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The real culprits if this mess
1. Unregulated Mortgage Industry (handing out loans left and right, shady mortgage broakers, people wanting more than they can afford)
2. Huge War fiasco (not saying it was right or wrong but costly)
3. surge in gas prices. Remember how great the economy was when gas was under $2.
4. 1 + 2 means less money for consumers to pay bills or spend on groceries, movies, car payments, $4 coffe, etc..)
5. less money in the hands of consumers means les goes into the business industry.
6. Mortgages fail and credit cards dont get paid.
7. Banks in trouble as result of bad debt. Less money loaned out.
8. Fewer loans means fewer large purchases such as cars and trucks.
9. And so here we are here today.
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