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The '08 US Financial Crisis, Background & Its Global Impact.
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APS Review Oil Market Trends
- Article date:
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September 29, 2008
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Copyright informationCOPYRIGHT 2008 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By the time the Bush rescue plan has been passed - assuming this will involve $700 bn, though many say its final shape could be different - US government spending just to delay the worst of the financial crisis by a few years, if not less, in 2008 alone would have reached $1.587 tn. This would have included $400 bn to back-stop money market accounts, the $170 bn "stimulus" package passed earlier in the year, $85 bn for AIG, $30 bn to bail out Bear Stearns, and $202 bn to bail out Fannie Mae and Freddie Mac - ie, about $15,000 per US household which is roughly the amount to buy a decent used car or a fuel-efficient new one.
Worried US investors and policy-makers have become ...
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