Date Added: Sep 2009
The US economy has been experiencing economically difficult times, since the middle of 2007, which culminated in the economy, lapsing into recession in December 2007. Once the crisis got triggered, the banks started failing. Their balance sheets got heavily challenged, due to loan installment defaults in different categories of credit. Housing loans were a big challenge and so were the auto loans, once oil prices skyrocketed and SUV market dried up. Firms in the housing, auto, and many other industries, were heavily affected by these developments.