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The internet was in style. Many people were investing huge amount of money into them and making a lot of money from it. In April 2000 an inflation report caused the speculative bubble to burst and there was huge investment loses.
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Enron, one of the top energy countries at the time hid billions of dollars in debt from its shareholders. Shareholders lost 60 billion dollars. This led to the Sarbanes-Oxley Act of 2002.
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Only the New York Stock Exchange shut down. There were over 60 billion dollars in insurance loss. 18,000 small businesses shut down and the Department of Homeland Security was created.
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The stock market reached lows not seen since 1997 and 1998.
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These wars are a incredible financial drain on our economy. 944 billion dollars was approved for operations overseas.
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More than 200 billion dollars was done in damage between the two. 400,000 jobs were lost and 275,000 homes were lost.
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The U.S. housing market was booming. Basically anyone who wanted to buy a house could by one. Banks made mortgage loans with inflated values. Soon the interest rates went up and families couldn't pay them. The "credit crunch" ensued.
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September of 2008 the deepest economic downturn in not only the U.S. but the world, since the Great Depression. It was due to the sup-prime mortgage crisis and serious corporate fraud.
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Bernard Mandoff took the money of his clients investments and used it to pay his investors. He defrauded his investors of around 18 billion dollars.
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The Federal Reserve buys 1.2 trillion dollars of government bonds and mortgage-related securities.