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the housing downturn, which started in 2006, is a primary cause of the broader economic malaise. --[[User:Ed Poor|Ed Poor]] ^{[[User talk:Ed Poor|Talk]]} 22:05, 1 December 2008 (EST)

the housing downturn, which started in 2006, is a primary cause of the broader economic malaise. --[[User:Ed Poor|Ed Poor]] ^{[[User talk:Ed Poor|Talk]]} 22:05, 1 December 2008 (EST)

:: I think most analysts say the crisis is the worst since 1932. It's a crisis because the financial system has nearly collapsed with many of the biggest financial companies either collapsed (Lehman) or taken over (AIG, Fanny Mae, Freddy Mac, Bear Stearns, Wachovia, Washington Mutual) or given vast bailouts (Citigroup) to survive. That never happened before. A recent quote from Paulson: "We are going through a financial crisis more severe and unpredictable than any in our lifetimes.....our financial system seized up and severely damaged the economy." [http://www.nytimes.com/2008/11/18/opinion/18paulson.html quoted Nov 17 2008] [[User:RJJensen|RJJensen]] 22:16, 1 December 2008 (EST)

:: I think most analysts say the crisis is the worst since 1932. It's a crisis because the financial system has nearly collapsed with many of the biggest financial companies either collapsed (Lehman) or taken over ([[AIG]], [[Fanny Mae]], [[Freddy Mac]], [[Bear Stearns]], [[Wachovia]], [[Washington Mutual]]) or given vast bailouts ([[Citigroup]]) to survive. That never happened before. A recent quote from Paulson: "We are going through a financial crisis more severe and unpredictable than any in our lifetimes.....our financial system seized up and severely damaged the economy." [http://www.nytimes.com/2008/11/18/opinion/18paulson.html quoted Nov 17 2008] [[User:RJJensen|RJJensen]] 22:16, 1 December 2008 (EST)