The economic crisis The big and worst effect is destroying manufacture forces and roll back world economy. - First, the financial crisis turned into an economic crisis which made manufacturing recession , rising unemployment . It called the “ 3 in 1” crisis in the United States . The crisis also made a series of bank bankruptcies and financial companies including banks , financial companies which take the lead in the United States . Bear Stearns – one of the stockbrokers and investment banks on Wall Street , which has run for 85 years in the U.S. financial markets was hevily lost when the housing market slump. It file for bankruptcy and bought back by Morgan Chase for $ 2 per share. Lehman Brather which is fourth bank on Wall street with 158 years operation had to apply for bankruptcy protection because of losing on 15/9/2008. The total of debt was up to 768 billion dollars . Bankruptcy because of losing also occurred with a series of banks and other major financial companies such as Indy Mac Bancorp Inc. , Freddie Mac and Fannie Mae , Merrill Lynch & Co. , City Group, National Bank of Commerce , Bank of Clark Country ... - American stock market wheeling, many stocks significantly decreased . Before being bankruptcy , the Lehman Brother bank's shares fell 94 %, Freddie and Fannie 's shares fell 90 % in early 2008 to 3/2009 , AIG 's shares fell 79 % shares. Bank of America , City group, Goldman Sachs’ share plunged more than 60 % , - - - American production and consumption also fell into a very difficult situation . Automotive industry is one of the most important industries of the U.S. economy, severely reduced revenue . Three car manufacturers leading the U.S is General Motors , Ford , Chrysler were heavy lost . On 1-2008, Nortel Networks Corp which is one of the biggest telecommunications equipment of the U.S. , May 2/2008 , Lyondell Chemical , one of the largest chemical manufacturers in the United States , had to apply for leading bankruptcy . The recession is killing companis suck as Circuit City Store Inc. , Sharper Image Corp. , Steve & Barry 's LLC , Macy's Inc. , Ann Taylor Stores Inc. , ... forced to apply for bankruptcy or bankruptcy protection . Production stagnated , workers fired U.S. unemployment increased every month and reached its highest level in 25 years, from 2.59 million in 2007 to 3.84 million in 2008 and 4.61 million in 2-2009 .