/----/ How Chuck Schumer Caused the Second Largest Bank Failure in US HistoryIt's crp because you can't refute it and it fly's in the face of your IT'S ALL BUSH'S FAULT rant. And OBOZO's so called recovery was anemic at best.
Oh, I agree, it was anemic... because the initial damage was so bad.
The complete collapse of the housing market meant even people with good credit had no collateral to take out loans.
10 TRILLION in wealth was lost in 2008, about half of the US GDP. No, you aren't going to recover from that in a few months.
America Lost $10.2 Trillion In 2008
You'll hear lots of talk about how recessions are caused because people feel poorer or irrationally react to a flood of bad economic news. But the truth is that these depressed feelings are rooted in reality. Americans don't just feel poorer, they are poorer:
- U.S. homeowners lost a cumulative $3.3 trillion in home equity during 2008, according to a report fromZillow. (MortgageWire.)
- One in six homeowners is now underwater on their mortgage.
- The stock market erased $6.9 trillion in shareholder wealth in 2008.
To put that number in perspective, it's almost one fifth of the GDP of the entire world. It's about the size of the US Debt at the end 2008, meaning we could have paid off the entire debt of our government with the money we lost last year.