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Five days later, Bank of America, Citigroup, Wells Fargo, and JP Morgan Chase announced that they would stop accepting IOUs by July 10. Fitch Ratings dropped California's bond rating from A-minus to BBB. [15] On July 24, 2009, the state government passed a budget that included $15 billion in service cuts, including $8.1 billion in education cuts.
An automobile dealership in Orland, California which closed after General Motors cut ties with it and several hundred other dealers as part of its Chapter 11 bankruptcy restructuring efforts in 2009 [1] Beginning in the latter half of 2008, a global-scale recession adversely affected the economy of the United States.
For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. [49] Full-time employment did not regain its pre-crisis level until August 2015. [51] The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May ...
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“This decline is similar to those seen during the Great Recession and dot-com bust,” according to the Legislative Analyst’s Office.
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January 27, 2010: President Obama declared on "the markets are now stabilized, and we've recovered most of the money we spent on the banks". [195] First quarter 2010: Delinquency rates in the United States peaked at 11.54%. [196] April 15, 2010: U.S. Senate introduced bill S.3217, Restoring American Financial Stability Act of 2010. [197]
“California employers have been hearing about an economic downturn, and in response have been freezing hiring, withdrawing job offers and even undertaking layoffs, in some cases.