When the cherry blossoms on Constitution Avenue and the Mulan in the Treasury compound are all in bud, and when the sky in Washington, DC is getting clearer and clearer day by day, Paulson, 6, felt that the real difficult time is coming.

In the winter of 2007, the Federal Reserve cut interest rates several times. Although the relevant data were once more beautiful, such a temporary measure would definitely not last long.

After entering 2008, as Grandma Pelosi, who had no idea about the economy, said, the two commonly used tricks of the Federal Reserve finally lost their effectiveness.

Although the US government has frozen the interest rates for subprime mortgage loans, has also lowered the discount rate for direct commercial loans, and has continued to invest in the financial market by opening discount windows to investment banks...

None of this prevents the situation from deteriorating further.

Data shows that unemployment is rising further, while consumption is continuing to decline.

In the fourth quarter of 2007, the US economy fell by 00, the worst performance since the third quarter of 2001. You should know that the United States at that time was the United States when the Internet bubble burst - the situation was so bad.

But the bad things are much more than that.

Not long ago, the largest industry association in the United States, with 70,000 members, and the American Real Estate Economist Association, which has 54 state associations and 10 regional and municipal associations, announced a set of authoritative data.

In 2007, sales of old houses in the United States fell by 1, the largest decline in five years; the mid-price of old houses fell by 18, at $1.780,000 per unit, the first annual decline since relevant records in 196.

One thing we must add here is that our programmization still has a long way to go, but the United States has already completed urbanization.

Therefore, in the US housing market, old house sales are the main force, and their sales volume accounts for about 85% of the sales volume of the entire housing market. The quality of the old house market is almost equivalent to the quality of the entire housing market.

The data they released finally turned the situation of a major reversal of the US housing market without any controversy before the world.

In the face of such data, even those guys on Wall Street and Capitol Hill who have always been good at talking lies with their eyes open, it is hard to say that the US real estate market is still improving.

Those who live a little older or are good at comparing can easily come to the conclusion that this is the first time that house prices have fallen in the United States many, many years later.

The last time the US house price fell may have been back to the Great Depression (199-19).

That is, this is the first time that US housing prices have generally fallen in nearly eight decades.

Just like when domestic regulation of the real estate industry later, there were always many concerns, because the development of the real estate industry and the recession would have a direct impact on multiple fields of the upstream and downstream industries.

In the United States, similar linkages are the same.

Now a business school student can draw the correct conclusion: the report of the US economy is a report of recession.

The recession is like a virus, spreading from one industry in the United States to another - because the US real estate and finance industry is already plagued by viruses, the manufacturing industry seems to be in danger...

As the economic situation deteriorates, the employment market is naturally doomed.

Students from the same business school know how important employment is to the stable development of the economy.

If only one number is used to describe the situation of economic development, employment will always be the first one. If it is zero, then no matter how good the following numbers perform, it will make no sense.

And now, this number is getting more and more...

Paulson has calculated more than once at this time how much unemployment would be as high as the worst.

But he did not complete the calculations in full at once. He always stopped when the unemployment rate exceeded 5 - he was a little afraid to continue to calculate.

To another extent, it doesn't make sense to calculate it again, because as long as the unemployment rate reaches 5, it will be another Great Depression.
Chapter completed!