Changes

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 spent huge sums of 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.

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,<ref> The U.S. economy entered a recession in December 2007, a committee of economists at the private National Bureau of Economic Research said. [http://www.marketwatch.com/news/story/US-recession-began-December-2007/story.aspx?guid={7DCF90E4-D61A-4014-83CE-45E938CD632C} Rex Nutting] - MarketWatch</ref>

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 spent huge sums of 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.