2008 financial crisis

Turning points

1. 1964The average hours per work week declined to 33, the lowest level since the government began…This data point marked a historical baseline for understanding labor conditions preceding the crisis.
2. Oct 1982U.S. president Ronald Reagan signed into law the Garn–St. Germain Depository Institutions Act…This act initiated banking deregulation and adjustable-rate mortgages that contributed to the conditions enabling the later financial crisis.
3. Nov 1999U.S. president Bill Clinton signed into law the Republican-sponsored Gramm–Leach–Bliley Act…This act removed regulatory barriers between banking and investment finance, allowing financial institutions to engage in riskier activities.
4. 21 Mar 2006United States senator and 1988 presidential candidate Joe Biden of Delaware announces that he…This political announcement occurred as the housing market began its decline in 2006.
5. 25 Apr 2007April 25 April 27 John McCain launches his presidential campaign with stops in New Hampshire…This campaign launch took place as mortgage problems were emerging in spring 2007.
6. 13 Sep 2012To improve lower interest rates, support mortgage markets, and make financial conditions more…This Federal Reserve action represented a major intervention attempt after the crisis had already devastated financial markets.
7. 2024When home prices declined in the latter half of 2007 and the secondary mortgage market…When secondary mortgage markets failed in late 2007, IndyMac was unable to offload its accumulated loans, precipitating its collapse.