Great Recession
Great Recession
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009, overlapping with the closely related 2008 financial crisis. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression
"I believe we need to do more to help young people, who are left behind in the wake of the Great Recession, find those strategies and opportunities that will get them moving ahead again. And we’ve got to help older Americans who’ve displaced by automation and outsourcing in our changing economy."
"By pandering to the self-interested claims of the masters of finance, Clinton did more to bring on the 2008 recession than President Bush."
"It remains to be seen what the effect of the Great Recession will be on resistance to globalization. It seems clear, however, that if the recession grows deeper and extends over a long period of time, it will spur much greater resistance to globalization."
"The final Treaty of Lisbon was signed in 2007, with virtually no concessions to subsidiary nationalism, its authors blind to any incipient resentment it might breed. A year later, Europe and America experienced the most traumatic financial crash since 1929. In Europe the chief impact was on the weaker states of the EU, notably those of southern Europe. The eurozone’s German-controlled European Central Bank (ECB) looked immediately to the security of Germany’s overseas loans, including those to the zone’s weaker members. Though the ECB was impressively ready to print money–there was no repetition of the squeeze of 1929–the liquidity went to German (and other) banks rather than to member states or their citizens. Extreme austerity was forced on Greece, Spain and Italy, with levels of unemployment that rose to twenty-five per cent of the working population. In Spain, half of all young people became unemployed. Nothing could have more boosted a re-emergent European nationalism, or more damaged the cause of closer union."
