A Peoples History of the Great Recession


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The year , as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of The largest corporate bankruptcy in U.


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The Wall Street Journal stated that venture capital funding slowed down, which in the past had led to unemployment and slowed new job creation. On September 17, , Federal Reserve chairman Ben Bernanke advised Secretary of the Treasury Henry Paulson that a large amount of public money would be needed to stabilize the financial system.

Companies were also forced to disclose large short positions. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock. The exceptions would expire on January 30, , unless extended by the Federal Reserve Board.

What is a recession?

The recession officially ended in the second quarter of , [4] but the nation's economy continued to be described as in an " economic malaise " during the second quarter of Household incomes , as of August continued falling after the end of the recession, eventually declining 7. However, the Great Recession was different in kind from the all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging debt reduction of highly indebted households.

Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth. And in the decade following severe financial crises, you tend to grow by 1 to 1. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before. Then-Fed Chair Ben Bernanke explained during November several of the economic headwinds that slowed the recovery:. For example, U. This reduced real GDP growth by approximately 0.


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Several key economic variables e. The gains were more evenly distributed after the tax increases in on higher-income earners. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst. Healthcare costs in the United States slowed in the period after the Great Recession — A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time.

Growth slowed most for surgical stays and least for maternal and neonatal stays. President Obama declared the bailout measures started under the Bush Administration and continued during his Administration as completed and mostly profitable as of December Although Ben Bernanke stated the recession was worse than the Great Depression [] the vast majority of economic historians believe it was the second worst contraction in US history. From Wikipedia, the free encyclopedia.


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Major aspects. Causes of the European debt crisis Causes of the United States housing bubble Credit rating agencies and the subprime crisis Government policies and the subprime mortgage crisis. Summit meetings. Government response and policy proposals.

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Business failures. Main article: Causes of the Great Recession. See also: Subprime mortgage crisis. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief.

Further information: Unemployment in the United States. Main article: Financial crisis of — Main article: Emergency Economic Stabilization Act of Main article: United States policy responses to the Great Recession. Retrieved 12 September Archived from the original on 11 November Retrieved 8 September BBC News.

Retrieved The Daily Telegraph. USA Today. Financial Times. Archived from the original on April 23, Accessed March 22, Archived from the original on 3 May The Market Oracle. Archived from the original on 6 May Mish's Global Economic Trend Analysis. The Business Review. Business Week. Market Watch. Pacific Business News. Archived from the original on 14 October Indiana Business Bulletin. Archived from the original on 2 November Census Bureau. Archived from the original on New York Times. Retrieved October 23, Salon Magazine.

The United States Is Not Ready for a Recession, But It Can Be - Center for American Progress

Retrieved November 17, Real Clear Politics. The New York Times.

Archived from the original on August 29, Listen to the podcast at the top of this page. The Great Recession accelerated a number of trends and arrested the development of others. What we could have taken away from the financial crisis was the resolve to take steps so that it should never happen again, Cappelli says. This is not to say that the greater meaning of the financial crisis is a settled matter. Many of those people never recovered; they never got real work again.

Only those whose investment strategy had them owning to maturity fixed-income assets suffered. At the same time, though, the failure to be more aggressive — to drop interest rates sooner, to consider pushing inflation higher — may have caused real harm to those millions of people displaced by the crisis, Conti-Brown says. Those workers who kept their jobs or found new ones following the crisis are now facing the prospect of needing to delay retirement while having a much smaller nest egg to rely on.

In their paper, the authors construct a life-cycle model that includes, among other variables, stock market and labor market uncertainty, U. Next, they simulate anticipated changes in behavior given lower real expected returns and compare outcomes with the baseline results. What they find is that persistently low returns shape behavior across a heterogeneous population.

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Ten years since the great recession

Additionally, better-educated persons are more sensitive than others to real returns and so they reduce their saving more in their tax-qualified retirement accounts. At the same time, Americans today are more likely to enter retirement in debt than ever before, and higher debt levels make older households quite sensitive to rising interest rates. Retirees may need to devote a growing fraction of their incomes to servicing the rising debt, writes Mitchell in a separate study.

In addition, if future equity returns are lower than in the past as many predict , it will be increasingly critical for older people to manage assets and liabilities wisely, and to pay off some of this higher-interest debt. But will future generations have homes and the equity socked away in them to draw upon in retirement?

Consumer spending and U.S. employment from the 2007–2009 recession through 2022

In research drawing on millions of anonymized tax returns, the Berkeley economist Danny Yagan has found that for every percentage point a local unemployment rate increased during the downturn, individuals were 0. The intensity of the recession, in other words, squeezed workers out of the labor market. More broadly, the downturn seems to have wiped away demand for certain types of work, skewing the jobs market in a way that has hurt the middle class—a middle class for whom wages only recently started increasing again, and a middle class that has been shrinking since before the Great Recession hit.

Those jobs were washed away, economists have found, by employers using the recession as an opportunity to fire workers and invest in labor-saving machines. At the same time, those businesses in hard-hit areas would invest in machines that would reduce the need for human workers at all. All together, the effect was that the Great Recession hastened the economy toward rewarding better-educated workers and robots, to the detriment of people without an advanced degree.

A Peoples History of the Great Recession A Peoples History of the Great Recession
A Peoples History of the Great Recession A Peoples History of the Great Recession
A Peoples History of the Great Recession A Peoples History of the Great Recession
A Peoples History of the Great Recession A Peoples History of the Great Recession
A Peoples History of the Great Recession A Peoples History of the Great Recession

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