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Financial Crisis of 2008

30 bytes added, 09:55, 23 December 2008
Context of what was happening in 1933
{{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 1933with the [[Great Depression]]. The economic difficulties will probably be officially classified as a [[recession]] 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 that has gotten a lot of press coverage, 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. In recent months governments across the world have spent huge sums of money to reverse the crisis, to the 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). Conservatives have been as dismayed and baffled by the crisis as everyone else.
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