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Financial Crisis of 2008

627 bytes added, 09:54, 23 December 2008
Sorry, but the declaration of the recession starting in December 2007 has no historical backing based upon how recessions are determined, nor did the group have authority to make that determination
{{move|Recession of 2008}}
The '''Financial Crisis of 2008''' is an ongoing worldwide financial crisis that some believe is the worst the world has seen since 1933. A The economic difficulties will probably be officially classified as a [[recession]] began in when the next quarterly data is released as it is believed that there will have been another quarter of negative growth. A group has tried to claim that the U.S. has been in a recession since 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 monththat has gotten a lot of press coverage, spreading but that is based upon their own criteria and has not been a part of the standards used to recognize a recession, nor does the group have any authority to make that determination apart from that which they have given themselves and the press has afforded them. Negative economic news has spread outward from financial institutions to depress housing, construction, automobiles, retail sales, state and local government, and other sectors. Governments In recent months governments across the world have spent huge sums of money to reverse the crisis, to no availthe short-term results have been inconclusive. The U.S. government provided cash bailouts of several hundred billion dollars 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.
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