Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial crisis. Questionable decisions by major banks led to a Great Recession, a severe decline in economic activity. Like the lead up to the Great Depression of the 1930s, the Great Recession of 2008 was caused by the government's failure to regulate banks, granting mortgage loans to people who couldn't pay them back, and excessive borrowing by individuals and companies. Many families borrowed money to buy homes that were overpriced. Widespread overpricing of residential real estate was called the housing bubble. For countless people, attaining the American Dream suddenly seemed impossible. The government bailed out the major banks through the Troubled Asset Relief Program (TARP), which authorized $700 billion to stabilize the U.S. banking and automobile industries. This move lessened the effects of the recession on Wall Street, but many criticized it as a bailout for the rich, crying "banks got bailed out, folks got sold out!" As Americans lost their jobs and the value of their homes dropped, many of them blamed the Republican administration of George W. Bush. One result was the election of Barack H. Obama, the country's first African American president. With the economy in severe trouble and the unpopular Iraq War still ongoing, Obama attacked president Bush and laid out a new vision for America. Upon taking office, Obama pushed through his own economic stimulus package to combat the recession, which boosted Medicaid, food stamps, and unemployment benefits to help the most vulnerable Americans. Obama also championed the Patient Protection and Affordable Care Act (PPACA), which provided government-funded healthcare to millions of Americans who had previously been uninsured. Obama's focus on public welfare and peace in the Middle East was a dramatic departure from the policies of George W. Bush. Obama was the first black president, and had a very interesting biography. Born in Honolulu, Hawaii, Obama spent part of his childhood in Indonesia, the home of his stepfather. He attended high school in Hawaii. Obama graduated from Columbia University with a degree in political science and a specialty in international relations. Later, Obama earned a degree from Harvard Law School. After working as an attorney, Obama taught constitutional law at the University of Chicago Law School. Chicago was also where Obama worked as a community organizer, helping set up job training and other programs. In 1996 Obama was elected to the Illinois Senate. In July 2004 Obama came to national attention when he delivered the keynote speech at the 2004 Democratic National Convention. Later that year, he was elected to represent Illinois in the U.S. Senate, having won 70 percent of the vote. Based on the reading answer the following question in 4-6 sentences (zero grammar mistakes): How did Barack Obama's life experience prepare him to become president? Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial crisis. Questionable decisions by major banks led to a Great Recession, a severe decline in economic activity. Like the lead up to the Great Depression of the 1930s, the Great Recession of 2008 was caused by the government's failure to regulate banks, granting mortgage loans to people who couldn't pay them back, and excessive borrowing by individuals and companies. Many families borrowed money to buy homes that were overpriced. Widespread overpricing of residential real estate was called the housing bubble. For countless people, attaining the American Dream suddenly seemed impossible. The government bailed out the major banks through the Troubled Asset Relief Program (TARP), which authorized $700 billion to stabilize the U.S. banking and automobile industries. This move lessened the effects of the recession on Wall Street, but many criticized it as a bailout for the rich, crying "banks got bailed out, folks got sold out!" As Americans lost their jobs and the value of their homes dropped, many of them blamed the Republican administration of George W. Bush. One result was the election of Barack H. Obama, the country's first African American president. With the economy in severe trouble and the unpopular Iraq War still ongoing, Obama attacked president Bush and laid out a new vision for America. Upon taking office, Obama pushed through his own economic stimulus package to combat the recession, which boosted Medicaid, food stamps, and unemployment benefits to help the most vulnerable Americans. Obama also championed the Patient Protection and Affordable Care Act (PPACA), which provided government-funded healthcare to millions of Americans who had previously been uninsured. Obama's focus on public welfare and peace in the Middle East was a dramatic departure from the policies of George W. Bush. Obama was the first black president, and had a very interesting biography. Born in Honolulu, Hawaii, Obama spent part of his childhood in Indonesia, the home of his stepfather. He attended high school in Hawaii. Obama graduated from Columbia University with a degree in political science and a specialty in international relations. Later, Obama earned a degree from Harvard Law School. After working as an attorney, Obama taught constitutional law at the University of Chicago Law School. Chicago was also where Obama worked as a community organizer, helping set up job training and other programs. In 1996 Obama was elected to the Illinois Senate. In July 2004 Obama came to national attention when he delivered the keynote speech at the 2004 Democratic National Convention. Later that year, he was elected to represent Illinois in the U.S. Senate, having won 70 percent of the vote. Based on the reading answer the following question in 4-6 sentences (zero grammar mistakes): How did Barack Obama's life experience prepare him to become president?
Expert Answer:
Answer rating: 100% (QA)
Obamas life history is made up of politics AS we can see from His hist... View the full answer
Related Book For
University Physics With Modern Physics
ISBN: 978-0073513881
2nd edition
Authors: Wolfgang Bauer, Gary Westfall
Posted Date:
Students also viewed these american history questions
-
Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial crisis. Questionable decisions by major banks led to a Great Recession, a severe decline in economic...
-
Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial crisis. Questionable decisions by major banks led to a Great Recession, a severe decline in economic...
-
The balance sheet information at the end of 2007 and 2008 for the Dawson Company is as follows: Additional information: The company did not issue any common stock during 2008. Required Fill in the...
-
Consider four advertising campaigns where for each one it is cancelled before launch with probability 0.10, it is launched but canceled early with probability 0.18, it is launched and runs its...
-
Deutsche Bank relies heavily on employee surveys to create its HR metrics. What are some advantages and disadvantages of employee surveys as a method for assessing progress toward HR objectives? For...
-
Refer to Short Exercise S18-10. Prepare the journal entry to record the transfer of costs from the Mixing Department to the Packaging Department.
-
Football and Cognitive Percentile Exercise 2.143 on page 102 introduces a study that examines several variables on collegiate football players, including the variable Years, which is number of years...
-
Table 26 identifies the different life cycles of programs, projects, systems, and products. For each of the life cycles phases, select a project organizational form that you feel would work best....
-
8. Provide reasons why each of the following is not an inner product on the given vector spaces. (a) ((a, b), (c, d)) = = ac - bd on R. (b) (A, B)=tr(A + B) on M2x2(R). (c) (f(x), g(x)) = f f'(t)g(t)...
-
Chris, a local baker, is interested in opening her very own Cupcake Cafebut to make it worth her while she needs to earn at least $35,000 per year in profit from all segments. She's lucked out and...
-
How does an agile team obtain clarity on backlog items that may be picked up in upcoming iterations? Select only one answer. During iteration planning team discusses backing items for both current...
-
What is the primary function of the auditor? In your own words, describe what an audit opinion says.
-
What types of accounts are closed at the end of the accounting year? What are the three major steps in the closing process?
-
Describe a decision that requires financial statement information, other than a stock investment decision. How is financial statement information useful in making this decision?
-
Corporate governance has received considerable attention since the collapse of Enron and other accounting-related scandals. What is meant by corporate governance? What are the primary means by which...
-
Financial statements are used by several interested stakeholders. List three or more potential external users of financial statements. Explain how each constituent on your list might use financial...
-
4. A heavy wagon is pulled along the sidewalk by a force of 312 N, with a 277 N friction force opposing the motion. The force of gravity on the wagon is 785 N. a) Draw a free-body. diagram showing...
-
1. Which of the four major types of information systems do you think is the most valuable to an organization? 2. How do you critically associate the ideas of business agility and business efficiency...
-
A firefighter, 60.0 m away from a burning building, directs a stream of water from a ground-level fire hose at an angle of 37.0 above the horizontal. If the water leaves the hose at 40.3 m/s, which...
-
You serve a tennis ball from a height of 1.80 m above the ground. The ball leaves your racket with a speed of 18.0 m/s at an angle of 7.00 above the horizontal. The horizontal distance from the...
-
You want to cross a straight section of a river that has a uniform current of 5.33 m/s and is 127. m wide. Your motorboat has an engine that can generate a speed of 17.5 m/s for your boat. Assume...
-
An open drainage canal with a rectangular cross section is $3 \mathrm{~m}$ wide and $1.5 \mathrm{~m}$ deep. If the canal slopes $950 \mathrm{~mm}$ in $1 \mathrm{~km}$ of length, what is the maximum...
-
You must design and specify equipment for transporting $100 %$ acetic acid (density $=1000 \mathrm{~kg} / \mathrm{m}^{3}$, $\mu=1 \mathrm{mPa}$ s), at a rate of $11.3 \mathrm{~m}^{3} / \mathrm{h}$,...
-
The Alaskan pipeline was designed to carry crude oil at a rate of 1.2 million $\mathrm{bbl} / \mathrm{day}(1 \mathrm{bbl}=$ $42 \mathrm{gal})$. If the oil is assumed to be Newtonian, with a viscosity...
Study smarter with the SolutionInn App