The financial crisis defined 2008. JPMorgan Chase agreed in March to buy Bear Stearns with Federal Reserve assistance after the investment bank lost access to short-term funding. The housing and credit collapse intensified in September: the government placed Fannie Mae and Freddie Mac into conservatorship, Lehman Brothers filed for bankruptcy, the Federal Reserve supported AIG, and money-market and lending systems seized up. Congress rejected an initial rescue bill, then enacted the $700 billion Troubled Asset Relief Program on October 3.
The presidential campaign unfolded against that emergency. Barack Obama defeated Hillary Clinton for the Democratic nomination and chose Joe Biden; John McCain chose Alaska governor Sarah Palin. On November 4, Obama won 365 electoral votes and became the first African American elected president. The Supreme Court's District of Columbia v. Heller decision recognized an individual Second Amendment right to possess a handgun for lawful purposes such as self-defense in the home, while California voters approved Proposition 8 before courts later overturned it.
Sports and technology supplied different milestones. Michael Phelps won eight swimming gold medals in Beijing, breaking Mark Spitz's record for one Olympics. The New York Giants ended New England's unbeaten season in the Super Bowl, and the Philadelphia Phillies won the World Series. Apple opened the App Store with about 500 applications, and SpaceX's fourth Falcon 1 flight became the first privately developed liquid-fueled rocket to reach orbit. No Country for Old Men won Best Picture, Flo Rida's Low topped Billboard's year-end chart, and Time chose Obama as Person of the Year.
Gold dots on the calendar above mark these dates. Articles are researched from primary and authoritative sources listed on each page.