In 2008, Forbes magazine named Oklahoma City the most "recession proof city in America". The magazine reported that the city had falling unemployment, one of the strongest housing markets in the country and solid growth in energy, agriculture and manufacturing. However, during the early 1980s, Oklahoma City had one of the worst job and housing markets due to the bankruptcy of Penn Square Bank in 1982 and then the post-1985 crash in oil prices.[citation needed]
When did Penn Square Bank go bankrupt?
1982