The Economic Fallout and Aftermath
Many firms, individuals, and hedge funds went bankrupt or suffered heavy losses due to purchasing commodities at high prices only to see their values decline sharply in mid to late 2008. Many manufacturing companies were also crippled by the rising cost of oil and other commodities such as transition metals.
Read more about this topic: 2000s Commodities Boom
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“We have heard all of our lives how, after the Civil War was over, the South went back to straighten itself out and make a living again. It was for many years a voiceless part of the government. The balance of power moved away from it—to the north and the east. The problems of the north and the east became the big problem of the country and nobody paid much attention to the economic unbalance the South had left as its only choice.”
—Lyndon Baines Johnson (1908–1973)
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