Five years ago, a financial crisis unlike any in generations rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression. In the months before President Obama took office, the economy was shrinking at a rate of over 8%. Businesses were shedding 800, 000 jobs a month. Banks had stopped lending to families and small businesses. The iconic American auto industry – the heartbeat of American manufacturing – was on the brink of collapse. It was a crisis that would ultimately cost millions of Americans their jobs, their homes, and their savings – and the decades-long erosion of middle-class security was laid bare for all to see and feel. Thanks to the grit and resilience of the American people, we’ve cleared away the rubble from the financial crisis and begun to lay a new foundation for stronger, more durable economic growth. This book describes 15 key elements of the response to the financial crises – providing an overview of the state of the economy and the financial system, the actions the Administration took in conjunction with the Federal Reserve and other regulators, and where we are now.
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