How We Got Here Bubbles burst –Banking industry (excessive leverage on inflated home prices/mortgages) –Automobile industry (cheap financing evaporated for SUV sales) –Energy industry (inflated oil prices) Consumer confidence is down –Residential real estate prices have fallen –Pensions/401Ks are worth less –Not buying non-essential goods & services Inventories are down & production is down Number of retailers has dropped (commercial real estate may be the next shoe to drop) Import volumes have fallen
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