What were major headlines in 2007?
Events
- January 4: Nancy Pelosi becomes Speaker of the House.
- April 16: United States President George W.
- July 15: Opening ceremony of the second Tacoma Narrows Bridge.
- August 1:
- October 20 – November 9: Flames burn Santa Clarita, California during the California wildfires of October 2007.
- Yvonne De Carlo.
- Art Buchwald.
What was the cost of a loaf of bread in 2007?
Buying power of $5 since 1997
Year USD Value Inflation Rate 2006 $6.52 3.29% 2007 $7.00 7.44% 2008 $8.03 14.61% 2009 $8.13 1.26% What was the biggest news story of 2007?
The housing bubble finally burst, big time. Defaults on subprime mortgages — high and adjustable-interest rate home loans for people who don’t qualify for the lowest market rates — had been rising slowly for a couple of years and by this summer were up 93% from the year before.
What was the minimum wage increase in 2007?
Karl Rove, highly influential and controversial advisor to President Bush, announces his resignation (Aug. 13). The minimum wage increases to $5.85, up from $5.15. It’s the first increase in 10 years. The wage will increase 70 cents each year through 2009, when it will be $7.25 an hour (July 24).
Why did the stock market drop in 2007?
Banks worldwide that had money in mortgage-backed securities realized many of their investments were worthless, and the major stock market indexes saw their values drop, prompting central banks in the U.S. and Europe to inject extra cash into their financial systems.
Where was the deadliest attack in Iraq in 2007?
Two pairs of truck bombs explode about five miles apart in the remote, northwestern Iraqi towns of Qahtaniya and Jazeera, killing at least 500 members of the minority Yazidi community, making it the single deadliest insurgent attack of the war (Aug. 14).