Economic Recession deters immigration

Lehman Brothers files for bankruptcy after the U.S. subprime housing market bubble bursts and a major panic breaks out in the inter-bank loan market. The stock market falls to levels not seen since the Great Depression and the international banking system collapses. In an effort to bail out international banks, Congress passes the Economic Stimulus Act of 2008, which includes a $152 billion stimulus to help the economy recover. While the stimulus helps to keep the banking system afloat, it does not stop the recession from worsening and the U.S. enters into a credit crunch as banks are unable or unwilling to extend lines of credit to businesses. As a result, many significant U.S. businesses file for bankruptcy. Over the next number of years, joblessness in the U.S. will prove to be a far better deterrent than any border security initiative to undocumented immigration.