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The Great Recession

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What is the Great Recession?

In 2007, losses on mortgage-related financial assets began to cause strains in global financial markets, and in December 2007 the US economy entered a recession. That year several large financial firms experienced financial distress, and many financial markets experienced significant turbulence. In response, the Federal Reserve provided liquidity and support through a range of programs motivated by a desire to improve the functioning of financial markets and institutions, and thereby limit the harm to the US economy.  Nonetheless, in the fall of 2008, the economic contraction worsened, ultimately becoming deep enough and protracted enough to acquire the label “the Great Recession." While the US economy bottomed out in the middle of 2009, the recovery in the years immediately following was by some measures unusually slow. Continue reading from Federal Reserve History

Books from the Collection

Link to On the Brink by Henry Paulson in the catalog
Link to Too Big to Fail by Andrew Ross Sorkin in the catalog
Link to The Big Short by Michael Lewis in the catalog
Link to The Big Short [DVD] in the catalog
Link to All the Devils are Here by Bethany McLean in the catalog
Link to Other People's Money by Charles Bagli in the catalog
Link to Crashed by Adam Tooze in the catalog
Link to Capitalism's Crisis Deepens by Richard Wolff in Freading
Link to Stress Test by Timothy Geithner in the catalog
Link to The Age of Selfishness by Darryl Cunningham in Freading
Link to after the Fall by Ben Rhodes in the catalog
Link to Reckless Endangerment by Gretchen Morgenson in the catalog
Link to Boomerang by Michael Lewis in the catalog