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2008 – A Pivotal Point in US History
The year 2008 will prove to be a unique spot in America’s history. Looking forward, we are faced with some seemingly insurmountable obstacles. We have seen the housing market burst, rampant mortgage fraud, a sheepish stock market, a floundering dollar, and we are going into our 5th year of war with no formal declaration of war from Congress. What is going on?
Economic Fear – The Fed’s Financial Rescue of Wall StreetAs American jobs decreased by 63,000 in Feb 2008, mostly in the auto manufacturing and residential housing construction industries, the Washington Post reported that prices for groceries, gasoline, health care and other living essentials for a typical middle income American family rose by 9.2 percent since 2006. Within the same time period, average income for typical non-managerial workers increased only about 5 percent.