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More people invested in '.com' stocks, causing the technology bubble to burst due to inflation. This resulted in many investment losses.
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After the September 11 attack, the US faced major financial losses. Many businesses were destroyed, and there were also major insurance losses. The NYSE shut down.
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After the 9/11 attacks, war began in Afghanistan. It was very costly, and has drained the U.S. financially. U.S. taxpayers have paid trillions of dollars to fund the war.
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On August 25, Hurricane Katrina was a category 3 hurricane and became one of the largest natural disasters in history. It almost destroyed all of New Orleans. Then, Katrina was followed by Hurricane Rita. Both storms had an immense impact on the U.S. economy, with over $175 billion in damage, 500,000 jobs and homes lost, and more than 1,800 killed, The storms also affected oil and gasoline prices
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The U.S. housing market was successful and almost anyone could buy a home. However, interest rates rose and inflation caused loans to become too expensive. Families could no longer pay their mortgages. Many lenders went bankrupt and let go of their employees.
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Bernard Madoff ran a huge Ponzi scheme where he paid his investors with the money from other clients. This contributed to the financial crisis that the U.S. was already in.
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Multiple factors led to the U.S. being in the biggest economic crisis since The Great Depression.
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Wall Street collapses after losses from the housing crisis and investment losses from fraud.
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President Obama signs a $787 billion stimulus package, which will create 3.5 million jobs for Americans.