Job cuts, foreclosures, and bailouts stole the headlines as the U-S struggled through another year of economic turmoil. 2009 finally brought the official end of the recession... but not the end of the nation's financial troubles.
I recently read an article from Alexis Christoforous with CBS News with a look back at a year that began in full blown crisis. Here is a segment from the article:
The economy was in meltdown mode. Unemployment lines were growing and Americans were losing their homes at a record rate.
Congress quickly signed off on a new stimulus bill which the new president signed into law. "We have begun the essential work of keeping the American dream alive in our time," President Obama said.
Despite the government's best efforts, two of the big three filed for bankruptcy. and Chrysler was pressured into an alliance with Italy's Fiat.
Americans rushed to trade in their clunkers for cash and threw a lifeline to the auto industry.
Home prices nosedived, and a tax credit brought out first time homebuyers.
Bernie Madoff got a new home, sentenced to 150 years in prison for wiping out clients in a $60 billion fraud.
Even in tough times, people paid up for a piece of Madoff. His Long Island beach home sold for $9-million and his personal affects brought in more than $1-million at auction.
Then, on September 15th, the Federal Reserve declared the recession was behind us. "From a technical perspective, the recession is very likely over," said Fed chairman Ben Bernanke.
But tell that to the $16-million out-of-work Americans. The unemployment rate topped 10 percent to a 26 year high.
And to the dismay of retailers, consumers remained tight-fisted.
But the stock market flexed its muscle and clawed its way back from a bear market. The Dow rallied about 20 percent for the year, the Nasdaq a whopping 40 percent.
I think Alexis observed much of what we saw in Springfield and Washington County. The recession may be over, but the Fed chief says it's still too early to say if the recovery will last. SWEDA stands ready for 2010 and optimistic about what projects lie ahead. We welcome new manufacturing, retail and entrepreneurial opportunities that will create jobs in our community. We welcome your comments and thoughts. Feel free to contact our office and here's to a prosperous 2010. Happy New Year.
Regards,
Hal
Click here to return the News page.
SWEDA
News
