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Economic Meltdown

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Hannah Ramsaywak

on 28 April 2010

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Transcript of Economic Meltdown

Economic Meltdown of 2007-2008 Marked by record prices for goods and food American gas prices peaked at more than four dollars per gallon In March Wall Street giant bear stearns failed followed by Indy Mack Bank and Lehman Brothers the fed announced that it would lend money directly to U.S. corporations the housing slump set off a chain reaction in our economy In the last decade credit went unchecked and it got out of control the crisis was just a worsening of the economic depression back in the 1970's and through accumulation of debt Causes of Market Instability the ability to create new lines of credit which dried up the lines of money and slowed economic growth cheap credit made it too easy for people to buy houses and make investments Records Broken In July of 2008 crude oil prices climbed to 147 dollars per barrel. Also in July 2008 gas per gallon rose to $4.11 Effects more than 40% of workers surveyed reported increased incivility such as backstabbing to remain employed Department of housing reported about 1.6 million homeless people in 2008
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