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 The United States Economic and Mortgage Crisis (2008)

 The United States

Economic and Mortgage Crisis (2008)

 As the Unites States economy seemed to grind to a halt with the growing credit crunch, and more and more large banks and other financial institutions collapsed, Treasury Secretary Henry Paulson proposed a bailout plan which would have the U.S. government purchase the bad mortgage-backed securities from the private financial sector, which in theory would allow the banks and other mortgage-holders to regain financial health and to then begin offering credit to businesses and individuals.

The U.S. House of Representatives failed to pass this plan in a vote on Sept. 29, 2008.


On Oct. 3, 2008, the House approved a modified plan, and the bill was signed into law by President George W. Bush later that same day.

Links and Resources


Dollar Staggers as U.S. Unleashes Cash Flood, Deficit--Bloomberg, Dec. 15, 2008

Mortgage Meltdown: News About Subprime Mortgage Litigation and Legislation--Blog about TARP and the mortgage crisis


FDIC Seizes Three Banks, Expanding Loan-Relief Effort--Washington Post, Nov. 22, 2008

Foreclosures to Be Suspended Over Holidays--Washington Post, Nov. 20, 2008

Lawmakers Grill Kashkari on Changes in TARP Plan--Wall Street Journal, Nov. 14, 2008

Bush Signs Rescue Bill After House Vote--NYTimes, Oct. 3, 2008

The No Votes: Details on the Republican and Democratic representatives who voted against the $700 billion financial bailout plan.--NYTimes, Sept. 29, 2008


Proposed Bailout of United States Financial System - Wikipedia article

House Rejects Bailout Package, 228-205; Stocks Plunge -


FACT SHEET - Proposed Treasury Authority to Purchase Troubled Assets--September 20, 2008. hp-1150. FACT SHEET: Proposed Treasury Authority to Purchase Troubled Assets.

Bailout Bill Fails in House Vote Amid Defections in Both Parties -


Treasury Relents on Key Points - - No Mortgage Bailout!

MarketWatch:Bailout--Real-time financial news, personal portfolio tracking, stock market quotes, expert commentary, and personal finance features.

Stop The Housing Bailout!--Stop the housing bailout and Stop the mortgage bailout.

What This Bailout Means to You--The Motley Fool

Copyright © 1998-2008 Roger A. Lee and History Guy Media; Last Modified: 12.15.08

"The History Guy" is a Registered Trademark.

Lee, R. " History Guy: U.S. Economic History"

Mortgage, Credit, and Stock Market Crash Events and Offices


--Timeline of Events

--Automobile Industry Bailout

--The Office of Financial Stability is a new office within the Office of Domestic Finance of the United States Treasury Department created by the Emergency Economic Stabilization Act of 2008 to operate the Troubled Assets Relief Program (TARP).


Documents Related to the 2008 Mortgage Crisis and Bailout


President Bush Discusses the Bipartisan Economic Growth Agreement--Oct. 3, 2008

Paulson Statement on Emergency Economic Stabilization Act--Oct. 3, 2008

Text of the Emergency Economic Stabilization Act of 2008 --passed by the Senate on October 3, 2008 (PDF format)

The original Henry Paulson Bailout Plan of Sept. 21, 2008

President Bush Press Conference of July 15, 2008

Documents from Congressman Dennis Kucinich on the Mortgage Crisis and Bailout


Political and Economic Personalities Involved in the 2008 Mortgage Crisis and Bailout


Biography of Treasury Secretary Henry M. Paulson, Jr.

Biography of Assistant Treasury Secretary Neel Kashkari--Recently named to oversee the $700 Billion bailout.

James H. Lambright was named to serve as the interim Chief Investment Officer for the Troubled Asset Relief Program (TARP).


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Presidents of the United States--A listing of American Presidents, with links to biographical information.--New


Barack Obama

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Congressman Dave Reichert (R-WA-8th)

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Congressional Candidate Darcy Burner (D-WA-8th)

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Maria Shriver--Former award-winning television journalist, best-selling author, current First Lady of California, niece to President John F. Kennedy, and daughter of Vice-Presidential candidate Sargent Shriver.

L. Paul Bremer--American diplomat who served as head of the head of the Coalition Provisional Authority in Iraq from 2003 to 2004.

Thomas Nast-American political cartoonist.

Lorenzo de Zavala--First Vice-President of the Republic of Texas.

William Howard Taft-President of the United States and later Chief Justice of the U.S. Supreme Court.

John D. Negroponte--American diplomat chosen to serve as the first National Intelligence Director.

Dr. Benjamin Rush-- Signer of the Declaration of Independence, member of the Constitutional Convention, noted physician and ardent supporter for the abolition of slavery.