President Barack Obama slams Wall Street execs for taking big bonuses at a time when the country’s financial system is teetering on the edge of failure. New home sales drop 14.7 percent, slowest monthly pace since 1963. Consumers tightened their spending because of job losses and decreased credit availability, which is attributed to the decline in GDP. GDP Shows Steepest Drop in 27 years as consumer spending makes up about 65 percent of economic activity. In 2008, builders sold 482,000, the lowest results since 1982, when only 412,000 homes were sold.”]
Source: https://www.cuinfosecurity.com/gdp-shows-steepest-drop-in-27-years-a-1185