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Our Last Recession In 2009, the automotive industry faced an amazing problem. New mild vehicle sales dropped to 10.4 million, GM and Chrysler went through bankruptcy reorganizations, retail sellers closed and many folks lost their jobs. The US authorities felt the necessity to act with a purpose to assist the very vital automotive industry (three% of GDP & 10% of producing). The Fed also stepped in to help stimulate the general financial system by lowering rates of interest.
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