According to the Nation Bureau of Economic Research, the Great Recession started in December of 2007 and ended June of 2009. “Over the next two or three years, the U.S government and Federal Reserve took measures, including fiscal stimulus programs, intended to revive economic growth”. The Dow Jones Industrial Average fell 777.68 in points on September 29, 2008. “Many economists blamed Congress for the 2008 drop, as lawmakers refused to pass a bailout bill that would have helped many banks stay afloat”. This was the longest recession since World War II. The bailout bill established the Troubled Assets Relief Program, which was used to bail out banks in crisis. In order to help the banks, the Treasury “increased the Federal Deposit Insurance Corporation (FDIC) limit for banks; and granted the FDIC permission to utilize federal funds as necessary throughout 2009”. Based on improvements seen in the stock market and unemployment rates, “the NBER declared June 2009 the end of the Great Recession”.
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