Year 2008 has been one of the worst years for US. It faced its shapest fall in housing prices, the credit markets came to a standstill due to the sub-prime crisis, the biggest and oldest investment banker Lehman Bros collapsed, and now the worst ever GDP negative growth of -6.3% is reported for October-December 2008 quarter.

The latest GDP figure is the worst figure ever since 1980, and is likely to become worse in the current quarter, because the job losses have only mounted in this quarter, and more factory closures have happened across industries.