Great Depression 2008

Here are some interesting facts about the Great Depression in 2008:

•More than 2 million jobs were lost in 2008, which contributed heavily to the Great Depression. Most of these job losses came in the fall and winter, with 284,000 jobs lost in September 2008, 240,000 jobs lost in October 2008, 533,000 jobs lost in November 2008, and 524,000 jobs lost in December 2008.

•In 2008, a variety of stimulus packages were introduced to try to prevent a Great Depression similar to the one in the 1930s. These included: tax rebate checks for all working Americans, money for distressed homeowners who couldn’t pay their mortgages, as well as bailouts for Bear Stearns, JP Morgan Chase, the 3 big Automakers, Fannie Mae and Freddie Mac, and banks (TARP).

•In 2008, the homebuyer tax credit (for up to $8,000) helped stabilize the prices of houses and kept them from falling even further than they did, which would have added to the woes of the Great Depression.

Click here to read facts about the Great Depression 2009.