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The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$691 billion (~$960 billion in 2023) in assets—alone surpassing all past ...
January 22, 2008: The US Federal Reserve cut interest rates by 0.75% to stimulate the economy, the largest drop in 25 years and the first emergency cut since 2001. [ 113 ] January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue bond insurance .
December 1, 2008: United States; The US economy has been in recession since December 2007, the National Bureau of Economic Research announced in December 2008. The bureau is a private research institute widely regarded as the official arbiter of US economic cycles. It said a 73-month economic expansion had come to an end. [62]
The nation's economy contracted 6.3 percent in Q4 2008 -- its biggest Or, at least it better be, for the good of all involved. GDP nosedives 6.3 percent - worst plunge since 1982
United States Department of the Treasury. After the freeing up of world capital markets in the 1970s and the repeal of the Glass–Steagall Act in 1999, banking practices (mostly Greenspan-inspired "self-regulation") and monetized subprime mortgages sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted liquidity in the global credit ...
The net worth of the United States sharply declined to 5.2 times GDP by the end of 2008 due to declines in the values of US corporate equities and real estate in the wake of the subprime mortgage crisis and the 2007–2008 financial crisis. Between 2008 and 2009, the net worth of US households had recovered from a low of 3.55 times GDP to 3.75 ...
November 4 – 2008 United States presidential election: Democratic U.S. Senator Barack Obama is elected as the 44th president of the United States and U.S. Senator Joe Biden is elected the 47th vice president. Barack Obama becomes the first African-American president-elect. [53] [54] [55] November 11 – Taylor Swift releases her second studio ...
The United States has a highly developed mixed economy. [40] [41] [42] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [43]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]