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
2008 Financial Crisis Timeline (The Balance)
Causes of the 2008 Global Financial Crisis (The Balance)
Great Recession and its Aftermath (Federal Reserve History)
How the Great Recession Changed American Workers (Wharton)
The Social and Political Costs of the Financial Crisis, 10 Years Later (Harvard Buisiness Review)
What Caused the Great Recession? (Buisiness Insider)
What Really Caused the Great Recession? (Institute for Research on Labor and Employment)
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