Section outline

  • On October 12, 2007, American investors celebrated a new high-water mark as the Dow Jones Industrial Average hit an all-time high of 14,093. Stocks were booming, and many people were buying. Home values had also increased substantially over the previous decade, producing substantial wealth for those who had invested in home ownership. Many had taken out large loans to buy up real estate as an investment, counting on continuing increases in home prices to produce value. With a large cohort of baby boomers preparing for retirement, many had built substantial wealth through stock and real estate investments and felt well prepared financially for a long and comfortable retirement. That’s when things started to go sour.

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