The Financial crisis : five years later

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<title>Financial crisis</title>
<subTitle>: five years later</subTitle>
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<abstract displayLabel="Summary">Five years ago this week, a financial crisis unlike any in generations rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression. In the months before President Obama took office, the economy was shrinking at a rate of over 8%. Businesses were shedding 800,000 jobs a month. Banks had stopped lending to families and small businesses. The iconic American auto industry  the heartbeat of American manufacturing  was on the brink of collapse. It was a crisis that would ultimately cost millions of Americans their jobs, their homes, and their savings  and the decades-long erosion of middle-class security was laid bare for all to see and feel. This report describes 15 key elements of the response to the financial crises  providing an overview of the state of the economy and the financial system, the actions the Administration took in conjunction with the Federal Reserve and other regulators</abstract>
<note type="statement of responsibility">Executive Office of the President</note>
<note>This report was prepared by the National Economic Council, the President¿s Council of Economic Advisers, the Domestic Policy Council, and the Office of Management and Budget</note>
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