Federal Reserve housing bubble financial crisis of 2007–2008 Great Recession Barack Obama multiracial African was elected in 2008 largest income President Great Depression
Government policy designed to promote affordable housing, widespread failures in corporate and regulatory governance, and historically low interest rates set by the Federal Reserve led to a housing bubble in 2006. This culminated in the financial crisis of 2007–2008 and the Great Recession, the nation's largest economic contraction since the Great Depression. Barack Obama, the first multiracial President with African ancestry, was elected in 2008 amid the financial crisis. By the end of his second term, the stock market, median household income and net worth, and the number of persons with jobs were all at record levels, while the unemployment rate was well below the historical average.
