United States

What year did the financial crisis prompt the United States' largest economic contraction since the Great Depression?

Government policy designed to promote affordable housing, widespread failures in corporate and regulatory governance, and historically low interest rates set by the Federal Reserve led to the mid-2000s housing bubble, which culminated with the 2008 financial crisis, the nation's largest economic contraction since the Great Depression. Barack Obama, the first African-American and multiracial president, was elected in 2008 amid the crisis, and subsequently passed stimulus measures and the Dodd–Frank Act in an attempt to mitigate its negative effects and ensure there would not be a repeat of the crisis. In 2010, the Obama administration passed the Affordable Care Act, which made the most sweeping reforms to the nation's healthcare system in nearly five decades, including mandates, subsidies and insurance exchanges.


People Also Ask

  • In 1774, the Spanish Navy ship Santiago, under Juan Pérez, entered and anchored in an inlet of Nootka Sound, Vancouver Island, in present-day British Columbia. Although the Spanish did not land, natives paddled to the ship to trade furs for abalone shells from California. At the time, the Spanish were able to monopolize the trade between Asia and North America, granting limited licenses to the Portuguese. When the Russians began establishing a growing fur trading system in Alaska, the Spanish began to challenge the Russians, with Pérez's voyage being the first of many to the Pacific Northwest.

    More Info
  • The first documentary evidence of the phrase "United States of America" dates from a January 2, 1776 letter written by Stephen Moylan, Esq., to Lt. Col. Joseph Reed, George Washington's aide-de-camp and Muster-Master General of the Continental Army. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort. The first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776.

    More Info
  • The second draft of the Articles of Confederation, prepared by John Dickinson and completed no later than June 17, 1776, declared "The name of this Confederation shall be the 'United States of America'". The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be 'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence. This draft of the document did not surface until June 21, 1776, and it is unclear whether it was written before or after Dickinson used the term in his June 17 draft of the Articles of Confederation.

    More Info
  • From 1820 to 1850, Jacksonian democracy began a set of reforms which included wider white male suffrage; it led to the rise of the Second Party System of Democrats and Whigs as the dominant parties from 1828 to 1854. The Trail of Tears in the 1830s exemplified the Indian removal policy that forcibly resettled Indians into the west on Indian reservations. The U.S. annexed the Republic of Texas in 1845 during a period of expansionist Manifest destiny. The 1846 Oregon Treaty with Britain led to U.S. control of the present-day American Northwest. Victory in the Mexican–American War resulted in the 1848 Mexican Cession of California and much of the present-day American Southwest.The California Gold Rush of 1848–49 spurred migration to the Pacific coast, which led to the California Genocide and the creation of additional western states. After the Civil War, new transcontinental railways made relocation easier for settlers, expanded internal trade and increased conflicts with Native Americans. In 1869, a new Peace Policy nominally promised to protect Native Americans from abuses, avoid further war, and secure their eventual U.S. citizenship. Nonetheless, large-scale conflicts continued throughout the West into the 1900s.

    More Info
  • Following the decisive Franco-American victory at Yorktown in 1781, Britain signed the peace treaty of 1783, and American sovereignty was internationally recognized and the country was granted all lands east of the Mississippi River. Nationalists led the Philadelphia Convention of 1787 in writing the United States Constitution, ratified in state conventions in 1788. The federal government was reorganized into three branches, on the principle of creating salutary checks and balances, in 1789. George Washington, who had led the Continental Army to victory, was the first president elected under the new constitution. The Bill of Rights, forbidding federal restriction of personal freedoms and guaranteeing a range of legal protections, was adopted in 1791.

    More Info

Featured

We don't show ads. Help us keep it that way.