President Obama will speak Monday from the White House Rose Garden to mark the five-year anniversary of the financial crisis and highlight his administration’s response to it.
Although the nation’s housing market began teetering as early as 2006, Washington’s concerted response came two years later with the collapse of Lehman Brothers, one of the largest investment banks in the world. Sunday marks the five-year anniversary of that event.
In response, the Bush administration pushed its Wall Street bailout plan through a reluctant Congress in late 2008 and launched a separate effort to prop up the nation’s automakers.
Entering the White House a few months later, Obama continued both programs, while also passing a sweeping economic stimulus measure as one of his first actions as president. Subsequently, he championed the Democrats’ anti-foreclosure programs as well as sweeping new regulations on Wall Street, known as the Dodd-Frank law after the two sponsors of the bill.