Five year anniversary of financial meltdown

By Denise Jackson

September 13, 2013 Updated Sep 16, 2013 at 4:51 PM CDT

PEORIA, Ill. -- This Sunday marks the five year anniversary of the financial meltdown that put the national economy in a tailspin.

That period marked the demise of financial institutions, a federal bailout and restructuring of General Motors and Chrysler Corporation.

Scherer Mazda now occupies the location where a Saturn dealership operated prior to restructuring of GM and Chrysler.

Down the street, Honda Owner Bob Lindsay said he was skittish about opening a second dealership already in the works prior to the economic collapse.

"We felt the slowdown, like everybody, but it was never a situation where it was threatening to our business or anything else,” said Lindsay. “Probably the tsunami had a bigger impact to us during the last five years than what the economic meltdown did.”

Financial Analyst Joe Stowell said, while the economy plummeted, the stock market soared under the federal stimulus.

"We've seen a tremendous reduction in debt nationally; the savings rate nationally has increased. The stock market has bounced back due to the stimulus,” said Stowell.

Stowell predicts the economy will continue its slow steady recovery.

Five years after opening a second dealership, Bob Lindsay is preparing to renovate the Honda location.

"That's the confidence we have in the product and the local economy,” said Lindsay. “It's going to allow us to service our customers in a much, much better way than we're capable of doing right now.”

While the $3 million renovation is underway, the Honda dealership will move to a building next to the current one.

The work is scheduled to be completed sometime next spring.

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