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The 2008 financial crisis, also known as the global financial crisis, was a major worldwide economic crisis, centered in the United States, which triggered the Great Recession of late 2007 to mid-2009, the most severe downturn since the Wall Street crash of 1929 and Great Depression.
Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016.
Recessions. Many factors directly and indirectly serve as the causes of the Great Recession that started in 2008 with the US subprime mortgage crisis.The major causes of the initial subprime mortgage crisis and the following recession include lax lending standards contributing to the real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non ...
Everyone knows it's going to get worse before it gets better, but does everyone know how it happened? A professional CPA who commented on a blog post at our.
The Great Recession–aka The 2008 Financial Crisis. December 2007. June 2009. 1 year, 6 months. The Early ’80’s Recession. July 1981. November 1982. 1 year, 4 months. The Mid-’70’s ...
The number of jobs ("total non-farm payrolls" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014.
The housing bubble burst was but one facet of the financial market crisis that caused the meltdown of many financial firms, investment funds and even some banks and ultimately, the Great Recession.
The law has three major divisions, Division A: the Emergency Economic Stabilization Act of 2008; Division B: Energy Improvement and Extension Act of 2008, and Division C: the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. [11] The tax part of the law has provisions that will have a net expenditure of $100 billion over 10 years.