In 2009, the economy was near collapse before pulling back from the brink of depression. Unemployment topped 10 percent, but layoffs eased. General Motors and Chrysler toppled into bankruptcy and emerged smaller and leaner. The Dow Jones industrial average swooned to a 12-year low, then came part of the way back.
It was a year of payback for having lived beyond our means — from Wall Street bankers who devoured risk they couldn’t manage to ordinary Americans living in homes they couldn’t afford with mortgages they didn’t understand.
It was a year of finger-pointing over blame for the worst recession since the Great Depression. Americans pondered how long it would take to mend shattered nest eggs, livelihoods, government balance sheets and economic confidence.
It was a year that gave birth to buzzwords — “new frugality,” “new normal” and “green shoots” — that captured the fragility of America’s recovery.
The economy’s wild ride was voted the top business story of the year by U.S. newspaper editors surveyed by The Associated Press. The collapse of the U.S. auto industry came in second, followed by skyrocketing home foreclosures. Hard money training.
Tags: depression, economy’s wild, general motors, great depression, top business, unemployment
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[...] Rebound leads AP’s top business stories of ‘09 | Money World News 21 Dec 2009. Economy’s wild ride, Madoff, auto industry collapse figure prominently. Rebound leads AP’s top business stories of ‘09 | Money World News [...]
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