Great Recession

The Great Recession was the largest economic downturn since the Great Depression of the 1930s. Like the Great Depression, the Great Recession was global. It began when the U.S. housing market bubble began to burst, affecting [Page 1661]many securities backed by subprime residential mortgages and related derivatives, both of which lost a great deal of value before the financial crisis of 2008–2011. The crisis worsened the recession, and the subsequent Great Recession has caused serious hardship to many working families and communities. In the United States, the stock market did return to previous levels by 2013, as did residential housing markets in many urban areas. By 2016, new housing starts had recovered to precrisis levels. Median household income in the United States had nearly recovered ...