The Great Recession in the United States was term life insurance definition investopedia forex severe financial crisis combined with a deep recession. Financial Crisis Inquiry Commission reported its findings in January 2011. According to the Department of Labor, roughly 8. February 2008 to February 2010, and real GDP contracted by 4.
Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression. Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s. After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan Administration in the early 1980s began a thirty-year period of financial deregulation. The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. Financial Crisis Inquiry Commission Report, p.
Alan Greenspan, ex-Chairman of the Federal Reserve, stated in March 2008 that the 2008 financial crisis in the United States “is likely to be judged in retrospect as the most wrenching since the end of World War II”. The former head of the National Bureau of Economic Research said in March 2008 that he believed the country was then in a recession, and it could be a severe one. According to numbers published by the Bureau of Economic Analysis in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U. New York’s budget director concluded the state of New York was officially in a recession by the summer of 2008. 600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.