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The '''Financial Crisis of 2008''' is an ongoing worldwide financial crisis that is the worst the world has seen since 1932.  A recession began in the U.S. in December 2007, and worsened month by month, spreading outward from financial institutions to depress housing, construction, automobiles, retail sales, state and local government, and other sectors.

The '''Financial Crisis of 2008''' is an ongoing worldwide financial crisis that is the worst the world has seen since 1932.  A recession began in the U.S. in December 2007, and worsened month by month, spreading outward from financial institutions to depress housing, construction, automobiles, retail sales, state and local government, and other sectors. Governments across the world spend money to reverse the crisis, to no avail. The U.S. government provided cash bailouts and long-term loan guarantees of over %7 trillion dollars (compared to a GDP of $15 trillion a year), with no end in sight.  Conservatives have been as dismayed and baffled by the crisis as everyone else.

 

Unlike crises in the mid 1970s and early 1980s, this one began in the financial sector with devastating effects on many very large financial companies worldwide.  The negative effects by October began spreading to all other sectors of the economy, and forecasts for the next year show little likely of a quick recovery anywhere.  

Unlike crises in the mid 1970s and early 1980s, this one began in the financial sector with devastating effects on many very large financial companies worldwide.  The negative effects by October began spreading to all other sectors of the economy, and forecasts for the next year show little likely of a quick recovery anywhere.