Illinois Conservative Examiner –
Most Americans saw large portions of their wealth, savings, investments and retirement accounts disappear by the beginning of 2009. It all started with the collapse of housing market in early 2008. The housing market took the rest of the nation’s economy with it. Some individual 401K retirement accounts lost over 60% of their value. Thousands of Americans that were on the verge of retiring soon realized that they were going to have to continue to work for a number of years. And the Democrat’s blueprint for turning the United States into a third world country began.
Editor’s Note: Since the name of this website is Illinois Conservative Examiner, we will throw in a little something about Illinois’ disastrous financial situation and the train-wreck of having a one-party state and that party being the Democrats: A $100 billion union pension crisis, the second highest unemployment rate in the Midwest, and the lowest credit rating of any state in the nation. The run for governor in 2014 will prove interesting.
Interest rates during that period fell so low that those seniors that were already retired and living on their interest income found themselves in a world of hurt financially. Barack Obama and most of the Democrats all pointed the finger of blame at President George W. Bush, but it wasn’t his fault at all. President Bill Clinton forced the mortgage lending industry to offer a wide variety of creative mortgages along with lowering their qualifying requirements in order to get more families into homes. The creative nature of Clinton’s mortgage industry made a collapse of the system inevitable.
From the peak of the housing marketing in 2007 to the deep valley of the recession in early 2009, it was estimated that a total of $16 trillion of household wealth was lost.