Recession is officially declared, but interest rate cuts cause the dollar to fall further and CPI inflation goes over 4%.
The Euro hits $1.45, the Yen hits 100/$, and gas goes over $4.00 per gallon.
Stock Market Drops 20% from 2007 End.
John McCain beats Obama in the national election as republicans flock to him in masse, and Obama’s inexperience pulls enough independents into the McCain camp. If Bloomberg enters a three way race, Obama wins.
Foreclosures skyrocket, social acceptability of walking jingle mail is cemented, and banks start to voluntarily write loans down and freeze interest rates rather than foreclose.
Unemployment hits 6%, and $50K in the bank becomes as fashionable as a hummer was 2 years ago.
