The latter half of 2008 saw a downward spiral in the domestic and worldwide economies, worsening financial markets and federal bailouts for many financial institutions. Many companies resorted to closing or shuttering paper machines and/or plants. The beginning of November was bittersweet, bringing forth plummeting prices for scrap paper and other commodities, due to worsening global economies, a credit crunch due to crises in the financial markets, and the election of a new U.S. President, Barack Obama.
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