Obama: In 2008 ‘the Economy Was Teetering on the Edge of a Great Depression’

"So you may not remember exactly where we were as a country when I visited Raleigh in the final days of the 2008 campaign. We were living through two long wars. We were in the early days of the worst economic crisis in 80 years. People had lost their homes, their jobs, their 401k’s had that crash, their home values were sinking. The economy was teetering on the edge of a Great Depression, but we turned the page."