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Financial Crisis of 2008

494 bytes added, 10:30, 23 December 2008
{{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]]. A The economic difficulties will probably be officially classified as a [[recession]] began in when the U.Snext quarterly data is released as it is believed that there will have been another quarter of negative growth. The National Bureau of Economic Research, a private organization that follows its own standards, has declared that the end of the last expansion took place in December 2007,and the overall economy has been in decline ever since.<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 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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