Great Recession and Barack Obama Toward the end of 2007, the country was entering a financial crisis. Questionable decisions by major banks led to a Great Recession, a severe decline in economic activity. Like the lead up to the Great Depression of the 1930s, the Great Recession of 2008 was caused by the government's failure to regulate banks, granting mortgage loans to people who couldn't pay them back, and excessive borrowing by individuals and companies. Many families borrowed money to buy homes that were overpriced. Widespread overpricing of residential real estate was called the housing bubble. For countless people, attaining the American Dream suddenly seemed impossible. The government bailed out the major banks through the Troubled Asset Relief Program (TARP), which authorized $700 billion to stabilize the U.S. banking and automobile industries. This move lessened the effects of the recession on Wall Street, but many criticized it as a bailout for the rich, crying "banks got bailed out, folks got sold out!" As Americans lost their jobs and the value of their homes dropped, many of them blamed the Republican administration of George W. Bush. One result was the election of Barack H. Obama, the country's first African American president. With the economy in severe trouble and the unpopular Iraq War still ongoing, Obama attacked president Bush and laid out a new vision for America. Upon taking office, Obama pushed through his own economic stimulus package to combat the recession, which boosted Medicaid, food stamps, and unemployment benefits to help the most vulnerable Americans. Obama also championed the Patient Protection and Affordable Care Act (PPACA), which provided government-funded healthcare to millions of Americans who had previously been uninsured. Obama's focus on public welfare and peace in the Middle East was a dramatic departure from the policies of George W. Bush. Obama was the first black president, and had a very interesting biography. Born in Honolulu, Hawaii, Obama spent part of his childhood in Indonesia, the home of his stepfather. He attended high school in Hawaii. Obama graduated from Columbia University with a degree in political science and a specialty in international relations. Later, Obama earned a degree from Harvard Law School. After working as an attorney, Obama taught constitutional law at the University of Chicago Law School. Chicago was also where Obama worked as a community organizer, helping set up job training and other programs. In 1996 Obama was elected to the Illinois Senate. In July 2004 Obama came to national attention when he delivered the keynote speech at the 2004 Democratic National Convention. Later that year, he was elected to represent Illinois in the U.S. Senate, having won 70 percent of the vote. Based on the reading answer the following question in 4-6 sentences (zero grammar mistakes): How did Barack Obama's life experience prepare him to become president?