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Recession leads to defaults on other unsecured debt

The recession in turn leads to defaults on other forms of unsecured consumer debt (e.g. credit cards, auto loans, student loans), which in turn deepen the recession.

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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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Recession leads to defaults on other unsecured debt
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Early baby boomers will be hit particularly hard
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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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Sharp decline in consumer spending
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Unemployment above 10 percent
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