affordable housing through looser financing. In 1999, parts of
4110-449: A young adult to reconcile social perceptions of his multiracial heritage. In 1963, Dunham met Lolo Soetoro at the University of Hawaii ; he was an Indonesian East–West Center graduate student in geography . The couple married on Molokai on March 15, 1965. After two one-year extensions of his J-1 visa , Lolo returned to Indonesia in 1966. His wife and stepson followed sixteen months later in 1967. The family initially lived in
4247-477: Is a Protestant Christian whose religious views developed in his adult life. He wrote in The Audacity of Hope that he "was not raised in a religious household." He described his mother, raised by non-religious parents, as being detached from religion, yet "in many ways the most spiritually awakened person ... I have ever known", and "a lonely witness for secular humanism ." He described his father as
BHO - Misplaced Pages Continue
4384-476: Is different from Wikidata All article disambiguation pages All disambiguation pages Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American lawyer and politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party , he was the first African-American president in U.S. history. Obama previously served as
4521-680: Is left-handed. In 2005, the Obama family applied the proceeds of a book deal and moved from a Hyde Park, Chicago condominium to a $ 1.6 million house (equivalent to $ 2.5 million in 2023) in neighboring Kenwood, Chicago . The purchase of an adjacent lot—and sale of part of it to Obama by the wife of developer, campaign donor and friend Tony Rezko —attracted media attention because of Rezko's subsequent indictment and conviction on political corruption charges that were unrelated to Obama. In December 2007, Money Magazine estimated Obama's net worth at $ 1.3 million (equivalent to $ 1.9 million in 2023). Their 2009 tax return showed
4658-706: Is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability. In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type. The twenty largest economies contributing to global GDP (PPP) growth (2007–2017) The expansion of central bank lending in response to
4795-568: Is one of the three United States senators moved directly from the U.S. Senate to the White House, the others being Warren G. Harding and John F. Kennedy . On April 4, 2011, Obama filed election papers with the Federal Election Commission and then announced his reelection campaign for 2012 in a video titled "It Begins with Us" that he posted on his website. As the incumbent president, he ran virtually unopposed in
4932-564: The Harvard Law Review . He became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. In 1996, Obama was elected to represent the 13th district in the Illinois Senate , a position he held until 2004, when he successfully ran for the U.S. Senate . In the 2008 presidential election , after a close primary campaign against Hillary Clinton , he
5069-634: The Democratic Party presidential primaries , and on April 3, 2012, Obama secured the 2778 convention delegates needed to win the Democratic nomination. At the Democratic National Convention in Charlotte, North Carolina , Obama and Joe Biden were formally nominated by former President Bill Clinton as the Democratic Party candidates for president and vice president in the general election. Their main opponents were Republicans Mitt Romney ,
5206-658: The Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act, marking the first federal legislation to be enacted with Obama as its primary sponsor. In January 2007, Obama and Senator Feingold introduced a corporate jet provision to the Honest Leadership and Open Government Act , which was signed into law in September 2007. Later in 2007, Obama sponsored an amendment to
5343-582: The Dodd–Frank Wall Street Reform and Consumer Protection Act was passed, overhauling financial regulations. It was opposed by many Republicans , and it was weakened by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. The Basel III capital and liquidity standards were also adopted by countries around the world. The recession was a significant factor in the 2010s European debt crisis . The crisis sparked
5480-867: The Equal Credit Opportunity Act and the Fair Housing Act . The case was settled out of court. From 1994 to 2002, Obama served on the boards of directors of the Woods Fund of Chicago —which in 1985 had been the first foundation to fund the Developing Communities Project—and of the Joyce Foundation . He served on the board of directors of the Chicago Annenberg Challenge from 1995 to 2002, as founding president and chairman of
5617-717: The Federal Funding Accountability and Transparency Act of 2006 , which authorized the establishment of USAspending.gov, a web search engine on federal spending. On June 3, 2008, Senator Obama—along with Senators Tom Carper , Tom Coburn , and John McCain —introduced follow-up legislation: Strengthening Transparency and Accountability in Federal Spending Act of 2008. He also cosponsored the Secure America and Orderly Immigration Act . In December 2006, President Bush signed into law
BHO - Misplaced Pages Continue
5754-538: The Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 11 attacks , as well as to combat a perceived risk of deflation . As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create
5891-604: The Glass–Steagall legislation (passed in 1933) were repealed , permitting institutions to mix low-risk operations, such as commercial banking and insurance , with higher-risk operations such as investment banking and proprietary trading . As the Federal Reserve ("Fed") lowered the federal funds rate from 2000 to 2003, institutions increasingly targeted low-income homebuyers, largely belonging to racial minorities , with high-risk loans; this development went unattended by regulators. As interest rates rose from 2004 to 2006,
6028-672: The Great Depression . This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at
6165-753: The Great Recession , which, at the time, was the most severe global recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis , which involved the bank failure of all three of the major banks in Iceland and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It
6302-619: The Joint Comprehensive Plan of Action , a nuclear agreement with Iran, and normalized relations with Cuba . The number of American soldiers in Afghanistan decreased during Obama's second term, though U.S. soldiers remained in the country throughout the remainder of his presidency. Obama promoted inclusion for LGBT Americans , becoming the first sitting U.S. president to publicly support same-sex marriage . Obama left office in 2017 with high approval ratings both within
6439-787: The New York Public Interest Research Group on the City College of New York campus for three months in 1985. Community organizer and Harvard Law School Two years after graduating from Columbia, Obama moved from New York to Chicago when he was hired as director of the Developing Communities Project , a faith-based community organization originally comprising eight Catholic parishes in Roseland , West Pullman , and Riverdale on Chicago's South Side . He worked there as
6576-519: The South Side of Chicago in 2021. Historians and political scientists rank Obama among the upper tier in historical rankings of American presidents . Barack Obama was born on August 4, 1961, at Kapiolani Medical Center for Women and Children in Honolulu , Hawaii. He is the only president born outside the contiguous 48 states . He was born to an 18-year-old American mother and a 27-year-old Kenyan father. His mother, Ann Dunham (1942–1995),
6713-580: The Treasury Department to purchase troubled assets and bank stocks. The Fed began a program of quantitative easing by buying treasury bonds and other assets, such as MBS, and the February 2009 American Recovery and Reinvestment Act , signed by newly elected President Barack Obama , included a range of measures intended to preserve existing jobs and create new ones. Combined, the initiatives, coupled with actions taken in other countries, ended
6850-561: The United States House Committee on Financial Services held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of
6987-501: The mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies . In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage supply chain , from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003,
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#17327909932597124-403: The "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the 2008 United Kingdom bank rescue package ,
7261-764: The 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis. At least two major reports on the causes of the crisis were produced by the U.S. Congress: the Financial Crisis Inquiry Commission report, released January 2011, and a report by the United States Senate Homeland Security Permanent Subcommittee on Investigations entitled Wall Street and
7398-529: The CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates initiated by the Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in
7535-709: The Confederate States of America during the American Civil War . He also shares distant ancestors in common with George W. Bush and Dick Cheney , among others. Obama lived with anthropologist Sheila Miyoshi Jager while he was a community organizer in Chicago in the 1980s. He proposed to her twice, but both Jager and her parents turned him down. The relationship was not made public until May 2017, several months after his presidency had ended. In June 1989, Obama met Michelle Robinson when he
7672-742: The Defense Authorization Act to add safeguards for personality-disorder military discharges. This amendment passed the full Senate in the spring of 2008. He sponsored the Iran Sanctions Enabling Act supporting divestment of state pension funds from Iran's oil and gas industry, which was never enacted but later incorporated in the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ; and co-sponsored legislation to reduce risks of nuclear terrorism. Obama also sponsored
7809-412: The Financial Crisis: Anatomy of a Financial Collapse , released April 2011. In total, 47 bankers served jail time as a result of the crisis, over half of which were from Iceland , where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012, Geir Haarde of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in
7946-449: The Illinois Senate in 1998, defeating Republican Yesse Yehudah in the general election, and was re-elected again in 2002. In 2000, he lost a Democratic primary race for Illinois's 1st congressional district in the United States House of Representatives to four-term incumbent Bobby Rush by a margin of two to one. In January 2003, Obama became chairman of the Illinois Senate's Health and Human Services Committee when Democrats, after
8083-471: The Illinois Senate in November 2004 following his election to the U.S. Senate. In May 2002, Obama commissioned a poll to assess his prospects in a 2004 U.S. Senate race. He created a campaign committee, began raising funds, and lined up political media consultant David Axelrod by August 2002. Obama formally announced his candidacy in January 2003. Obama was an early opponent of the George W. Bush administration's 2003 invasion of Iraq . On October 2, 2002,
8220-437: The LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending. To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate
8357-574: The Menteng Dalam neighborhood in the Tebet district of South Jakarta . From 1970, they lived in a wealthier neighborhood in the Menteng district of Central Jakarta . At the age of six, Obama and his mother had moved to Indonesia to join his stepfather. From age six to ten, he was registered in school as "Barry" and attended local Indonesian-language schools: Sekolah Dasar Katolik Santo Fransiskus Asisi (St. Francis of Assisi Catholic Elementary School) for two years and Sekolah Dasar Negeri Menteng 01 (State Elementary School Menteng 01) for one and
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#17327909932598494-414: The Obama family has attended several Protestant churches, including Shiloh Baptist Church and St. John's Episcopal Church , as well as Evergreen Chapel at Camp David , but the members of the family do not attend church on a regular basis. In 2016, Obama said that he gets inspiration from a few items that remind him "of all the different people I've met along the way", adding: "I carry these around all
8631-433: The Pittsburgh Steelers and rooted for them ahead of their victory in Super Bowl XLIII 12 days after he took office as president. In 2011, Obama invited the 1985 Chicago Bears to the White House; the team had not visited the White House after their Super Bowl win in 1986 due to the Space Shuttle Challenger disaster . He plays basketball , a sport he participated in as a member of his high school's varsity team, and he
8768-450: The SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion. In the early and mid-2000s, the Bush administration called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003,
8905-498: The Senate's subcommittee on European Affairs . As a member of the Senate Foreign Relations Committee, Obama made official trips to Eastern Europe, the Middle East, Central Asia, and Africa. He met with Mahmoud Abbas before Abbas became President of the Palestinian National Authority and gave a speech at the University of Nairobi in which he condemned corruption within the Kenyan government. Obama resigned his Senate seat on November 16, 2008, to focus on his transition period for
9042-471: The Supreme Court. He ordered Operation Neptune Spear , the raid that killed Osama bin Laden , who was responsible for the September 11 attacks . Obama downplayed Bush's counterinsurgency model, expanding air strikes and making extensive use of special forces, while encouraging greater reliance on host-government militaries. He also ordered the 2011 military intervention in Libya to implement United Nations Security Council Resolution 1973 , contributing to
9179-420: The U.S. housing market, were on the verge of collapse; the Housing and Economic Recovery Act enabled the government to take over and cover their combined $ 1.6 trillion debt on September 7. In response to the growing crisis, governments around the world deployed massive bail-outs of financial institutions and other monetary and fiscal policies to prevent a collapse of the global financial system . After
9316-498: The U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates. Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that
9453-442: The United States and among foreign advisories. He continues to reside in Washington D.C. and remains politically active, campaigning for candidates in various American elections, including Biden's successful presidential bid in 2020 . Outside of politics, Obama has published three books : Dreams from My Father (1995) , The Audacity of Hope (2006), and A Promised Land (2020). His presidential library began construction in
9590-409: The United States did not have wealth declines at all during the crisis because they generally did not own financial investments whose value can fluctuate. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of
9727-423: The United States served jail time as a result of the crisis, Kareem Serageldin , a banker at Credit Suisse who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis. Goldman Sachs paid $ 550 million to settle fraud charges after allegedly anticipating
9864-564: The aid of a scholarship from fifth grade until he graduated from high school in 1979. In high school, Obama continued to use the nickname "Barry" which he kept until making a visit to Kenya in 1980. Obama lived with his mother and half-sister, Maya Soetoro , in Hawaii for three years from 1972 to 1975 while his mother was a graduate student in anthropology at the University of Hawaii. Obama chose to stay in Hawaii when his mother and half-sister returned to Indonesia in 1975, so his mother could begin anthropology field work. His mother spent most of
10001-559: The bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $ 401 billion in 2023 ) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time). Economist Paul Krugman argued in January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of
10138-535: The bailouts, such as in the case of the AIG bonus payments controversy , leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis. Alistair Darling , the U.K.'s Chancellor of the Exchequer at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that Royal Bank of Scotland
10275-486: The bankruptcy of Lehman Brothers , the fourth largest U.S. investment bank, on September 15, the next day the Fed bailed out the American International Group (the largest U.S. insurance company), and on September 25 the government seized Washington Mutual (the largest savings and loan firm ). On October 3, Congress passed the $ 800 billion Emergency Economic Stabilization Act , which authorized
10412-548: The board of directors from 1995 to 1999. Obama's law license became inactive in 2007. Obama was elected to the Illinois Senate in 1996, succeeding Democratic State Senator Alice Palmer from Illinois's 13th District , which, at that time, spanned Chicago South Side neighborhoods from Hyde Park–Kenwood south to South Shore and west to Chicago Lawn . Once elected, Obama gained bipartisan support for legislation that reformed ethics and health care laws. He sponsored
10549-726: The brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth. ... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity
10686-696: The bubble burst, Australian economist John Quiggin wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the Smoot-Hawley tariff , all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings. Lower interest rates encouraged borrowing. From 2000 to 2003,
10823-619: The church. So I came to my Christian faith later in life, and it was because the precepts of Jesus Christ spoke to me in terms of the kind of life that I would want to lead—being my brothers' and sisters' keeper, treating others as they would treat me . Obama met Trinity United Church of Christ pastor Jeremiah Wright in October 1987 and became a member of Trinity in 1992. During Obama's first presidential campaign in May 2008, he resigned from Trinity after some of Wright's statements were criticized . Since moving to Washington, D.C., in 2009,
10960-403: The coming weeks and months, I am looking forward to reaching out and working with leaders of both parties." 2007%E2%80%932008 financial crisis The 2007–2008 financial crisis , or the global financial crisis ( GFC ), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression . Causes of the crisis included predatory lending in
11097-501: The committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded. A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending
11234-589: The cost of mortgages rose and the demand for housing fell, causing property values to decline. In early 2007, as more U.S. mortgage holders began defaulting on their repayments, subprime lenders went bankrupt, culminating in April with the bankruptcy of New Century Financial . As demand and prices continued to fall, the contagion spread to worldwide credit markets by August, and central banks began injecting liquidity . By July 2008, Fannie Mae and Freddie Mac , companies which together owned or guaranteed half of
11371-403: The crisis and selling toxic investments to its clients. With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years. Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in
11508-446: The crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote: ... most of the commercial real estate loans were good loans destroyed by
11645-437: The crisis was not only confined to the Federal Reserve 's provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as Freddie Mac and Fannie Mae . In this case, the major problem among the market is the lack of free cash reserves and flows to secure
11782-591: The crisis. As part of national fiscal policy response to the Great Recession , governments and central banks, including the Federal Reserve , the European Central Bank and the Bank of England , provided then-unprecedented trillions of dollars in bailouts and stimulus , including expansive fiscal policy and monetary policy to offset the decline in consumption and lending capacity, avoid
11919-509: The crisis. In other words, bubbles in both markets developed even though only the residential market was affected by these potential causes. Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than
12056-544: The day President Bush and Congress agreed on the joint resolution authorizing the Iraq War , Obama addressed the first high-profile Chicago anti-Iraq War rally , and spoke out against the war. He addressed another anti-war rally in March 2003 and told the crowd "it's not too late" to stop the war. Decisions by Republican incumbent Peter Fitzgerald and his Democratic predecessor Carol Moseley Braun not to participate in
12193-455: The economy in recovering from the Great Recession ; a partial extension of the Bush tax cuts ; legislation to reform health care ; the Dodd–Frank Wall Street Reform and Consumer Protection Act , a major financial regulation reform bill; and the end of the Iraq War . Obama also appointed Supreme Court justices Sonia Sotomayor and Elena Kagan , the former being the first Hispanic American on
12330-398: The election resulted in wide-open Democratic and Republican primary contests involving 15 candidates. In the March 2004 primary election, Obama won in an unexpected landslide—which overnight made him a rising star within the national Democratic Party , started speculation about a presidential future, and led to the reissue of his memoir, Dreams from My Father . In July 2004, Obama delivered
12467-414: The end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since
12604-608: The end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs . By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023 ) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that
12741-473: The federal funds rate to drop below where it was supposed to be. However, in October 2008, the Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets. Money market funds also went through runs when people lost faith in
12878-426: The financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their mortgages . While the causes of the bubble and subsequent crash are disputed,
13015-500: The first time. Despite being offered a full scholarship to Northwestern University School of Law , Obama enrolled at Harvard Law School in the fall of 1988, living in nearby Somerville, Massachusetts . He was selected as an editor of the Harvard Law Review at the end of his first year, president of the journal in his second year, and research assistant to the constitutional scholar Laurence Tribe while at Harvard. During his summers, he returned to Chicago, where he worked as
13152-422: The form of subprime mortgages to low-income homebuyers and a resulting housing bubble , excessive risk-taking by global financial institutions , and lack of regulatory oversight, which culminated in a " perfect storm " that triggered the Great Recession , which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate , as well as
13289-583: The former governor of Massachusetts, and Representative Paul Ryan of Wisconsin. On November 6, 2012, Obama won 332 electoral votes, exceeding the 270 required for him to be reelected as president. With 51.1 percent of the popular vote, Obama became the first Democratic president since Franklin D. Roosevelt to win the majority of the popular vote twice. Obama addressed supporters and volunteers at Chicago's McCormick Place after his reelection and said: "Tonight you voted for action, not politics as usual. You elected us to focus on your jobs, not ours. And in
13426-457: The government began collecting the data in 1964. The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by corporate and institutional investors globally. Derivatives such as credit default swaps also increased
13563-506: The governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued preferred stock in major banks. The Federal Reserve created then-significant amounts of new currency as a method to combat the liquidity trap . Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied
13700-777: The health care system . Numerous candidates entered the Democratic Party presidential primaries . The field narrowed to Obama and Senator Hillary Clinton after early contests, with the race remaining close throughout the primary process, but Obama gained a steady lead in pledged delegates due to better long-range planning, superior fundraising, dominant organizing in caucus states, and better exploitation of delegate allocation rules. On June 2, 2008, Obama had received enough votes to clinch his nomination. After an initial hesitation to concede, on June 7, Clinton ended her campaign and endorsed Obama. On August 23, 2008, Obama announced his selection of Delaware Senator Joe Biden as his vice presidential running mate. Obama selected Biden from
13837-421: The higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. After
13974-577: The keynote address at the 2004 Democratic National Convention , seen by nine million viewers. His speech was well received and elevated his status within the Democratic Party. Obama's expected opponent in the general election, Republican primary winner Jack Ryan , withdrew from the race in June 2004. Six weeks later, Alan Keyes accepted the Republican nomination to replace Ryan. In the November 2004 general election , Obama won with 70 percent of
14111-578: The linkage between large financial institutions. The de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of developing countries were due to falls in trade, commodity prices, investment and remittances sent from migrant workers (example: Armenia ). States with fragile political systems feared that investors from Western states would withdraw their money because of
14248-505: The loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the Term Asset-Backed Securities Loan Facility (TALF)
14385-428: The losses suffered in the United States when the 1997–2007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments. Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy
14522-650: The majority report of the Financial Crisis Inquiry Commission, conservative American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the United States Department of Housing and Urban Development (HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in
14659-599: The market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also, Department of Treasury said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The FDIC also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust. They engaged in Quantitative Easing , which added more than $ 4 trillion to
14796-461: The next two decades in Indonesia, divorcing Lolo Soetoro in 1980 and earning a PhD degree in 1992, before dying in 1995 in Hawaii following unsuccessful treatment for ovarian and uterine cancer . Of his years in Honolulu, Obama wrote: "The opportunity that Hawaii offered — to experience a variety of cultures in a climate of mutual respect — became an integral part of my world view, and
14933-583: The overthrow of Muammar Gaddafi . Obama defeated Republican opponent Mitt Romney in the 2012 presidential election . In his second term, Obama took steps to combat climate change , signing the Paris Agreement , a major international climate agreement, and an executive order to limit carbon emissions . Obama also presided over the implementation of the Affordable Care Act and other legislation passed in his first term. He negotiated
15070-588: The precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis , which occurred due to a high default rate and resulting foreclosures of mortgage loans , particularly adjustable-rate mortgages . Some or all of the following factors contributed to the crisis: The relaxing of credit lending standards by investment banks and commercial banks allowed for
15207-616: The presidency. On February 10, 2007, Obama announced his candidacy for President of the United States in front of the Old State Capitol building in Springfield, Illinois . The choice of the announcement site was viewed as symbolic, as it was also where Abraham Lincoln delivered his "House Divided" speech in 1858. Obama emphasized issues of rapidly ending the Iraq War, increasing energy independence , and reforming
15344-501: The price appreciation. In a Peabody Award -winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as
15481-451: The promotion of thousands of small mortgage brokers, and by their close relationship to subprime loan aggregators such as Countrywide . Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the United States housing bubble . The majority report of the Financial Crisis Inquiry Commission , written by
15618-400: The pyramid suffered a decrease. The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since
15755-416: The relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007,
15892-403: The same term [REDACTED] This disambiguation page lists articles associated with the title BHO . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=BHO&oldid=1239857607 " Category : Disambiguation pages Hidden categories: Short description
16029-487: The seventeenth century. Obama's father, Barack Obama Sr. (1934–1982), was a married Luo Kenyan from Nyang'oma Kogelo . His last name, Obama, was derived from his Luo descent. Obama's parents met in 1960 in a Russian language class at the University of Hawaiʻi at Mānoa , where his father was a foreign student on a scholarship. The couple married in Wailuku, Hawaii , on February 2, 1961, six months before Obama
16166-610: The six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. In his dissent to
16303-408: The speech was viewed by over three million people worldwide. During both the primary process and the general election, Obama's campaign set numerous fundraising records, particularly in the quantity of small donations. On June 19, 2008, Obama became the first major-party presidential candidate to turn down public financing in the general election since the system was created in 1976. John McCain
16440-464: The supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards. The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into
16577-551: The time. I'm not that superstitious, so it's not like I think I necessarily have to have them on me at all times." The items, "a whole bowl full", include rosary beads given to him by Pope Francis , a figurine of the Hindu deity Hanuman , a Coptic cross from Ethiopia, a small Buddha statue given by a monk, and a metal poker chip that used to be the lucky charm of a motorcyclist in Iowa. He joined Davis, Miner, Barnhill & Galland,
16714-691: The vote, the largest margin of victory for a Senate candidate in Illinois history. He took 92 of the state's 102 counties, including several where Democrats traditionally do not do well. Obama was sworn in as a senator on January 3, 2005, becoming the only Senate member of the Congressional Black Caucus . He introduced two initiatives that bore his name: Lugar–Obama, which expanded the Nunn–Lugar Cooperative Threat Reduction concept to conventional weapons; and
16851-545: The worst of the Great Recession by mid-2009. Assessments of the crisis's impact in the U.S. vary, but suggest that some 8.7 million jobs were lost, causing unemployment to rise from 5 percent in 2007 to a high of 10 percent in October 2009. The percentage of citizens living in poverty rose from 12.5 percent in 2007 to 15.1 percent in 2010. The Dow Jones Industrial Average fell by 53 percent between October 2007 and March 2009, and some estimates suggest that one in four households lost 75 percent or more of their net worth . In 2010,
16988-622: The years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans. Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio magazine, Michael Lewis spoke with one trader who noted that "There weren't enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for
17125-515: The years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks. A contrarian view is that Fannie Mae and Freddie Mac led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by
17262-524: Was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in cash out refinancings , as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value
17399-450: Was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies. In July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the United States to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted worldwide. Since
17536-542: Was based on home mortgages such as mortgage-backed securities , or credit derivatives used to insure them against failure, which declined in value significantly. The International Monetary Fund estimated that large U.S. and European banks lost more than $ 1 trillion on toxic assets and from bad loans from January 2007 to September 2009. Lack of investor confidence in bank solvency and declines in credit availability led to plummeting stock and commodity prices in late 2008 and early 2009. The crisis rapidly spread into
17673-510: Was born in Wichita, Kansas , and was of English, Welsh, German, Swiss, and Irish descent. In 2007 it was discovered her great-great-grandfather Falmouth Kearney emigrated from the village of Moneygall, Ireland to the U.S. in 1850. In July 2012, Ancestry.com found a strong likelihood that Dunham was descended from John Punch , an enslaved African man who lived in the Colony of Virginia during
17810-484: Was born in 1998, followed by a second daughter, Natasha ("Sasha"), in 2001. The Obama daughters attended the University of Chicago Laboratory Schools . When they moved to Washington, D.C., in January 2009, the girls started at the Sidwell Friends School . The Obamas had two Portuguese Water Dogs ; the first, a male named Bo , was a gift from Senator Ted Kennedy . In 2013, Bo was joined by Sunny ,
17947-559: Was born. In late August 1961, a few weeks after he was born, Barack and his mother moved to the University of Washington in Seattle , where they lived for a year. During that time, Barack's father completed his undergraduate degree in economics in Hawaii, graduating in June 1962. He left to attend graduate school on a scholarship at Harvard University , where he earned an M.A. in economics. Obama's parents divorced in March 1964. Obama Sr. returned to Kenya in 1964, where he married for
18084-444: Was employed at Sidley Austin . Robinson was assigned for three months as Obama's adviser at the firm, and she joined him at several group social functions but declined his initial requests to date. They began dating later that summer, became engaged in 1991, and were married on October 3, 1992. After suffering a miscarriage, Michelle underwent in vitro fertilization to conceive their children. The couple's first daughter, Malia Ann,
18221-550: Was made by Community Reinvestment Act (CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to
18358-524: Was nominated as the Republican candidate, and he selected Sarah Palin as his running mate. Obama and McCain engaged in three presidential debates in September and October 2008. On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain. Obama won 52.9 percent of the popular vote to McCain's 45.7 percent. He became the first African-American to be elected president. Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park . He
18495-480: Was nominated by the Democratic Party for president. Obama selected Joe Biden as his running mate and defeated Republican nominee John McCain . Obama was awarded the 2009 Nobel Peace Prize , a decision that drew both criticism and praise. His first-term actions addressed the 2007–2008 financial crisis and included the American Recovery and Reinvestment Act of 2009 , a major stimulus package to guide
18632-517: Was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that
18769-522: Was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit. Before the crisis, the Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause
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