U.S. markets logged their fifth straight week of gains last week, pushing the Dow and S&P 500 into positive territory for the first time in 2016. But despite those gains, the fears of a stock market crash are still very real.
2008 stock market crash
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- 2008 Stock Market Crash Causes and Aftermath
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Months of thrashing markets and a lot of big down days have triggered chatter about whether we're facing another 2008 stock market crash scenario.
The urge to compare the 2008 stock market crash to the market pullback in 2016 picked up speed when billionaire investor George Soros chimed in a few weeks ago.
This Goldman Sachs financial crisis "third wave" is upon us. But what exactly were the first two waves, and aren't we through the financial crisis yet?
The 2008 stock market crash was the worst since the Wall Street Crash of 1929.
The Dow plunged 54% in 18 months. It wiped out more than $2 trillion of Americans' retirement savings, and millions lost their jobs.
The 2008-2009 U.S. stock market crash saw the Dow Jones Industrial Average plunge 54% in 17 months.
Housing prices fell 30% from their 2006 peak. The unemployment rate doubled from 5% (7 million Americans unemployed) pre-crisis in 2008, to 10% by the end of 2009 (15 million). And U.S. debt rose from 66% gross domestic product (GDP) to 103% from 2008 to 2012.
To blame was a systemic breakdown that encompassed Wall Street and Washington.