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There is a direct relationship between declines in wealth and declines in consumption and business investment, which along with government spending, represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth.[citation needed]
Adding information:
The financial crisis was globally contagious, as the credit crunch resulting from the burst of the real estate bubble spread quickly to effect banks worldwide; which caused bank failures and collapse of the stock markets.This is a new challenge to the global economy, as economies become increasingly susceptible to the economies of foreign countries.
citation for this information is found here:
Heinz, D. (2011). European Debt Crisis 2011 Portugal, Ireland, Italy, Greece, Spain And Belgium: IAC Society, Heinz Duthel.
https://books.google.ca/books?id=9uxjxdFpGWUC&printsec=frontcover#v=onepage&q&f=false
I found these sources by going to books on Google and search for such topic.
Group 1 Contribution
This is just what I found from researching your quote, this might also help.
With the recession, disposable income first rose and then, starting in the third quarter of 2008, fell precipitously.
Unlike prior recessions, the Great Recession is characterized by a decline in all consumption components, including nondurables. Page 1 https://web.stanford.edu/group/recessiontrends/cgi-bin/web/sites/all/themes/barron/pdf/Consumption_fact_sheet.pdf
--MootXxtjxX (talk) 00:45, 26 July 2015 (UTC)
citation for this information is found here;
https://books.google.ca/books?id=_afXCQAAQBAJ&printsec=frontcover#v=onepage&q&f=false
Hi there! I found so many articles on this topic on the Wall street Journal webpage. Here's one that I found particularly interesting:
Thomas, B., Hennessy, K., & Holtz-Eakinn, D. (2011, January 27). What Caused the Financial Crisis? Retrieved August 1, 2015. Hillaryrachelb (talk) 19:29, 1 August 2015 (UTC)
You definitely have a good topic with lots of resources to back you up. Hillaryrachelb (talk) 19:29, 1 August 2015 (UTC)