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Savings
The largest mortgage lender in the country, Countrywide Financial, warns that many homeowners are struggling to repay loans. An early sign of the coming economic crisis occurs when investment banks begin writing off investments backed by at-risk mortgages. -
Savings
Gold prices surge to more than $1,000 per ounce. This is the highest it has ever been. -
Trade
Oil rises to $150 per barrel as gasoline prices per gallon begin to exceed $4. Gas prices become a popular debate topic for presidential candidates. -
Leadership
Nearly $750 million spent on presidential campaign donations, far more than any previous election. Almost half of all donations were under $500 and donated by individuals. -
Savings
US Consumer’s total debt reaches $988.2 billion. The majority of this debt is on credit cards, as the number of outstanding credit cards in the country also peaked in 2008. -
Leadership
Bernard Madoff is arrested by FBI after confessing that his investment firm was a Ponzi scheme. Investigators later tally up the total loss for the investors to be $21 billion. -
Leadership
President Obama is sworn in and states in his inaugural address that the state of our economy calls for action. Then reacts by signing a $757 billion economic stimulus package. -
Savings
Stock market indicators reach lowest levels in 12 years on March 9. The Dow Jones Industrial average goes down to 6,547. the stock market begins a lengthy bull market speculated to restore a good portion of wealth lost during the crisis.
