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Us economy financial meltdown

Us Economy Financial Meltdown

At the arrival of 2009, the economy of the USA is still in dire straits in the administration of Obama. Country of the USA has become a country where everyone despite the credit record or financial background can have line of credit and economic crisis. The USA government has National Debt of $8 trillion dollars. In the previous year, 2008, an unexpected storm of economic disaster or economic recession hit the country of the USA and the entire world. Most serious crisis started with the collapse of housing bubbles in Florida and California and the collapse of construction industries and housing prices.

Millions of mortgage had been combined into securities also known as CDOs that were resold globally. Many banks and firms borrowed billions of dollars to buy these securities. These securities are now toxic because their values are unspecified and no one wants to purchase them. Numerous banks in Europe and the USA have been collapsed while some are bankrupt. In the last three months, USA economy has shrunk at annual rate of 6.2% which is a proof of sharper fall in the history of the USA. In this time of economic downturn, the USA authorities need to move aggressively to stimulate the economy.

Stabilization of financial market also seems crucial for the recovery of economic issues. Today the USA is moving into period of crisis and economy chaos that will invoke people to take some effective steps for the recovery of it. Job cuts occurred both in public and private sectors that affected the life to people to great extent. Businesses had also struggled hard to overcome the financial crisis as they felt the serious impact of the recession.

Unfortunately things are moving to worse situation rather than they get better. While the USA administration is carrying out economic relief package that will definitely bring some benefits for fired employees. According to recent survey, it is noted that economic outlook, economic trends, business expectations for employments and profits are as bad in the time of recession as there were in the 1991 and 2001 recession. All these analyses about the current economic conditions of the USA show gloomy assessment for future economic recovery.

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