Impact of 2008 Recession on Consumer Discretionary Sector

Abstract

The economic recession in 2008, sometimes called the financial meltdown, affected all sectors of the industry in the USA. In the academic literature, there are many articles that examined the impact of the 2008 recession/meltdown [1-3]. Goodman & Mance [1] focus on labor, oil, construction-related manufacturing, real estate, mortgage finance, and retail furniture stores. Roubini’s article (2008) relates to twelve steps: financial systems related to subprime mortgages, prime mortgages, financial institutions, consumer debts like credit cards, auto loans, student loans, commercial real estate loan markets, regional and national banks, and more. Roubini [3] also discusses issues related to housing problem. Kerr’s paper (2011) presents three stories regarding 2008, related to corporate laws. Kerr [2] examines Bank of America, Citigroup, and General Motors. These papers do not show extreme changes of assets and incomes during 2008. My paper is based on Consumer Discretionary Sector related to simple accounting information.