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130-524: The Department of Energy had owned and managed most of the properties located within the three different sites. For over ten years, the DoE worked with the National Park Service and federal, state and local governments and agencies with the intention of turning places of importance into a National Historical Park. After several years of surveying the three sites and five other possible alternatives,

260-605: 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 ,

390-580: 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

520-561: 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

650-514: 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

780-542: 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

910-487: 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

1040-561: 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

1170-746: 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

1300-506: 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

1430-699: 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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1560-478: 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

1690-522: 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

1820-459: 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

1950-579: 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

2080-562: 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;

2210-558: 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

2340-635: 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

2470-714: 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

2600-513: 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

2730-405: 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

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2860-490: 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

2990-572: 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

3120-770: 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

3250-707: 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

3380-510: 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

3510-449: 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

3640-477: 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

3770-413: 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

3900-732: 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

4030-568: 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

Manhattan Project National Historical Park - Misplaced Pages Continue

4160-670: Is open Friday through Monday from 10 am to 3 pm. It is in the Los Alamos Community Building on the front left as you face the building from the street (next to the Los Alamos Teen Center). Visitors can learn about the Manhattan Project and related sites in the vicinity. There are three areas of the park located on Los Alamos National Laboratory property. These locations are only open to the public by special bus tours organized by

4290-466: 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

4420-564: 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

4550-515: 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

4680-492: 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

4810-700: 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 ,

4940-658: 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

5070-867: 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

5200-717: 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

5330-676: 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

Manhattan Project National Historical Park - Misplaced Pages Continue

5460-619: 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

5590-787: 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

5720-519: 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),

5850-429: 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

5980-416: 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

6110-709: 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

6240-742: 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

6370-728: The Department of Energy: The American Museum of Science and Energy provides bus tours of several buildings in the Clinton Engineer Works including the: President 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

6500-544: 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

6630-533: 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

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6760-416: 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

6890-690: 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

7020-519: 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

7150-635: 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,

7280-742: 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

7410-414: 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

7540-646: 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

7670-498: 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

7800-586: 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

7930-471: 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

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8060-449: 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

8190-442: 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

8320-428: 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

8450-513: 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

8580-564: 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

8710-413: 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

8840-413: 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

8970-461: The bill in December 2014, with President Obama signing the National Defense Authorization Act shortly thereafter which authorized the Manhattan Project National Historical Park. The Manhattan Project National Historical Park protects many structures associated with the Manhattan Project, but only some are open for touring. The Los Alamos Visitor Center for the Manhattan Project NHP is located at 475 20th Street in downtown Los Alamos. This location

9100-484: 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

9230-564: 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,

9360-501: The coming weeks and months, I am looking forward to reaching out and working with leaders of both parties." 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 the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it

9490-453: 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

9620-668: 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

9750-490: 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

9880-544: 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

10010-523: 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

10140-619: 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

10270-405: 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

10400-590: 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

10530-398: 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

10660-471: 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

10790-500: 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

10920-454: 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

11050-583: 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

11180-777: 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

11310-473: 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

11440-577: 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

11570-541: 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

11700-568: 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

11830-590: 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

11960-466: 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

12090-662: 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

12220-461: 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

12350-544: 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

12480-487: 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

12610-583: 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

12740-595: 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

12870-522: 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

13000-526: 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,

13130-616: 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

13260-410: 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

13390-402: 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

13520-488: 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

13650-461: 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

13780-499: 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

13910-487: 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

14040-408: 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

14170-518: 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

14300-608: 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

14430-490: 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

14560-551: 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,

14690-498: 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

14820-586: The two agencies officially recommended a historical park be established in Hanford, Los Alamos and Oak Ridge. The Department of Energy would continue to manage and own the sites while the National Park Service would provide interpretive services, visitor centers and park rangers. After two unsuccessful attempts at passing a bill in Congress authorizing the park in 2012 and 2013, the House and Senate ultimately passed

14950-520: 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

15080-691: 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

15210-453: 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

15340-687: 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

15470-454: 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

15600-725: 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 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

15730-510: 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

15860-484: 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 ,

15990-559: 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

16120-421: 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 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

16250-444: 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,

16380-524: 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

16510-480: 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

16640-407: 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

16770-571: 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 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

16900-402: 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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