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Indiana fights a global recession

  • Signs of a weakening housing market

    Signs of a weakening housing market
    Major banks reveal the country's housing market appears to be weakening. Banks begin sustaining losses as a result of the impending sub-prime mortgage crisis
  • Financial crisis begins

    Financial crisis begins
    Lehman Brothers' files for bankruptcy protection, while Bank of America takes over Merill Lynch amid an imploding financial services market.
  • Government bailout

    Government bailout
    Congress passes $700bn bailout plan for several of the country's largest banks.
  • Interest rates cut

    Interest rates cut
    Hoping to quell a deepening recession, the Fed cuts interest rates to .25 percent.
  • Layoffs in Elkhart, Ind.

    Layoffs in Elkhart, Ind.
    Major RV producers annouce 600 layoffs from Elkhart, Ind., plants. Elkhart's unemployment rate would grow to 17.7 percent earlier this year -- the higest in the nation.
  • Federal stimulus passed

    Federal stimulus passed
    Congess passes $787bn stiumulus package, with a focus on funding projects to improve the country's infrastrucutre and public services.
  • Layoffs at Caterpillar

    Layoffs at Caterpillar
    In Layfayette, Caterpillar annouces it will eliminate 439 job as sales of heavy machinery dwindle.
  • Unemployment rising

    Unemployment rising
    Indiana's unemployment rate reaches 10.6 percent -- nearly a point higher than the national average. As the federal stimulus began to take effect, that rate began to ease.
  • GE Plant lays off 164 workers

    GE Plant lays off 164 workers
    In Bloomington, longtime GE plant annoucnes it will continue to reduce the size of its Indiana workforce.