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FINAL.pptx - The 2000s 2000 through 2010 HUNTER LANG ECO...

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The 2000’s 2000 through 2010 HUNTER L ANG ECO 202 MILESTONE ONE
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Ten-Year Period of U.S. Economic History Overview o National debt growing rapidly o Job loss o September 11 th Terrorist attacks o Stock Market crash o War on Terror o Housing Crisis o Gas prices
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Most Impactful The housing market fall: In 2008 on of the worst economic disasters since the great depression occurred. Key Causes: Bankers loaned too much money to people with questionable credit Banks then had to absorb the costs of the mortgages lost. People then lost their homes, filed for bankruptcy and struggled with jobs. 9/11 terrorist attacks: New York Stock exchange shut down from Sep 10-17. 60 billion dollars in insurance losses Tragic loss of families and crisis 18,000 small businesses destroyed or displaced Homeland security costs
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Unemployment o Substantial income loss for middle and working class families. o The median income for a household fell 2.3 % o African Americans households fell 3.2% Unemployment rate from Jan 2000-Dec 2010
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Inflation Employment has a lot to do with inflation. Inflation will head higher than the years before if the unemployment rate is down. Military spending Increases: The U.S enters war which causes inflation. Percent of GDP
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Interest Rates The real gross domestic product fell 4.3 percent from its peak in its 4 th quarter in 2007 to the ending in 2009 quarter two. This makes the Great Recession the longest since World War II Home prices fell approximately 30% on average When home prices fell, mortgage interest rates lowered to try and stimulate the economy People couldn’t afford to borrow money and banks were stingy on lending out money since the housing market fall in 2008 where they had lent out too much money on unfixed mortgages causing foreclosures.
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