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    GNP of Usa

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    Karan Trivedi
    The US economy grew in the second quarter of 2018, with Gross National Product increasing to $18,766.40 billion, up from $17,551.88 billion in the first quarter. GNP averaged $8,407.57 billion from 1950 to 2018, reaching a high of $18,766.40 billion in the second quarter of 2018 and a low of $2,098.40 billion in the first quarter of 1950. The economic crisis of 2008-2009 was largely caused by US banks providing risky loans to borrowers with poor credit histories for home purchases prior to 2007. As housing prices fell and interest rates rose from 2004 to 2006, homeowners could no longer afford their mortgages, causing

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    GNP of Usa

    Uploaded by

    Karan Trivedi
    11 views2 pages
    The US economy grew in the second quarter of 2018, with Gross National Product increasing to $18,766.40 billion, up from $17,551.88 billion in the first quarter. GNP averaged $8,407.57 billion from 1950 to 2018, reaching a high of $18,766.40 billion in the second quarter of 2018 and a low of $2,098.40 billion in the first quarter of 1950. The economic crisis of 2008-2009 was largely caused by US banks providing risky loans to borrowers with poor credit histories for home purchases prior to 2007. As housing prices fell and interest rates rose from 2004 to 2006, homeowners could no longer afford their mortgages, causing

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    The US economy grew in the second quarter of 2018, with Gross National Product increasing to $18,766.40 billion, up from $17,551.88 billion in the first quarter. GNP averaged $8,407.57 billion from 1950 to 2018, reaching a high of $18,766.40 billion in the second quarter of 2018 and a low of $2,098.40 billion in the first quarter of 1950. The economic crisis of 2008-2009 was largely caused by US banks providing risky loans to borrowers with poor credit histories for home purchases prior to 2007. As housing prices fell and interest rates rose from 2004 to 2006, homeowners could no longer afford their mortgages, causing

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    11 views2 pages

    GNP of Usa

    Uploaded by

    Karan Trivedi
    The US economy grew in the second quarter of 2018, with Gross National Product increasing to $18,766.40 billion, up from $17,551.88 billion in the first quarter. GNP averaged $8,407.57 billion from 1950 to 2018, reaching a high of $18,766.40 billion in the second quarter of 2018 and a low of $2,098.40 billion in the first quarter of 1950. The economic crisis of 2008-2009 was largely caused by US banks providing risky loans to borrowers with poor credit histories for home purchases prior to 2007. As housing prices fell and interest rates rose from 2004 to 2006, homeowners could no longer afford their mortgages, causing

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    GNP of USA

    Gross National Product in the United States increased to 18766.40 USD Billion in the second
    quarter of 2018 from 17551.88 USD Billion in the first quarter of 2018. Gross National Product
    in the United States averaged 8407.57 USD Billion from 1950 until 2018, reaching an all-time
    high of 18766.40 USD Billion in the second quarter of 2018 and a record low of 2098.40 USD
    Billion in the first quarter of 1950.

    Economic Crisis 2008-09


    The main cause of the current economic crisis was thought to be that US banks provided high-
    risk loans to people with poor credit history to purchase homes prior to 2007. Between 2004
    and 2006 house prices fell and interest rates in the US rose from 1% to 5.35% thereby triggering
    a slowdown of the housing market. Homeowners could no longer afford the large mortgages
    they had taken to buy their houses. Therefore, banks and investors suffered losses and would
    not take on any more risk, leading to a freezing of the credit market. The same problem
    occurred in Europe. The European Central Bank (ECB) and the US Federal Bank made funds
    available for banks and they cut interest rates, so the banks could start providing loans again.
    Since banks were still very cautious about loans and did not lend to one another, the measures
    of the ECB and the Federal Reserve did not prevent the crisis progressing. From the beginning
    of 2008, banks and investors faced severe problems. Governments tried to keep banks and
    investors in business by providing them very large loans in exchange for shares in the banks.
    On September 15, 2008 Lehman Brothers, a major investment bank in the USA, filed for
    bankruptcy being the first of many banks in the US and Europe to collapse. The lack of
    confidence in the credit market led to a decline in economic growth and from the second half
    of 2008 many countries all over the world entered a recession.

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