Changes

The crisis swept across the Middle East and Asia as well, with South Korea especially hard hit.  China, which had been the world's major growth machine in recent years, seemed to slow down. In November China's government announced it would spend 4 trillion yuan ($586 billion) through the end of 2010 to stimulate its economy. It specifically targeted people's livelihood in an effort to offset the impact of slowing global demand for its exports and unlock the spending power of its vast population.  

The crisis swept across the Middle East and Asia as well, with South Korea especially hard hit.  China, which had been the world's major growth machine in recent years, seemed to slow down. In November China's government announced it would spend 4 trillion yuan ($586 billion) through the end of 2010 to stimulate its economy. It specifically targeted people's livelihood in an effort to offset the impact of slowing global demand for its exports and unlock the spending power of its vast population.  

===$800 billion bailout ===

==$700 billion bailout ==

"We're in the midst of a serious financial crisis," [[George W. Bush|President Bush]] warned the nation on Sept. 25, 2008.:

"We're in the midst of a serious financial crisis," [[George W. Bush|President Bush]] warned the nation on Sept. 25, 2008.:

{{QuoteBox|Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money....without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold: More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.<ref>see [http://www.whitehouse.gov/news/releases/2008/09/20080924-10.html Bush speech online]</ref>}}

{{QuoteBox|Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money....without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold: More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.<ref>see [http://www.whitehouse.gov/news/releases/2008/09/20080924-10.html Bush speech online]</ref>}}