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Winter/Spring 2008 - Economy in peril
Winter/Spring 2008 - Economy in peril
Gasoline prices are displayed at a gas station on Manhattan's Houston Street, July 16, 2008.
Lawmakers grasp the severity of the problem and attempt to act. But it may be too little, too late as the first of the big banks goes belly up and consumers are squeezed at the pump.

Jan. 22 - Economic troubles headline an Obama speech.

"What started as a crisis in the housing market has now spilled over to the rest of the economy," the candidate told a crowd in Greenville, S.C. "People have less money to spend, higher bills to pay, and fewer opportunities for work."

Feb. 3 - Lawmakers approve the economic stimulus plan, sending $168 billion in cash to consumers in an attempt to revive the economy.

March 5 - John McCain centers a speech in California on falling home prices.

"There are 80 million family homes in America and those homeowners are now facing the reality that the bubble has burst and prices go down as well as up," the candidate told a Hispanic business association in Orange Country. "I am prepared to examine new proposals and evaluate them."

March 16 - Bear Stearns, a storied Wall Street investment bank, collapses.

June - Gas prices cross $4 for first time ever.

NEXT: Summer/Fall 2008 - Bloodbath on Wall Street

Last updated November 03 2008: 2:44 PM ET
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