The Events Of The Summer Olympics And Michael Phelps...

From the year 2008 many of us still remember the important events of the Summer Olympics and Michael Phelps winning 8 gold medals and being the first person to ever do this in history. We also remember the election of the 43rd president of the United States Barack Obama who was the first black president to be elected before going on and being elected for a second term. Out of all of these great events in American history in the year of 2008 the most remember event in this year is the financial turmoil that was caused by the crash of the stock market and caused the second biggest recession in United States history. A recession is a â€Å"period of temporary economic decline during which trade and industrial activity are reduced, generally†¦show more content†¦It is also said that these factors are the biggest reason why recessions occur. As some may already know, the recession of 2008 was the second worst in U.S. history and really makes you wonder what were the causes of th is devastating event and also what was happening before this. According to moneymorning.com the biggest reason for the recession of 2008 was a Housing bubble that eventually led to subprime lending. From 1996 to 2006, home costs nearly doubled. Robert Shiller s Home index number changed from 87.0 to 160.6. revealing sixty fifth of this growth occurred from 2002 to peak costs in 2006. When the bubble burst, costs quickly plunged. The index was at one zero five.7 by 2009. This surge in growth followed by fast decline is not shown within the history of U.S. real housing costs, in line with the U.S. Bureau of Labor Statistics. It is estimated that about 7 million Americans lost their homes due to this recession, it is also estimated that about 1.2 million households were lost in this recession according to bobsullivan.net and nbcnews.com. This only shows a part of how strong this recession ended up being and why us as Americans are so thankful that this nightmare finally ended years ago. Before the recession eventually