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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)