Barack Obama for Beginners: An Essential Guide by Bob Neer

Author:Bob Neer [Neer, Bob]
Language: eng
Format: epub
Tags: Biography & Autobiography, Cultural; Ethnic & Regional, General, Historical, Political, Presidents & Heads of State
ISBN: 9781934389447
Google: 9uT3ngEACAAJ
Amazon: B00JGE4DDG
Barnesnoble: B00JGE4DDG
Goodreads: 34214049
Publisher: For Beginners
Published: 2009-01-15T06:33:29+00:00

The Republican surge was short-lived. On 7 September Fannie Mae, the Federal National Mortgage Association, and Freddie Mac, the Federal Home Loan Mortgage Corporation, private firms supported by an implicit government guarantee that underwrote many of the nation’s home mortgages, became insolvent and were taken over by the government. On 14 September the Wall Street investment bank Lehman Brothers declared the largest bankruptcy in U.S. history. Its debts were larger than the gross domestic product of Poland. On the same day, Bank of America acquired brokerage firm Merrill Lynch in a forced sale brokered by the government. Thousands of jobs were lost. Commentators compared the crisis to the Depression of the 1930s. The polls reversed almost immediately: Obama’s numbers began to rise, and McCain’s to fall.

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