1979day.year
The Chrysler Corporation asks the United States government for US$1.5 billion to avoid bankruptcy.
Chrysler Corporation requested a $1.5 billion loan guarantee from the U.S. government to avert bankruptcy.
On September 7, 1979, the Chrysler Corporation, grappling with declining sales and mounting debt, formally appealed to the U.S. government for a $1.5 billion loan guarantee. The request ignited a national debate over federal intervention in private industry. After extensive negotiations, Congress approved the loan in early 1980, rescuing the automaker from collapse and preserving thousands of jobs. Chrysler implemented cost-cutting measures, restructured its finances, and repaid the loan ahead of schedule. The bailout set a precedent for future government assistance to struggling corporations and underscored the broader economic challenges facing American manufacturing.
1979
Chrysler Corporation
2008day.year
The United States government takes control of the two largest mortgage financing companies in the US, Fannie Mae and Freddie Mac.
The US government places Fannie Mae and Freddie Mac under federal conservatorship during the 2008 financial crisis.
On September 7, 2008, the U.S. government placed Fannie Mae and Freddie Mac, the nation’s two largest mortgage financing companies, into federal conservatorship amid the global financial crisis. Both firms had accumulated massive losses on mortgage-backed securities after the collapse of the housing bubble. The takeover aimed to stabilize the housing market and inject confidence into a faltering financial system. The Federal Housing Finance Agency assumed control and secured hundreds of billions in Treasury support to cover losses. This unprecedented intervention underscored the severity of the crisis and the government's commitment to preventing a broader economic meltdown. The move reshaped U.S. housing finance and sparked debates over the role of government in private markets.
2008
United States government takes control of
Fannie Mae
Freddie Mac
2021day.year
Bitcoin becomes legal tender in El Salvador.
El Salvador adopts Bitcoin as legal tender in 2021, becoming the first country to recognize cryptocurrency alongside the US dollar.
On September 7, 2021, El Salvador enacted the Bitcoin Law, making Bitcoin legal tender alongside the U.S. dollar. President Nayib Bukele championed the move to foster financial inclusion for the unbanked population and attract foreign investment. Citizens were enrolled in a government-backed digital wallet called Chivo, which offered a $30 Bitcoin bonus to early adopters. The policy faced scrutiny from the International Monetary Fund and concerns over Bitcoin's price volatility. Despite initial technical glitches and public skepticism, many Salvadorans embraced the new currency for remittances and daily transactions. El Salvador's bold experiment sparked global debate on the role of cryptocurrencies in national economies and monetary sovereignty.
2021
Bitcoin
El Salvador