The Great Recession
The Great Recession, which lasted from late 2007 to mid-2009, was the most severe economic downturn since the Great Depression. It was triggered by a collapse in the housing market due to risky mortgage lending and the subsequent failure of major financial institutions. This led to widespread job losses, foreclosure crises, and significant declines in consumer wealth. Governments intervened with bailout packages and stimulus measures to stabilize the economy. The recession had lasting impacts on financial regulations, employment, and economic recovery, reshaping both individual livelihoods and the global economy.
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The Great Recession, which began in 2007 and lasted until 2009, was a severe global economic downturn. It originated in the United States due to the collapse of the housing market, fueled by risky mortgage practices and excessive borrowing. As home prices fell, banks faced massive losses, leading to a credit freeze and widespread layoffs. The recession caused significant unemployment, reduced consumer spending, and decreased economic growth worldwide. Governments responded with stimulus packages and interventions to stabilize financial institutions, aiming to prevent a deeper economic crisis. Its effects are still felt today, influencing economic policies and financial regulations.