As it turned out, Stockton and company were wrong, by a longshot.Economic growth shrank for five of the next six quarters. The economy lost 8.7 million jobs in 2008 and 2009. The unemployment rate, which was 5 percent in December 2007, spiked during the next two years and hit a post-recession peak of 10 percent in October 2009.
Transcripts Show Fed Underestimated Crisis In 2007
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