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What Was the 2008 Great Recession? The Great Recession was the sharp decline in economic activity that started in 2007 and lasted several years, spilling into global economies. It is considered...
The Great Recession—sometimes referred to as the 2008 Recession—in the United States and Western Europe has been linked to the so-called “subprime mortgage crisis.”
The Great Recession that began in 2008 led to some of the highest recorded rates of unemployment and home foreclosures in the U.S. since the Great Depression. Catalyzed by the crisis in subprime mortgage-backed securities, the crisis spread to mutual funds, pensions, and the corporations that owned these securities, with widespread national and ...
The overall economy peaked in December 2007, the month the National Bureau of Economic Research recognizes as the beginning of the recession. The decline in overall economic activity was modest at first, but it steepened sharply in the fall of 2008 as stresses in financial markets reached their climax.
Here’s What Caused the Great Recession. Discover the confluence of events that prompted the Great Recession in America and its main culprit: the subprime mortgage housing crisis.
Learn more about the causes, the events, and the aftermath of the 2007–2008 financial crisis and the Great Recession that followed.
The immediate or proximate cause of the crisis in 2008 was the failure or risk of failure at major financial institutions globally, starting with the rescue of investment bank Bear Stearns in March 2008 and the failure of Lehman Brothers in September 2008.
Initially, the Fed employed “traditional” policy actions by reducing the federal funds rate from 5.25 percent in September 2007 to a range of 0-0.25 percent in December 2008, with much of the reduction occurring in January to March 2008 and in September to December 2008.
The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012.
Here are some of the most important milestones in a Great Recession timeline of the financial crisis—also known as the 2008 recession—which lasted in the United States from mid-2007 to June...