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Early baby boomers will be hit particularly hard

Everyone will be hurt to some degree by the finanical crisis, but the effects may be particulary hard for early baby boomer over the age of 55.

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The Global Financial Crisis
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Potential consequences of the financial crisis?
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US faces severe recession
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Early baby boomers will be hit particularly hard
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Asset value of houses has declined significantly
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Insufficient time to make up these losses
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Older workers find it harder to find new jobs
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Older workers often the first to be laid off in an economic crisis
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Value of 401-k plans declined significantly
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Sudden, sharp increase in global risk aversion by baby boomers
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Bank bankruptcy bailouts worsen national fiscal position
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Commercial real estate loan market will seize up
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Driven deeper by vicious circle of losses fueling further losses
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Major investment projects are scaled back
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Major nonfinancial companies go bankrupt as well
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Recession leads to defaults on other unsecured debt
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Sharp decline in consumer spending
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Unemployment above 10 percent
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