Internationally,what began as an American housing market crash quickly snowballed into a global financial crisis; this became known as the Great Financial Crisis around the world. Prior to the actual fall, people believed the housing market would improve all around the world which led to buying on margin, or more than one could afford in hopes to get a greater amount in return on the investment. Because so many international economies were interlinked with the US housing market, this crash resulted in a recession globally.
Nationally,Barack Obama was elected for his first term as president of the United States. He defeated Republican John McCain and became the first African American to become president. Obama got 365 electoral votes and won 52.9% of the popular vote.
Locally, multiple Somerville residents were charged with either third-degree possession of crack cocaine or disorderly persons charge of possession of drug paraphernalia after a 3 month investigation. Police and detectives found about 10 grams of crack cocaine, digital scales, packaging baggies, glass pipes, razor blades, and $1,309 in the Fairview Ave house, which was suspected of cocaine distribution. A total of 9 people were arrested, all of which were charged.
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