🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa067)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States","crawl_time":1773625484,"first_indexed_time":1434460788,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Great_Recession_in_the_United_States s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Great Recession in the United States - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"In the\nUnited States\n, the\nGreat Recession\nwas a severe\nfinancial crisis\ncombined with a deep\nrecession\n. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of\nemployment\nand\noutput\n. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis\n[\n1\n]\nalong with restrained government spending following initial stimulus efforts.\n[\n2\n]\nIt followed the bursting of the\nhousing bubble\n, the\nhousing market correction\nand\nsubprime mortgage crisis\n.\nAccording to the\nDepartment of Labor\n, roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the\nGreat Depression\n. The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by \"a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales\").\n[\n3\n]\nReal (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.\n[\n4\n]\nUnemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.\n[\n5\n]\nThe total number of jobs did not return to November 2007 levels until May 2014.\n[\n6\n]\nSome areas, such as jobs in public health, have not recovered as of 2023.\n[\n7\n]\nHouseholds and non-profit organizations added approximately $8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.\n[\n8\n]\nHowever, the\ndebt held by the public\nrose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.\n[\n9\n]\n[\n10\n]\nPresident\nBarack Obama\ndeclared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.\n[\n11\n]\nAfter the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934)\n[\n12\n]\nand The Chandler Act (1938),\n[\n13\n]\nwhich tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector.\nThere were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation.\n[\n14\n]\nThe financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from $40k to $50k\n[\n14\n]\n– a 25 percent salary increase - while the average salary in investment banking increased from $40k to $100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the\nsavings and loan crisis\n. By the end of the 1980s, many\n[\nquantify\n]\nworkers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs.\nSubprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source:\nFinancial Crisis Inquiry Commission Report\n, p. 70 Figure 5.2).\nNumber of U.S. household properties subject to foreclosure actions by quarter\nIn the early months of 2008, many observers believed that a U.S.\nrecession\nhad begun.\n[\n15\n]\n[\n16\n]\n[\n17\n]\nThe collapse of\nBear Stearns\nand the resulting financial market turbulence signaled that the crisis would not be mild and brief.\nAlan Greenspan\n, ex-\nChairman of the Federal Reserve\n, stated in March 2008 that the\n2008 financial crisis\nin the United States \"is likely to be judged in retrospect as the most wrenching since the end of\nWorld War II\n\".\n[\n18\n]\nA chief economist at\nStandard & Poor's\nsaid in March 2008 he had projected a worst-case-scenario in which the country would endure a\ndouble-dip recession\n, in which the economy would briefly recover in the summer 2008, before plunging again.\n[\ncitation needed\n]\nUnder this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.\n[\ncitation needed\n]\nThe former head of the\nNational Bureau of Economic Research\nsaid in March 2008 that he believed the country was then in a recession, and it could be a severe one.\n[\ncitation needed\n]\nA number of private economists generally predicted a mild recession ending in the summer of 2008 when the\neconomic stimulus checks\ngoing to 130 million households started being spent. A chief economist at\nMoody's\npredicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession.\n[\ncitation needed\n]\nIt takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling.\n[\n19\n]\nAccording to numbers published by the\nBureau of Economic Analysis\nin May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.\n[\n20\n]\nHowever, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.\n[\n21\n]\nIn a May 9, 2008 report, the chief North American economist for investment bank\nMerrill Lynch\nwrote that despite the GDP growth reported for the first quarter of 2008, \"it is still reasonable to believe that the recession started some time between September and January\", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.\n[\n22\n]\nNew York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor\nDavid Paterson\ncalled an emergency economic session of the state legislature for August 19 to push a budget cut of $600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.\n[\n23\n]\nAn August 1 report, issued by\neconomists\nwith\nWachovia Bank\n, said Florida was officially in a recession.\n[\n24\n]\nWhite House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.\n[\n25\n]\nOn the other hand,\nMartin Feldstein\n, who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.\n[\n26\n]\nIn a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.\n[\n27\n]\nA study released by Moody's found two-thirds of the 381 largest\nmetropolitan areas\nin the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.\n[\n28\n]\nIn March 2008, financier\nWarren Buffett\nstated in a CNBC interview that by a \"common sense definition\", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.\n[\n29\n]\n[\n30\n]\nCost of housing by State\nFederal Reserve Chair\nBen Bernanke\ntestified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a\nrun\non the\nshadow banking system\nthat began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the\nprivate\nsector included: financial institution dependence on unstable sources of short-term funding such as\nrepurchase agreements\nor Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the\npublic\nsector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed \"\nToo big to fail\n\" institutions, monetary policy, and trade deficits.\n[\n31\n]\nThe U.S.\nFinancial Crisis Inquiry Commission\nreported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.\"\n[\n32\n]\nAmong the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the\n2–28 loan\n, with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers.\n[\n33\n]\nOn Wall Street and in the financial industry,\nmoral hazard\nlay at the core of many of the causes.\n[\n34\n]\nGovernment policies\n[\nedit\n]\nA federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment.\n[\n35\n]\nFactors include:\n\"Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view.\"\nThe\nnon-depository banking system\nwas not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately $4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting.\n[\n37\n]\nGiving\nFannie Mae\n&\nFreddie Mac\nGSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their\nAlt-A\nand\nsubprime\ninvestments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the\nFederal Housing Finance Agency\nto conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the\nFederal Housing Administration\n.\n[\n38\n]\n[\n39\n]\nRole of Alan Greenspan\n[\nedit\n]\nThose of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief.\nAlan Greenspan\nwas the\nChairman of the Federal Reserve\nof the United States from 1987 to 2006. He was appointed by President\nRonald Reagan\nin August 1987 and was reappointed by President\nBill Clinton\nin 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that \"I really didn't get it until very late in 2005 and 2006.\"\n[\n41\n]\nGreenspan stated that the housing bubble was \"fundamentally engendered by the decline in real long-term interest rates\",\n[\n42\n]\nthough he also claims that long-term interest rates are beyond the control of central banks because \"the market value of global long-term securities is approaching $100 trillion\" and thus these and other asset markets are large enough that they \"now swamp the resources of central banks\".\n[\n43\n]\nGreenspan admitted to a congressional committee that he had been \"partially wrong\" in his hands-off approach towards the banking industry - \"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms,\" said Greenspan.\n[\n44\n]\nThat being said, the Federal Reserve did not have the power to wade into the banking sector at the time.\nRecession declared by economists\n[\nedit\n]\nU.S.\nReal GDP\nin Billions of Current USD. Courtesy of www.bea.gov\nOn December 1, 2008, the\nNational Bureau of Economic Research\n(NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.\n[\n45\n]\n[\n46\n]\nThe Dow Jones Industrial Average lost 679 points that same day.\n[\n47\n]\nOn January 4, 2009,\nNobel Memorial Prize\n–winning economist\nPaul Krugman\nwrote, \"This looks an awful lot like the beginning of a second Great Depression.\"\n[\n48\n]\nRise in unemployment\n[\nedit\n]\nThe Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the\nAmerican Recovery and Reinvestment Act\n(ARRA) in January 2009. Known as \"The Stimulus\", ARRA was a roughly $800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years.\n[\n49\n]\nMany economists argued the stimulus was too small, while conservatives such as the\nTea Party\nargued that deficit reduction was the priority.\n[\n50\n]\nThe number of jobs (\"total non-farm payrolls\" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%.\n[\n49\n]\nFull-time employment did not regain its pre-crisis level until August 2015.\n[\n51\n]\nThe unemployment rate (\"U-3\") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable\nhousing bubble\n, which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%.\n[\n52\n]\nThe wider measure of unemployment (\"U-6\") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017.\n[\n53\n]\nBloomberg\nmaintains a \"dashboard\" of several labor-market variables that illustrates the state of recovery of the labor market.\n[\n54\n]\nThe major investment banks at the core of the crisis obtained significant funding in overnight\nrepo\nmarkets, which were disrupted during the crisis. In effect, there was a\nrun\non the essentially unregulated\nshadow banking\n(non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer\nAIG\n, which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called\ncredit default swaps\n, also was bailed out and taken over by the government at an initial cost exceeding $100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations.\n[\n55\n]\nA timeline of some of the significant events in the crisis from 2007 to 2008 includes:\nFrom late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost $800 billion.\nIn summer 2007, Countrywide Financial drew down an $11 billion line of credit and then secured an additional $12 billion bailout in September. This may be considered the start of the crisis.\nIn mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business.\nIn mid-March 2008, Bear Stearns was bailed out by a gift of $29 billion non-recourse treasury bill debt assets.\n[\n56\n]\nIn early July 2008, depositors at the Los Angeles offices of\nIndyMac\nBank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a $32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would\nattempt to save\nmortgage lenders\nFannie Mae\nand\nFreddie Mac\n. The two were placed into\nconservatorship\non September 7, 2008.\nDuring the weekend of September 13–14, 2008,\nLehman Brothers\ndeclared\nbankruptcy\nafter failing to find a buyer;\nBank of America\nagreed to purchase investment bank Merrill Lynch; the insurance giant\nAIG\nsought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least $70 billion to deal with the effects of Lehman's closure,\n[\n57\n]\nsimilar to the consortium put forth by J.P. Morgan during the stock market\npanic of 1907\nand the\ncrash of 1929\n.\n[\ncitation needed\n]\nStocks on\nWall Street\ntumbled on Monday, September 15.\n[\n58\n]\nOn September 16, 2008, news emerged that the\nFederal Reserve\nmight give AIG an $85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when\nJP Morgan Chase\nagreed to purchase the banking assets of\nWashington Mutual\n.\n[\n59\n]\nThe year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$691 billion (~$986 billion in 2024) in assets—alone surpassing all past annual totals.\n[\n60\n]\nThe year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank.\n[\n61\n]\nThe Wall Street Journal\nstated that\nventure capital\nfunding slowed down, which in the past had led to unemployment and slowed new job creation.\n[\n62\n]\nThe Federal Reserve took steps to feed economic expansion by lowering the\nprime rate\nrepeatedly during 2008.\nFederal reserve rates changes\n[\n63\n]\nDate\nPrimary\ndiscount rate\nSecondary\ndiscount rate\nFed funds rate\nApr 30, 2008\n2.25%\n2.75%\n2.00%\nMar 18, 2008\n2.50%\n3.00%\n2.25%\nMar 16, 2008\n3.25%\n3.75%\n2.25%\nJan 30, 2008\n3.50%\n4.00%\n3.00%\nJan 22, 2008\n4.00%\n4.50%\n3.50%\nBailout of U.S. financial system\n[\nedit\n]\nU.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions.\n[\n64\n]\nOn September 17, 2008, Federal Reserve chairman\nBen Bernanke\nadvised Secretary of the Treasury\nHenry Paulson\nthat a large amount of public money would be needed to stabilize the financial system.\n[\n65\n]\nShort selling\non 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.\n[\n66\n]\nThe Treasury Secretary also indicated that\nmoney funds\nwould create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.\n[\n66\n]\nInitial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of $700 billion\n[\n67\n]\nto $1 trillion\nU.S. dollars\n.\n[\n68\n]\nPresident\nGeorge W. Bush\nasked\nCongress\non September 20, 2008 for the authority to spend as much as $700 billion (~$998 billion in 2024) to purchase troubled mortgage assets and contain the\n2008 financial crisis\n.\n[\n69\n]\n[\n65\n]\nThe crisis continued when the United States House of Representatives rejected the bill and the\nDow Jones\ntook a 777-point plunge.\n[\n70\n]\nA revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.\n[\n71\n]\n[\n72\n]\nThe first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.\n[\n73\n]\nAs of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the\n2008 financial crisis\n, totalled over $5 trillion: $1 trillion in loans by the Fed to broker-dealers through the emergency\ndiscount window\n, $1.8 trillion in loans by the Fed through the\nTerm Auction Facility\n, $700 billion to be raised by the Treasury for the\nTroubled Assets Relief Program\n, $200 billion insurance for the\nGSEs\nby the Treasury, and $1.5 trillion insurance for unsecured bank debt by FDIC.\n[\n74\n]\nProPublica\nmaintains a \"bailout tracker\" that indicated about $626 billion was \"spent, invested or loaned\" in bailouts of the financial system due to the crisis as of March 2018, while $713 billion had been repaid to the government ($390 billion in principal repayments and $323 billion in interest) indicating the bailouts generated $87 billion in profit.\n[\n75\n]\nUnited States policy responses\n[\nedit\n]\nThe Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50,000,000,000 ($50 billion) program to ensure the investments, similar to the\nFederal Deposit Insurance Corporation\n(FDIC) program.\n[\n76\n]\nPart of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the\nFederal Reserve Board\n.\n[\n77\n]\nThe Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against\nnaked short selling\n, as part of its reaction to the mortgage crisis.\n[\n78\n]\nU.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012.\n[\n79\n]\nU.S. federal government spending was held relatively level around $3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014.\n[\n2\n]\nSeveral major U.S. economic variables had recovered from the 2007-2009\nSubprime mortgage crisis\nand\nGreat Recession\nby the 2013-2014 time period.\nThe recession officially ended in the second quarter of 2009,\n[\n3\n]\nbut the nation's economy continued to be described as in an \"\neconomic malaise\n\" during the second quarter of 2011.\n[\n80\n]\nSome economists described the post-recession years as the weakest\nrecovery\nsince the\nGreat Depression\nand\nWorld War II\n.\n[\n81\n]\n[\n82\n]\nThe weak recovery led one commentator to call it a \"Zombie Economy\", so-called because it was neither dead nor alive.\nHousehold incomes\n, as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level.\n[\n83\n]\nAdditionally as of September 2012, the\nlong-term unemployment\nis the highest it had been since World War II,\n[\n84\n]\nand the\nunemployment rate\npeaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).\n[\n85\n]\n[\n86\n]\nThe Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again.\nHowever, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth.\n[\n87\n]\nEconomist\nCarmen Reinhart\nstated in August 2011: \"Debt de-leveraging [reduction] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before.\"\n[\n88\n]\nThen-Fed Chair\nBen Bernanke\nexplained during November 2012 several of the economic headwinds that slowed the recovery:\nThe housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.\nCredit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.\nRestrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.\n[\n2\n]\nFor example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014.\n[\n89\n]\nBoth households and government practicing austerity at the same time was a recipe for a slow recovery.\n[\n2\n]\nSeveral key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession.\n[\n90\n]\n[\n91\n]\n[\n92\n]\n[\n93\n]\nReal median household income fell to a trough of $53,331 in 2012, but recovered to an all-time high of $59,039 by 2016.\n[\n94\n]\nHowever, the gains during the recovery were very unevenly distributed. Economist\nEmmanuel Saez\nwrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners.\n[\n95\n]\nAccording to the Federal Reserve, median family net worth had peaked at about $140,000 in 2007, fell to a low point of $84,000 in 2013, and only partially recovered to $97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst.\n[\n64\n]\nHealthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays.\n[\n96\n]\nPresident Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.\n[\n11\n]\nAs of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $626B was invested, loaned, or granted due to various bailout measures, while $390B had been returned to the Treasury. The Treasury had earned another $323B in interest on bailout loans, resulting in an $87B profit.\n[\n97\n]\nThe vast majority of economic historians believe the Great Recession was the second worst\ncontraction\nin US history, after the\nGreat Depression\n. Some economists, including\nBen Bernanke\n, have argued that the\n2008 financial crisis\nwas arguably more severe than the financial crisis that preceded the Great Depression, and that a depression was only avoided due to decisive policy actions taken by the Federal Reserve and federal government.\n[\n98\n]\nTimeline of the Great Recession\nCauses of the Great Recession\nNew Deal\n1991 Indian economic crisis\nStock market crashes in India\n2008 financial crisis\n2008–2011 bank failures in the United States\n2008–2009 Keynesian resurgence\n2010 United States foreclosure crisis\n2011 United States debt-ceiling crisis\nList of economic crises\nThe Big Short\nList of stock market crashes and bear markets\n^\n\"Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011\"\n.\nThe Washington Post\n.\nArchived\nfrom the original on January 3, 2021\n. Retrieved\nMarch 22,\n2018\n.\n^\na\nb\nc\nd\n\"Federal Reserve-Ben Bernanke-The Economic Recovery and Economic Policy-November 20, 2012\"\n.\nArchived\nfrom the original on August 15, 2021\n. Retrieved\nMarch 24,\n2018\n.\n^\na\nb\n\"Business Cycle Dating Committee, National Bureau of Economic Research\"\n. 20 September 2010.\nArchived\nfrom the original on 2021-03-02\n. Retrieved\n2018-03-09\n.\n^\n\"FRED-Real GDP-Retrieved March 22, 2018\"\n.\nArchived\nfrom the original on July 5, 2016\n. Retrieved\nMarch 22,\n2018\n.\n^\n\"Civilian Unemployment Rate\"\n. January 1948.\nArchived\nfrom the original on 2016-05-28\n. Retrieved\n2015-10-05\n.\n^\n\"FRED-All Employees Total Non-Farm-Retrieved March 22, 2018\"\n.\nArchived\nfrom the original on May 12, 2019\n. Retrieved\nJanuary 23,\n2018\n.\n^\nLeider, Jonathon P.; Yeager, Valerie A.; Kirkland, Chelsey; Krasna, Heather; Hare Bork, Rachel; Resnick, Beth (1 April 2023).\n\"The State of the US Public Health Workforce: Ongoing Challenges and Future Directions\"\n.\nAnnual Review of Public Health\n.\n44\n(1): annurev–publhealth–071421-032830.\ndoi\n:\n10.1146\/annurev-publhealth-071421-032830\n.\nISSN\n \n0163-7525\n.\nPMID\n \n36692395\n.\nS2CID\n \n256192725\n.\nArchived\nfrom the original on 15 April 2023\n. Retrieved\n14 March\n2023\n.\n^\n\"FRED-Households and Non-Profit Organizations Debt-retrieved March 22, 2018\"\n.\nArchived\nfrom the original on January 19, 2018\n. Retrieved\nMarch 22,\n2018\n.\n^\n\"CBO-Budget and Economic Outlook: 2017-2027 January 24, 2017\"\n. 24 January 2017.\nArchived\nfrom the original on August 15, 2021\n. 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Retrieved\n2010-01-05\n.\n^\nQuinn, James (2008-01-07).\n\"US recession is already here, warns Merrill\"\n.\nThe Daily Telegraph\n. London. Archived from\nthe original\non 2008-01-08\n. Retrieved\n2010-05-07\n.\n^\nAversa, Jeannine (2008-02-15).\n\"Poll: Majority of people believe recession underway\"\n.\nUSA Today\n.\nArchived\nfrom the original on 2012-11-03\n. Retrieved\n2010-05-07\n.\n^\nGreenspan, Alan.\n\"We will never have a perfect model of risk\"\n. Financial Times.\nArchived\nfrom the original on April 23, 2008\n. Retrieved\n2008-09-22\n.\n^\nCNN, March 21, 2008\nWorries grow of deeper U.S. recession\nArchived\n2008-06-11 at the\nWayback Machine\n. Accessed March 22, 2008.\n^\nZumbrun, Joshua (2008-04-30).\n\"Technically, No Recession (Feel Better?)\"\n.\nForbes\n. Archived from\nthe original\non 3 May 2008\n. Retrieved\n2008-05-08\n.\n^\n\"US in Recession Despite Manipulated Employment and Inflation Statistics\"\n. The Market Oracle. 2008-05-03. Archived from\nthe original\non 6 May 2008\n. Retrieved\n2008-05-08\n.\n^\n\"Rosenberg: Debunking Five Myths\"\n. Mish's Global Economic Trend Analysis. 2008-05-18.\nArchived\nfrom the original on 2008-12-16\n. Retrieved\n2008-05-19\n.\n^\nSichko, Adam (2008-07-30).\n\"New York economy officially in recession, state budget director says\"\n. The Business Review.\nArchived\nfrom the original on 2008-09-28\n. Retrieved\n2008-08-10\n.\n^\n\"Wachovia economists say Florida is in recession\"\n.\nBusiness Week\n. 2008-08-01. Archived from\nthe original\non November 16, 2011\n. Retrieved\n2008-08-10\n.\n^\n\"White House says U.S. avoided recession\"\n. Market Watch. 2008-07-31.\nArchived\nfrom the original on 2008-12-16\n. Retrieved\n2008-08-10\n.\n^\n\"U.S. May Be in 'Very Long' Recession, Harvard's Feldstein Says\"\n.\nBloomberg\n. 2008-07-31.\nArchived\nfrom the original on 2023-04-15\n. 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Retrieved\nNovember 17,\n2014\n.\n^\nLabaton, Stephen (3 October 2008).\n\"NYT-Stephen Labaton-Agency's '04 rule let banks pile up new debt-October 2, 2008\"\n.\nThe New York Times\n.\nArchived\nfrom the original on August 9, 2012\n. Retrieved\nMarch 24,\n2018\n.\n^\nNielsen, Barry.\n\"Fannie Mae, Freddie Mac And The Credit Crisis Of 2008\"\n.\nInvestopedia\n.\nArchived\nfrom the original on November 4, 2016\n. Retrieved\nOctober 23,\n2016\n.\n^\nMorgenson, Gretchen (May 20, 2016).\n\"Fannie, Freddie and the Secrets of a Bailout With No Exit\"\n.\nThe New York Times\n.\nArchived\nfrom the original on November 21, 2016\n. Retrieved\nOctober 23,\n2016\n.\n^\nAndrews, Edmund L. (23 October 2008).\n\"NYT-Edmund Andrews-Greenspan concedes error in regulation-October 23, 2008\"\n.\nThe New York Times\n.\nArchived\nfrom the original on October 24, 2008\n. Retrieved\nJanuary 30,\n2018\n.\n^\nGuha, Krishna (September 17, 2007).\n\"Greenspan alert on US house prices\"\n.\nFinancial Times\n.\nArchived\nfrom the original on August 29, 2008\n. Retrieved\nOctober 17,\n2008\n.\n^\nGuha, Krishna (September 16, 2007).\n\"A global outlook\"\n.\nFinancial Times\n.\nArchived\nfrom the original on December 10, 2022\n. Retrieved\nOctober 17,\n2008\n.\n^\nGreenspan, Alan (December 12, 2007).\n\"The Roots of the Mortgage Crisis\"\n.\nWall Street Journal\n.\nArchived\nfrom the original on June 7, 2012\n. Retrieved\nJune 22,\n2009\n.\n^\nTreanor, Andrew Clark Jill (2008-10-23).\n\"Greenspan - I was wrong about the economy. Sort of\"\n.\nThe Guardian\n.\nISSN\n \n0261-3077\n.\nArchived\nfrom the original on 2020-03-20\n. Retrieved\n2020-03-20\n.\n^\nUS recession 'began last year'\nArchived\n2008-12-02 at the\nWayback Machine\n.  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Retrieved\nJanuary 23,\n2018\n.\n^\n\"Federal Reserve Economic Data-Real Median Household Income-Retrieved January 22, 2018\"\n.\nArchived\nfrom the original on January 2, 2021\n. Retrieved\nJanuary 23,\n2018\n.\n^\n\"Emmanuel Saez-Striking it richer: The evolution of top incomes in the U.S.-June 30,2016\"\n(PDF)\n.\nArchived\n(PDF)\nfrom the original on 2020-04-12\n. Retrieved\n2018-01-23\n.\n^\nMoore B, Levit K and Elixhauser A (October 2014).\n\"Costs for Hospital Stays in the United States, 2012\"\n.\nHCUP Statistical Brief\n(181). Rockville, MD: Agency for Healthcare Research and Quality.\nPMID\n \n25521003\n.\nArchived\nfrom the original on 2014-11-29\n. Retrieved\n2014-11-26\n.\n^\n\"ProPublica-The Bailout Scorecard-As of January 22, 2018\"\n. 18 August 2022.\nArchived\nfrom the original on January 6, 2018\n. Retrieved\nFebruary 3,\n2018\n.\n^\nEgan, Matt (August 27, 2014).\n\"2008: Worse than the Great Depression?\"\n.\nCNN.com\n.\nArchived\nfrom the original on August 6, 2019\n. Retrieved\nAugust 21,\n2019\n.\nBernanke, Ben S.\n(2015).\nThe Courage to Act: A Memoir of a Crisis and Its Aftermath\n. New York:\nW. W. Norton & Company\n.\nISBN\n \n978-0393247213\n.\nGreenspan, Alan\n(2008) [2007].\nThe Age of Turbulence: Adventures in a New World\n. New York:\nPenguin Books\n. pp. \n507–\n532.\nISBN\n \n978-0143114161\n.\nGreenspan, Alan\n;\nWooldridge, Adrian\n(2018).\nCapitalism in America: A History\n. New York:\nPenguin Press\n. pp. \n368–\n388.\nISBN\n \n978-0735222441\n.\nMeltzer, Allan H.\n(2009).\nA History of the Federal Reserve – Volume 2, Book 2: 1970–1986\n. Chicago:\nUniversity of Chicago Press\n. pp. \n1243–\n1256.\nISBN\n \n978-0226213514\n.\nSumner, Scott B.\n(2021).\nThe Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy\n. Chicago:\nUniversity of Chicago Press\n.\nISBN\n \n978-0226773681\n.","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Great+Recession+in+the+United+States \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Great+Recession+in+the+United+States \"You're encouraged to log in; however, it's not mandatory. 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[o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States)\n- [1 Background](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Background)\n- [2 Early suggestions](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Early_suggestions)\n- [3 Causes](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Causes)\n  Toggle Causes subsection\n  - [3\\.1 Government policies](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Government_policies)\n  - [3\\.2 Role of Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Role_of_Alan_Greenspan)\n- [4 Recession declared by economists](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Recession_declared_by_economists)\n  Toggle Recession declared by economists subsection\n  - [4\\.1 Rise in unemployment](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Rise_in_unemployment)\n  - [4\\.2 Liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Liquidity_crisis)\n  - [4\\.3 Bailout of U.S. financial system](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Bailout_of_U.S._financial_system)\n- [5 United States policy responses](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#United_States_policy_responses)\n- [6 Recovery](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Recovery)\n- [7 Severity](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Severity)\n- [8 See also](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#See_also)\n- [9 References](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#References)\n- [10 Further reading](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#Further_reading)\n\nToggle the table of contents\n\n# Great Recession in the United States\n2 languages\n\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D8%A7%D9%84%D8%B1%D9%83%D9%88%D8%AF_%D8%A7%D9%84%D9%83%D8%A8%D9%8A%D8%B1_%D9%81%D9%8A_%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA_%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9 \"الركود الكبير في الولايات المتحدة – Arabic\")\n- [Türkçe](https:\/\/tr.wikipedia.org\/wiki\/Amerika_Birle%C5%9Fik_Devletleri%27nde_B%C3%BCy%C3%BCk_Durgunluk \"Amerika Birleşik Devletleri'nde Büyük Durgunluk – Turkish\")\n\n[Edit links](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q4610355#sitelinks-wikipedia \"Edit interlanguage links\")\n\n- [Article](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States \"View the content page [c]\")\n- [Talk](https:\/\/en.wikipedia.org\/wiki\/Talk:Great_Recession_in_the_United_States \"Discuss improvements to the content page [t]\")\n\nEnglish\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=history \"Past revisions of this page [h]\")\n\nTools\n\nTools\n\nmove to sidebar\n\nhide\n\nActions\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=history)\n\nGeneral\n\n- [What links here](https:\/\/en.wikipedia.org\/wiki\/Special:WhatLinksHere\/Great_Recession_in_the_United_States \"List of all English Wikipedia pages containing links to this page [j]\")\n- [Related changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChangesLinked\/Great_Recession_in_the_United_States \"Recent changes in pages linked from this page [k]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_Upload_Wizard \"Upload files [u]\")\n- [Permanent link](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&oldid=1341820309 \"Permanent link to this revision of this page\")\n- [Page information](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=info \"More information about this page\")\n- [Cite this page](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CiteThisPage&page=Great_Recession_in_the_United_States&id=1341820309&wpFormIdentifier=titleform \"Information on how to cite this page\")\n- [Get shortened URL](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FGreat_Recession_in_the_United_States)\n\nPrint\/export\n\n- [Download as PDF](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:DownloadAsPdf&page=Great_Recession_in_the_United_States&action=show-download-screen \"Download this page as a PDF file\")\n- [Printable version](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&printable=yes \"Printable version of this page [p]\")\n\nIn other projects\n\n- [Wikimedia Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Great_Recession_in_the_United_States)\n- [Wikidata item](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q4610355 \"Structured data on this page hosted by Wikidata [g]\")\n\nAppearance\n\nmove to sidebar\n\nhide\n\nFrom Wikipedia, the free encyclopedia\n\nMajor economic downturn in the United States\n\n|   |\n|---|\n| Part of a series on the |\n| [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") |\n| Major aspects [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") [2000s United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") [2000s United States housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [2008–2010 automotive industry crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932010_automotive_industry_crisis \"2008–2010 automotive industry crisis\") [Dodd–Frank Wall Street Reform and Consumer Protection Act](https:\/\/en.wikipedia.org\/wiki\/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act \"Dodd–Frank Wall Street Reform and Consumer Protection Act\") [Euro area crisis](https:\/\/en.wikipedia.org\/wiki\/Euro_area_crisis \"Euro area crisis\") |\n| [Causes](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_Great_Recession \"Causes of the Great Recession\") [Causes of the European debt crisis](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_European_debt_crisis \"Causes of the European debt crisis\") [Causes of the 2000s United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_2000s_United_States_housing_bubble \"Causes of the 2000s United States housing bubble\") [Credit rating agencies and the subprime crisis](https:\/\/en.wikipedia.org\/wiki\/Credit_rating_agencies_and_the_subprime_crisis \"Credit rating agencies and the subprime crisis\") [Government policies and the subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Government_policies_and_the_subprime_mortgage_crisis \"Government policies and the subprime mortgage crisis\") |\n| [Summit meetings](https:\/\/en.wikipedia.org\/wiki\/Summit_meetings \"Summit meetings\") [34th G8 summit](https:\/\/en.wikipedia.org\/wiki\/34th_G8_summit \"34th G8 summit\") (July 2008) [G-20 Washington summit](https:\/\/en.wikipedia.org\/wiki\/2008_G-20_Washington_summit \"2008 G-20 Washington summit\") (November 2008) [APEC Peru](https:\/\/en.wikipedia.org\/wiki\/APEC_Peru_2008 \"APEC Peru 2008\") (November 2008) [China–Japan–South Korea trilateral summit](https:\/\/en.wikipedia.org\/wiki\/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit \"China–Japan–South Korea trilateral summit\") (December 2008) [G-20 London Summit](https:\/\/en.wikipedia.org\/wiki\/2009_G-20_London_Summit \"2009 G-20 London Summit\") (April 2009) |\n| Government response and policy proposals [2008 European Union stimulus plan](https:\/\/en.wikipedia.org\/wiki\/2008_European_Union_stimulus_plan \"2008 European Union stimulus plan\") [2008–2009 Keynesian resurgence](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Keynesian_resurgence \"2008–2009 Keynesian resurgence\") [American Recovery and Reinvestment Act of 2009](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act_of_2009 \"American Recovery and Reinvestment Act of 2009\") [Banking (Special Provisions) Act 2008](https:\/\/en.wikipedia.org\/wiki\/Banking_\$Special_Provisions\$_Act_2008 \"Banking (Special Provisions) Act 2008\") [Chinese economic stimulus program](https:\/\/en.wikipedia.org\/wiki\/Chinese_economic_stimulus_program \"Chinese economic stimulus program\") [Economic Stimulus Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Economic_Stimulus_Act_of_2008 \"Economic Stimulus Act of 2008\") [Emergency Economic Stabilization Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Emergency_Economic_Stabilization_Act_of_2008 \"Emergency Economic Stabilization Act of 2008\") [Federal Reserve responses to the subprime crisis](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_responses_to_the_subprime_crisis \"Federal Reserve responses to the subprime crisis\") [Government intervention during the subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Government_intervention_during_the_subprime_mortgage_crisis \"Government intervention during the subprime mortgage crisis\") [Green New Deal](https:\/\/en.wikipedia.org\/wiki\/Green_New_Deal \"Green New Deal\") [Housing and Economic Recovery Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Housing_and_Economic_Recovery_Act_of_2008 \"Housing and Economic Recovery Act of 2008\") [National fiscal policy response to the Great Recession](https:\/\/en.wikipedia.org\/wiki\/National_fiscal_policy_response_to_the_Great_Recession \"National fiscal policy response to the Great Recession\") [Regulatory responses to the subprime crisis](https:\/\/en.wikipedia.org\/wiki\/Regulatory_responses_to_the_subprime_crisis \"Regulatory responses to the subprime crisis\") [Subprime mortgage crisis solutions debate](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis_solutions_debate \"Subprime mortgage crisis solutions debate\") [Term Asset-Backed Securities Loan Facility](https:\/\/en.wikipedia.org\/wiki\/Term_Asset-Backed_Securities_Loan_Facility \"Term Asset-Backed Securities Loan Facility\") [Troubled Asset Relief Program](https:\/\/en.wikipedia.org\/wiki\/Troubled_Asset_Relief_Program \"Troubled Asset Relief Program\") |\n| [Business failures](https:\/\/en.wikipedia.org\/wiki\/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession \"List of banks acquired or bankrupted during the Great Recession\") [American International Group](https:\/\/en.wikipedia.org\/wiki\/American_International_Group \"American International Group\") [Chrysler](https:\/\/en.wikipedia.org\/wiki\/Chrysler \"Chrysler\") [Citigroup](https:\/\/en.wikipedia.org\/wiki\/Citigroup \"Citigroup\") [Fannie Mae](https:\/\/en.wikipedia.org\/wiki\/Fannie_Mae \"Fannie Mae\") [Freddie Mac](https:\/\/en.wikipedia.org\/wiki\/Freddie_Mac \"Freddie Mac\") [General Motors](https:\/\/en.wikipedia.org\/wiki\/General_Motors \"General Motors\") [Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Collapse_of_Lehman_Brothers \"Collapse of Lehman Brothers\") [Royal Bank of Scotland Group](https:\/\/en.wikipedia.org\/wiki\/NatWest_Group \"NatWest Group\") [UBS](https:\/\/en.wikipedia.org\/wiki\/UBS \"UBS\") |\n| Regions [Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [Americas](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [South America](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [United States]() [Asia](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [Europe](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe \"Great Recession in Europe\") [Oceania](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") |\n| [Timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Great_Recession \"Timeline of the Great Recession\") |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Great_Recession_series \"Template:Great Recession series\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Great_Recession_series \"Template talk:Great Recession series\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Great_Recession_series \"Special:EditPage\/Template:Great Recession series\") |\n\n|   |   |\n|---|---|\n| **This article is part of a series on the** |   |\n| [History of the United States](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States \"History of the United States\") |   |\n| [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/5\/5b\/Greater_coat_of_arms_of_the_United_States.svg\/250px-Greater_coat_of_arms_of_the_United_States.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Greater_coat_of_arms_of_the_United_States.svg) |   |\n|   |   |\n| **[Prehistoric](https:\/\/en.wikipedia.org\/wiki\/Geological_history_of_North_America \"Geological history of North America\")** and **[Pre-Columbian Era](https:\/\/en.wikipedia.org\/wiki\/Pre-Columbian_era \"Pre-Columbian era\")** | until 1607 |\n| **[Colonial Era](https:\/\/en.wikipedia.org\/wiki\/Colonial_history_of_the_United_States \"Colonial history of the United States\")** | 1607–1765 |\n| **[1776–1789](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1776%E2%80%931789\$ \"History of the United States (1776–1789)\")** |   |\n| [American Revolution](https:\/\/en.wikipedia.org\/wiki\/American_Revolution \"American Revolution\") | 1765–1783 |\n| [Confederation period](https:\/\/en.wikipedia.org\/wiki\/Confederation_of_United_States_of_America \"Confederation of United States of America\") | 1783–1788 |\n| **[1789–1815](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1789%E2%80%931815\$ \"History of the United States (1789–1815)\")** |   |\n| [Federalist Era](https:\/\/en.wikipedia.org\/wiki\/Federalist_Era \"Federalist Era\") | 1788–1801 |\n| [Jeffersonian Era](https:\/\/en.wikipedia.org\/wiki\/Jeffersonian_democracy \"Jeffersonian democracy\") | 1801–1817 |\n| **[1815–1849](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1815%E2%80%931849\$ \"History of the United States (1815–1849)\")** |   |\n| [Era of Good Feelings](https:\/\/en.wikipedia.org\/wiki\/Era_of_Good_Feelings \"Era of Good Feelings\") | 1817–1825 |\n| [Jacksonian Era](https:\/\/en.wikipedia.org\/wiki\/Jacksonian_democracy \"Jacksonian democracy\") | 1825–1849 |\n| **[1849–1865](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1849%E2%80%931865\$ \"History of the United States (1849–1865)\")** |   |\n| [Civil War Era](https:\/\/en.wikipedia.org\/wiki\/American_Civil_War \"American Civil War\") | 1849–1865 |\n| [Greater Reconstruction](https:\/\/en.wikipedia.org\/wiki\/Greater_Reconstruction \"Greater Reconstruction\") | 1846–1898 |\n| **[1865–1917](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1865%E2%80%931917\$ \"History of the United States (1865–1917)\")** |   |\n| [Reconstruction Era](https:\/\/en.wikipedia.org\/wiki\/Reconstruction_era \"Reconstruction era\") | 1865–1877 |\n| [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\") | 1877–1896 |\n| [Progressive Era](https:\/\/en.wikipedia.org\/wiki\/Progressive_Era \"Progressive Era\") | 1896–1917 |\n| **[1917–1945](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1917%E2%80%931945\$ \"History of the United States (1917–1945)\")** |   |\n| [World War I](https:\/\/en.wikipedia.org\/wiki\/United_States_in_World_War_I \"United States in World War I\") | 1917–1918 |\n| [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") | 1918–1929 |\n| [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") | 1929–1941 |\n| [World War II](https:\/\/en.wikipedia.org\/wiki\/Military_history_of_the_United_States_during_World_War_II \"Military history of the United States during World War II\") | 1941–1945 |\n| **[1945–1964](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1945%E2%80%931964\$ \"History of the United States (1945–1964)\")** |   |\n| [Post-World War II Era](https:\/\/en.wikipedia.org\/wiki\/Aftermath_of_World_War_II \"Aftermath of World War II\") | 1945–1964 |\n| [Civil Rights Era](https:\/\/en.wikipedia.org\/wiki\/Civil_rights_movement \"Civil rights movement\") | 1954–1968 |\n| **[1964–1980](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1964%E2%80%931980\$ \"History of the United States (1964–1980)\")** |   |\n| [Civil Rights Era](https:\/\/en.wikipedia.org\/wiki\/Civil_rights_movement \"Civil rights movement\") | 1954–1968 |\n| [Vietnam War](https:\/\/en.wikipedia.org\/wiki\/United_States_in_the_Vietnam_War \"United States in the Vietnam War\") | 1964–1975 |\n| **[1980–1991](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1980%E2%80%931991\$ \"History of the United States (1980–1991)\")** |   |\n| [Reagan Era](https:\/\/en.wikipedia.org\/wiki\/Reagan_Era \"Reagan Era\") | 1981–1991 |\n| **[1991–2016](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1991%E2%80%932016\$ \"History of the United States (1991–2016)\")** |   |\n| [Post-Cold War Era](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93Cold_War_era \"Post–Cold War era\") | 1991–present |\n| **[2016–present](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$2016%E2%80%93present\$ \"History of the United States (2016–present)\")** | 2016–present |\n| Topics **[American Century](https:\/\/en.wikipedia.org\/wiki\/American_Century \"American Century\")** **[Antisemitism](https:\/\/en.wikipedia.org\/wiki\/History_of_antisemitism_in_the_United_States \"History of antisemitism in the United States\")** **[Civil unrest](https:\/\/en.wikipedia.org\/wiki\/List_of_incidents_of_civil_unrest_in_the_United_States \"List of incidents of civil unrest in the United States\")** [Racial violence](https:\/\/en.wikipedia.org\/wiki\/Mass_racial_violence_in_the_United_States \"Mass racial violence in the United States\") **[Cultural](https:\/\/en.wikipedia.org\/wiki\/Cultural_history_of_the_United_States \"Cultural history of the United States\")** [Cinema](https:\/\/en.wikipedia.org\/wiki\/History_of_cinema_in_the_United_States \"History of cinema in the United States\") [Music](https:\/\/en.wikipedia.org\/wiki\/Music_history_of_the_United_States \"Music history of the United States\") [Newspapers](https:\/\/en.wikipedia.org\/wiki\/History_of_American_newspapers \"History of American newspapers\") [Sports](https:\/\/en.wikipedia.org\/wiki\/History_of_sports_in_the_United_States \"History of sports in the United States\") **[Demography](https:\/\/en.wikipedia.org\/wiki\/Demographic_history_of_the_United_States \"Demographic history of the United States\")** [Immigration](https:\/\/en.wikipedia.org\/wiki\/History_of_immigration_to_the_United_States \"History of immigration to the United States\") **[Economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\")** [Banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\") **[Education](https:\/\/en.wikipedia.org\/wiki\/History_of_education_in_the_United_States \"History of education in the United States\")** [Higher education](https:\/\/en.wikipedia.org\/wiki\/History_of_higher_education_in_the_United_States \"History of higher education in the United States\") **[Flag](https:\/\/en.wikipedia.org\/wiki\/History_of_the_flags_of_the_United_States \"History of the flags of the United States\")** **[Government](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_government \"History of the United States government\")** [Abortion](https:\/\/en.wikipedia.org\/wiki\/History_of_abortion_in_the_United_States \"History of abortion in the United States\") [Capital punishment](https:\/\/en.wikipedia.org\/wiki\/History_of_capital_punishment_in_the_United_States \"History of capital punishment in the United States\") [Civil rights](https:\/\/en.wikipedia.org\/wiki\/History_of_civil_rights_in_the_United_States \"History of civil rights in the United States\") [Corruption](https:\/\/en.wikipedia.org\/wiki\/History_of_corruption_in_the_United_States \"History of corruption in the United States\") [The Constitution](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Constitution \"History of the United States Constitution\") [Debt ceiling](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_debt_ceiling \"History of the United States debt ceiling\") [Direct democracy](https:\/\/en.wikipedia.org\/wiki\/History_of_direct_democracy_in_the_United_States \"History of direct democracy in the United States\") [Foreign policy](https:\/\/en.wikipedia.org\/wiki\/History_of_United_States_foreign_policy \"History of United States foreign policy\") [Law enforcement](https:\/\/en.wikipedia.org\/wiki\/History_of_law_enforcement_in_the_United_States \"History of law enforcement in the United States\") [Postal service](https:\/\/en.wikipedia.org\/wiki\/Postage_stamps_and_postal_history_of_the_United_States \"Postage stamps and postal history of the United States\") [Taxation](https:\/\/en.wikipedia.org\/wiki\/History_of_taxation_in_the_United_States \"History of taxation in the United States\") [Voting rights](https:\/\/en.wikipedia.org\/wiki\/Voting_rights_in_the_United_States \"Voting rights in the United States\") **[Journalism](https:\/\/en.wikipedia.org\/wiki\/History_of_American_journalism \"History of American journalism\")** **[Maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States \"Maritime history of the United States\")** **[Military](https:\/\/en.wikipedia.org\/wiki\/Military_history_of_the_United_States \"Military history of the United States\")** [Army](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Army \"History of the United States Army\") [Marine Corps](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Marine_Corps \"History of the United States Marine Corps\") [Navy](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Navy \"History of the United States Navy\") [Air Force](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Air_Force \"History of the United States Air Force\") [Space Force](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Space_Force \"History of the United States Space Force\") [Coast Guard](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Coast_Guard \"History of the United States Coast Guard\") **[Party Systems](https:\/\/en.wikipedia.org\/wiki\/Political_eras_of_the_United_States \"Political eras of the United States\")** [First](https:\/\/en.wikipedia.org\/wiki\/First_Party_System \"First Party System\") [Second](https:\/\/en.wikipedia.org\/wiki\/Second_Party_System \"Second Party System\") [Third](https:\/\/en.wikipedia.org\/wiki\/Third_Party_System \"Third Party System\") [Fourth](https:\/\/en.wikipedia.org\/wiki\/Fourth_Party_System \"Fourth Party System\") [Fifth](https:\/\/en.wikipedia.org\/wiki\/Fifth_Party_System \"Fifth Party System\") [Sixth](https:\/\/en.wikipedia.org\/wiki\/Sixth_Party_System \"Sixth Party System\") **[Religion](https:\/\/en.wikipedia.org\/wiki\/History_of_religion_in_the_United_States \"History of religion in the United States\")** **[Social class](https:\/\/en.wikipedia.org\/wiki\/Social_class_in_American_history \"Social class in American history\")** **[Slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_United_States \"Slavery in the United States\")** [Sexual slavery](https:\/\/en.wikipedia.org\/wiki\/History_of_sexual_slavery_in_the_United_States \"History of sexual slavery in the United States\") **[Technology and industry](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_the_United_States \"Technological and industrial history of the United States\")** [Agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [Labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [Lumber](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [Medicine](https:\/\/en.wikipedia.org\/wiki\/History_of_medicine_in_the_United_States \"History of medicine in the United States\") [Railway](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transportation_in_the_United_States \"History of rail transportation in the United States\") |   |\n| Groups **[African Americans](https:\/\/en.wikipedia.org\/wiki\/African_American_history \"African American history\")** **[Asian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Asian_Americans \"History of Asian Americans\")** [Chinese Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Chinese_Americans \"History of Chinese Americans\") [Filipino Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Filipino_Americans \"History of Filipino Americans\") [Indian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Indian_Americans \"History of Indian Americans\") [Japanese Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Japanese_Americans \"History of Japanese Americans\") [Korean Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Korean_Americans \"History of Korean Americans\") [Thai Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Thai_Americans \"History of Thai Americans\") [Vietnamese Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Vietnamese_Americans \"History of Vietnamese Americans\") **[European Americans](https:\/\/en.wikipedia.org\/wiki\/European_Americans#History \"European Americans\")** [Albanian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Albanian_Americans \"History of Albanian Americans\") [English Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_English_Americans \"History of English Americans\") [Estonian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Estonian_Americans \"History of Estonian Americans\") [Finnish Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Finnish_Americans \"History of Finnish Americans\") [German Americans](https:\/\/en.wikipedia.org\/wiki\/German_Americans#History \"German Americans\") [Irish Americans](https:\/\/en.wikipedia.org\/wiki\/Irish_Americans#History \"Irish Americans\") [Italian Americans](https:\/\/en.wikipedia.org\/wiki\/Italian_Americans#History \"Italian Americans\") [Lithuanian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Lithuanian_Americans \"History of Lithuanian Americans\") [Polish Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Poles_in_the_United_States \"History of Poles in the United States\") [Serbian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Serbian_Americans \"History of Serbian Americans\") **[Hispanic and Latino Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Hispanic_and_Latino_Americans \"History of Hispanic and Latino Americans\")** [Mexican Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Mexican_Americans \"History of Mexican Americans\") **[Jewish Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Jews_in_the_United_States \"History of the Jews in the United States\")** **[Middle Eastern Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Middle_Eastern_Americans \"History of Middle Eastern Americans\")** [Egyptian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Egyptian_Americans \"History of Egyptian Americans\") [Iranian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Iranian_Americans \"History of Iranian Americans\") [Iraqi Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Iraqi_Americans \"History of Iraqi Americans\") [Lebanese Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Lebanese_Americans \"History of Lebanese Americans\") [Palestinian Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Palestinian_Americans \"History of Palestinian Americans\") [Saudi Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Saudi_Americans \"History of Saudi Americans\") **[Native Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Native_Americans_in_the_United_States \"History of Native Americans in the United States\")** [Cherokee](https:\/\/en.wikipedia.org\/wiki\/Cherokee_history \"Cherokee history\") [Comanche](https:\/\/en.wikipedia.org\/wiki\/Comanche_history \"Comanche history\") **[Pacific Islander Americans](https:\/\/en.wikipedia.org\/wiki\/Pacific_Islander_Americans#History \"Pacific Islander Americans\")** [Chamorros](https:\/\/en.wikipedia.org\/wiki\/Chamorro_people#History \"Chamorro people\") [Hawaiians](https:\/\/en.wikipedia.org\/wiki\/Native_Hawaiians#History \"Native Hawaiians\") **[Women](https:\/\/en.wikipedia.org\/wiki\/History_of_women_in_the_United_States \"History of women in the United States\")** **[LGBTQ](https:\/\/en.wikipedia.org\/wiki\/LGBTQ_history_in_the_United_States \"LGBTQ history in the United States\")** [Gay men](https:\/\/en.wikipedia.org\/wiki\/History_of_gay_men_in_the_United_States \"History of gay men in the United States\") [Lesbians](https:\/\/en.wikipedia.org\/wiki\/History_of_lesbianism_in_the_United_States \"History of lesbianism in the United States\") [Transgender people](https:\/\/en.wikipedia.org\/wiki\/History_of_transgender_people_in_the_United_States \"History of transgender people in the United States\") |   |\n| [Territorial evolution](https:\/\/en.wikipedia.org\/wiki\/Territorial_evolution_of_the_United_States \"Territorial evolution of the United States\") |   |\n| [Admission to the Union](https:\/\/en.wikipedia.org\/wiki\/List_of_U.S._states_by_date_of_admission_to_the_Union \"List of U.S. states by date of admission to the Union\") [Historic regions](https:\/\/en.wikipedia.org\/wiki\/Historic_regions_of_the_United_States \"Historic regions of the United States\") [American frontier](https:\/\/en.wikipedia.org\/wiki\/American_frontier \"American frontier\") [Manifest destiny](https:\/\/en.wikipedia.org\/wiki\/Manifest_destiny \"Manifest destiny\") [Indian removal](https:\/\/en.wikipedia.org\/wiki\/Indian_removal \"Indian removal\") |   |\n| Regions |   |\n| [New England](https:\/\/en.wikipedia.org\/wiki\/History_of_New_England \"History of New England\") [The South](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Southern_United_States \"History of the Southern United States\") [The West Coast](https:\/\/en.wikipedia.org\/wiki\/History_of_the_west_coast_of_North_America \"History of the west coast of North America\") |   |\n| States |   |\n| [AL](https:\/\/en.wikipedia.org\/wiki\/History_of_Alabama \"History of Alabama\") [AK](https:\/\/en.wikipedia.org\/wiki\/History_of_Alaska \"History of Alaska\") [AZ](https:\/\/en.wikipedia.org\/wiki\/History_of_Arizona \"History of Arizona\") [AR](https:\/\/en.wikipedia.org\/wiki\/History_of_Arkansas \"History of Arkansas\") [CA](https:\/\/en.wikipedia.org\/wiki\/History_of_California \"History of California\") [CO](https:\/\/en.wikipedia.org\/wiki\/History_of_Colorado \"History of Colorado\") [CT](https:\/\/en.wikipedia.org\/wiki\/History_of_Connecticut \"History of Connecticut\") [DE](https:\/\/en.wikipedia.org\/wiki\/History_of_Delaware \"History of Delaware\") [FL](https:\/\/en.wikipedia.org\/wiki\/History_of_Florida \"History of Florida\") [GA](https:\/\/en.wikipedia.org\/wiki\/History_of_Georgia_\$U.S._state\$ \"History of Georgia (U.S. state)\") [HI](https:\/\/en.wikipedia.org\/wiki\/History_of_Hawaii \"History of Hawaii\") [ID](https:\/\/en.wikipedia.org\/wiki\/History_of_Idaho \"History of Idaho\") [IL](https:\/\/en.wikipedia.org\/wiki\/History_of_Illinois \"History of Illinois\") [IN](https:\/\/en.wikipedia.org\/wiki\/History_of_Indiana \"History of Indiana\") [IA](https:\/\/en.wikipedia.org\/wiki\/History_of_Iowa \"History of Iowa\") [KS](https:\/\/en.wikipedia.org\/wiki\/History_of_Kansas \"History of Kansas\") [KY](https:\/\/en.wikipedia.org\/wiki\/History_of_Kentucky \"History of Kentucky\") [LA](https:\/\/en.wikipedia.org\/wiki\/History_of_Louisiana \"History of Louisiana\") [ME](https:\/\/en.wikipedia.org\/wiki\/History_of_Maine \"History of Maine\") [MD](https:\/\/en.wikipedia.org\/wiki\/History_of_Maryland \"History of Maryland\") [MA](https:\/\/en.wikipedia.org\/wiki\/History_of_Massachusetts \"History of Massachusetts\") [MI](https:\/\/en.wikipedia.org\/wiki\/History_of_Michigan \"History of Michigan\") [MN](https:\/\/en.wikipedia.org\/wiki\/History_of_Minnesota \"History of Minnesota\") [MS](https:\/\/en.wikipedia.org\/wiki\/History_of_Mississippi \"History of Mississippi\") [MO](https:\/\/en.wikipedia.org\/wiki\/History_of_Missouri \"History of Missouri\") [MT](https:\/\/en.wikipedia.org\/wiki\/History_of_Montana \"History of Montana\") [NE](https:\/\/en.wikipedia.org\/wiki\/History_of_Nebraska \"History of Nebraska\") [NV](https:\/\/en.wikipedia.org\/wiki\/History_of_Nevada \"History of Nevada\") [NH](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Hampshire \"History of New Hampshire\") [NJ](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Jersey \"History of New Jersey\") [NM](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Mexico \"History of New Mexico\") [NY](https:\/\/en.wikipedia.org\/wiki\/History_of_New_York_\$state\$ \"History of New York (state)\") [NC](https:\/\/en.wikipedia.org\/wiki\/History_of_North_Carolina \"History of North Carolina\") [ND](https:\/\/en.wikipedia.org\/wiki\/History_of_North_Dakota \"History of North Dakota\") [OH](https:\/\/en.wikipedia.org\/wiki\/History_of_Ohio \"History of Ohio\") [OK](https:\/\/en.wikipedia.org\/wiki\/History_of_Oklahoma \"History of Oklahoma\") [OR](https:\/\/en.wikipedia.org\/wiki\/History_of_Oregon \"History of Oregon\") [PA](https:\/\/en.wikipedia.org\/wiki\/History_of_Pennsylvania \"History of Pennsylvania\") [RI](https:\/\/en.wikipedia.org\/wiki\/History_of_Rhode_Island \"History of Rhode Island\") [SC](https:\/\/en.wikipedia.org\/wiki\/History_of_South_Carolina \"History of South Carolina\") [SD](https:\/\/en.wikipedia.org\/wiki\/History_of_South_Dakota \"History of South Dakota\") [TN](https:\/\/en.wikipedia.org\/wiki\/History_of_Tennessee \"History of Tennessee\") [TX](https:\/\/en.wikipedia.org\/wiki\/History_of_Texas \"History of Texas\") [UT](https:\/\/en.wikipedia.org\/wiki\/History_of_Utah \"History of Utah\") [VT](https:\/\/en.wikipedia.org\/wiki\/History_of_Vermont \"History of Vermont\") [VA](https:\/\/en.wikipedia.org\/wiki\/History_of_Virginia \"History of Virginia\") [WA](https:\/\/en.wikipedia.org\/wiki\/History_of_Washington_\$state\$ \"History of Washington (state)\") [WV](https:\/\/en.wikipedia.org\/wiki\/History_of_West_Virginia \"History of West Virginia\") [WI](https:\/\/en.wikipedia.org\/wiki\/History_of_Wisconsin \"History of Wisconsin\") [WY](https:\/\/en.wikipedia.org\/wiki\/History_of_Wyoming \"History of Wyoming\") |   |\n| Territories |   |\n| [DC](https:\/\/en.wikipedia.org\/wiki\/History_of_Washington,_D.C. \"History of Washington, D.C.\") [AS](https:\/\/en.wikipedia.org\/wiki\/History_of_American_Samoa \"History of American Samoa\") [GU](https:\/\/en.wikipedia.org\/wiki\/History_of_Guam \"History of Guam\") [MP](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Northern_Mariana_Islands \"History of the Northern Mariana Islands\") [PR](https:\/\/en.wikipedia.org\/wiki\/History_of_Puerto_Rico \"History of Puerto Rico\") [VI](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Virgin_Islands \"History of the United States Virgin Islands\") |   |\n| Cities |   |\n| [Urban history](https:\/\/en.wikipedia.org\/wiki\/American_urban_history \"American urban history\") ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Cities](https:\/\/en.wikipedia.org\/wiki\/Category:Histories_of_cities_in_the_United_States \"Category:Histories of cities in the United States\") |   |\n| [Outline](https:\/\/en.wikipedia.org\/wiki\/Outline_of_the_history_of_the_United_States \"Outline of the history of the United States\") [List of years](https:\/\/en.wikipedia.org\/wiki\/List_of_years_in_the_United_States \"List of years in the United States\") [Historiography](https:\/\/en.wikipedia.org\/wiki\/Historiography_of_the_United_States \"Historiography of the United States\") ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:History_of_the_United_States \"Category:History of the United States\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/e\/e2\/Symbol_portal_class.svg\/20px-Symbol_portal_class.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Symbol_portal_class.svg \"Portal\") [Portal](https:\/\/en.wikipedia.org\/wiki\/Portal:United_States \"Portal:United States\") |   |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:History_of_the_United_States_sidebar \"Template:History of the United States sidebar\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:History_of_the_United_States_sidebar \"Template talk:History of the United States sidebar\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:History_of_the_United_States_sidebar \"Special:EditPage\/Template:History of the United States sidebar\") |   |\n\nIn the [United States](https:\/\/en.wikipedia.org\/wiki\/United_States \"United States\"), the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") was a severe [financial crisis](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") combined with a deep [recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\"). While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of [employment](https:\/\/en.wikipedia.org\/wiki\/Unemployment_in_the_United_States \"Unemployment in the United States\") and [output](https:\/\/en.wikipedia.org\/wiki\/GDP \"GDP\"). This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-1) along with restrained government spending following initial stimulus efforts.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) It followed the bursting of the [housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\"), the [housing market correction](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_market_correction \"United States housing market correction\") and [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\").\n\nAccording to the [Department of Labor](https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_Labor \"United States Department of Labor\"), roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"). The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by \"a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales\").[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-4) Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-5) The total number of jobs did not return to November 2007 levels until May 2014.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-6) Some areas, such as jobs in public health, have not recovered as of 2023.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Leider-7)\n\nHouseholds and non-profit organizations added approximately \\$8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-8) However, the [debt held by the public](https:\/\/en.wikipedia.org\/wiki\/United_States_national_debt \"United States national debt\") rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-9)[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-10) President [Barack Obama](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama \"Barack Obama\") declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimes.com-11)\n\n## Background\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=1 \"Edit section: Background\")\\]\n\nAfter the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-12) and The Chandler Act (1938),[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-13) which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector.\n\nThere were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-auto-14) The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from \\$40k to \\$50k[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-auto-14) – a 25 percent salary increase - while the average salary in investment banking increased from \\$40k to \\$100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the [savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\"). By the end of the 1980s, many\\[*[quantify](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Manual_of_Style\/Dates_and_numbers \"Wikipedia:Manual of Style\/Dates and numbers\")*\\] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs.\n\n## Early suggestions\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=2 \"Edit section: Early suggestions\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/e0\/Subprime_mortgage_originations%2C_1996-2008.GIF\/500px-Subprime_mortgage_originations%2C_1996-2008.GIF)](https:\/\/en.wikipedia.org\/wiki\/File:Subprime_mortgage_originations,_1996-2008.GIF)\n\nSubprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: [Financial Crisis Inquiry Commission Report](https:\/\/www.gpo.gov\/fdsys\/pkg\/GPO-FCIC\/pdf\/GPO-FCIC.pdf), p. 70 Figure 5.2).\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/e2\/Foreclosure_Trend.png\/500px-Foreclosure_Trend.png)](https:\/\/en.wikipedia.org\/wiki\/File:Foreclosure_Trend.png)\n\nNumber of U.S. household properties subject to foreclosure actions by quarter\n\nIn the early months of 2008, many observers believed that a U.S. [recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") had begun.[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-15)[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-16)[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-17) The collapse of [Bear Stearns](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns \"Bear Stearns\") and the resulting financial market turbulence signaled that the crisis would not be mild and brief.\n\n[Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), ex-[Chairman of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chairman_of_the_Federal_Reserve \"Chairman of the Federal Reserve\"), stated in March 2008 that the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") in the United States \"is likely to be judged in retrospect as the most wrenching since the end of [World War II](https:\/\/en.wikipedia.org\/wiki\/World_War_II \"World War II\")\".[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-greenspanft-18) A chief economist at [Standard & Poor's](https:\/\/en.wikipedia.org\/wiki\/Standard_%26_Poor%27s \"Standard & Poor's\") said in March 2008 he had projected a worst-case-scenario in which the country would endure a [double-dip recession](https:\/\/en.wikipedia.org\/wiki\/Double-dip_recession \"Double-dip recession\"), in which the economy would briefly recover in the summer 2008, before plunging again.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\]\n\nThe former head of the [National Bureau of Economic Research](https:\/\/en.wikipedia.org\/wiki\/National_Bureau_of_Economic_Research \"National Bureau of Economic Research\") said in March 2008 that he believed the country was then in a recession, and it could be a severe one.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the [economic stimulus checks](https:\/\/en.wikipedia.org\/wiki\/Economic_Stimulus_Act_of_2008 \"Economic Stimulus Act of 2008\") going to 130 million households started being spent. A chief economist at [Moody's](https:\/\/en.wikipedia.org\/wiki\/Moody%27s \"Moody's\") predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling.[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-19)\n\nAccording to numbers published by the [Bureau of Economic Analysis](https:\/\/en.wikipedia.org\/wiki\/Bureau_of_Economic_Analysis \"Bureau of Economic Analysis\") in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-20) However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-21) In a May 9, 2008 report, the chief North American economist for investment bank [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") wrote that despite the GDP growth reported for the first quarter of 2008, \"it is still reasonable to believe that the recession started some time between September and January\", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-22)\n\nNew York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor [David Paterson](https:\/\/en.wikipedia.org\/wiki\/David_Paterson \"David Paterson\") called an emergency economic session of the state legislature for August 19 to push a budget cut of \\$600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-23) An August 1 report, issued by [economists](https:\/\/en.wikipedia.org\/wiki\/Economists \"Economists\") with [Wachovia Bank](https:\/\/en.wikipedia.org\/wiki\/Wachovia_Bank \"Wachovia Bank\"), said Florida was officially in a recession.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-24)\n\nWhite House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-25) On the other hand, [Martin Feldstein](https:\/\/en.wikipedia.org\/wiki\/Martin_Feldstein \"Martin Feldstein\"), who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-26)\n\nIn a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-27)\n\nA study released by Moody's found two-thirds of the 381 largest [metropolitan areas](https:\/\/en.wikipedia.org\/wiki\/United_States_metropolitan_area \"United States metropolitan area\") in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-28)\n\nIn March 2008, financier [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") stated in a CNBC interview that by a \"common sense definition\", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-29)[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-30)\n\n## Causes\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=3 \"Edit section: Causes\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/9e\/Cost_of_housing_by_State.webp\/500px-Cost_of_housing_by_State.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Cost_of_housing_by_State.webp)\n\nCost of housing by State\n\nMain articles: [Causes of the Great Recession](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_Great_Recession \"Causes of the Great Recession\") and [Inverted yield curve](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\")\n\nSee also: [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\")\n\nFederal Reserve Chair [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") testified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the [shadow banking system](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking_system \"Shadow banking system\") that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the *private* sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https:\/\/en.wikipedia.org\/wiki\/Repurchase_agreements \"Repurchase agreements\") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the *public* sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed \"[Too big to fail](https:\/\/en.wikipedia.org\/wiki\/Too_big_to_fail \"Too big to fail\")\" institutions, monetary policy, and trade deficits.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-BernankeFCIC1-31)\n\nThe U.S. [Financial Crisis Inquiry Commission](https:\/\/en.wikipedia.org\/wiki\/Financial_Crisis_Inquiry_Commission \"Financial Crisis Inquiry Commission\") reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.\"[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-32)\n\nAmong the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the [2–28 loan](https:\/\/en.wikipedia.org\/wiki\/Subprime_lending \"Subprime lending\"), with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-The_downturn_in_facts_and_figures-33) On Wall Street and in the financial industry, [moral hazard](https:\/\/en.wikipedia.org\/wiki\/Moral_hazard \"Moral hazard\") lay at the core of many of the causes.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-brown1-34)\n\n### Government policies\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=4 \"Edit section: Government policies\")\\]\n\nA federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-35) Factors include:\n\n> \"Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view.\"\n\n[Joseph Stiglitz](https:\/\/en.wikipedia.org\/wiki\/Joseph_Stiglitz \"Joseph Stiglitz\")[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-36)\n\n- The [non-depository banking system](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking \"Shadow banking\") was not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately \\$4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-37)\n- Giving [Fannie Mae](https:\/\/en.wikipedia.org\/wiki\/Fannie_Mae \"Fannie Mae\") & [Freddie Mac](https:\/\/en.wikipedia.org\/wiki\/Freddie_Mac \"Freddie Mac\") GSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their [Alt-A](https:\/\/en.wikipedia.org\/wiki\/Alt-A \"Alt-A\") and [subprime](https:\/\/en.wikipedia.org\/wiki\/Subprime \"Subprime\") investments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the [Federal Housing Finance Agency](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Agency \"Federal Housing Finance Agency\") to conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the [Federal Housing Administration](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Administration \"Federal Housing Administration\").[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-38)[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-39)\n\n### Role of Alan Greenspan\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=5 \"Edit section: Role of Alan Greenspan\")\\]\n\n> Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief.\n\n[Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\")[\\[40\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_2008-40)\n\n[Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\") was the [Chairman of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chairman_of_the_Federal_Reserve \"Chairman of the Federal Reserve\") of the United States from 1987 to 2006. He was appointed by President [Ronald Reagan](https:\/\/en.wikipedia.org\/wiki\/Ronald_Reagan \"Ronald Reagan\") in August 1987 and was reappointed by President [Bill Clinton](https:\/\/en.wikipedia.org\/wiki\/Bill_Clinton \"Bill Clinton\") in 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that \"I really didn't get it until very late in 2005 and 2006.\"[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_admits_bubble_FT-41) Greenspan stated that the housing bubble was \"fundamentally engendered by the decline in real long-term interest rates\",[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_interest_rates_FT-42) though he also claims that long-term interest rates are beyond the control of central banks because \"the market value of global long-term securities is approaching \\$100 trillion\" and thus these and other asset markets are large enough that they \"now swamp the resources of central banks\".[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_mortgage_crisis_roots_WSJ-43)\n\nGreenspan admitted to a congressional committee that he had been \"partially wrong\" in his hands-off approach towards the banking industry - \"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms,\" said Greenspan.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-44) That being said, the Federal Reserve did not have the power to wade into the banking sector at the time.\n\n## Recession declared by economists\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=6 \"Edit section: Recession declared by economists\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b7\/GDP_Illustration.JPG\/250px-GDP_Illustration.JPG)](https:\/\/en.wikipedia.org\/wiki\/File:GDP_Illustration.JPG)\n\nU.S. [Real GDP](https:\/\/en.wikipedia.org\/wiki\/Real_GDP \"Real GDP\") in Billions of Current USD. Courtesy of www.bea.gov\n\nOn December 1, 2008, the [National Bureau of Economic Research](https:\/\/en.wikipedia.org\/wiki\/National_Bureau_of_Economic_Research \"National Bureau of Economic Research\") (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-45)[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-BBC-46) The Dow Jones Industrial Average lost 679 points that same day.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-47) On January 4, 2009, [Nobel Memorial Prize](https:\/\/en.wikipedia.org\/wiki\/Nobel_Memorial_Prize_in_Economic_Sciences \"Nobel Memorial Prize in Economic Sciences\")–winning economist [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\") wrote, \"This looks an awful lot like the beginning of a second Great Depression.\"[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-48)\n\n### Rise in unemployment\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=7 \"Edit section: Rise in unemployment\")\\]\n\nFurther information: [Unemployment in the United States](https:\/\/en.wikipedia.org\/wiki\/Unemployment_in_the_United_States \"Unemployment in the United States\")\n\nThe Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the [American Recovery and Reinvestment Act](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act \"American Recovery and Reinvestment Act\") (ARRA) in January 2009. Known as \"The Stimulus\", ARRA was a roughly \\$800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Many economists argued the stimulus was too small, while conservatives such as the [Tea Party](https:\/\/en.wikipedia.org\/wiki\/Tea_Party_movement \"Tea Party movement\") argued that deficit reduction was the priority.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-50)\n\nThe number of jobs (\"total non-farm payrolls\" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Full-time employment did not regain its pre-crisis level until August 2015.[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-51)\n\nThe unemployment rate (\"U-3\") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable [housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\"), which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-52) The wider measure of unemployment (\"U-6\") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017.[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-53)\n\n[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\") maintains a \"dashboard\" of several labor-market variables that illustrates the state of recovery of the labor market.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-54)\n\n### Liquidity crisis\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=8 \"Edit section: Liquidity crisis\")\\]\n\nMain article: [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\")\n\nThe major investment banks at the core of the crisis obtained significant funding in overnight [repo](https:\/\/en.wikipedia.org\/wiki\/Repurchase_agreement \"Repurchase agreement\") markets, which were disrupted during the crisis. In effect, there was a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the essentially unregulated [shadow banking](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking \"Shadow banking\") (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer [AIG](https:\/\/en.wikipedia.org\/wiki\/American_International_Group \"American International Group\"), which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called [credit default swaps](https:\/\/en.wikipedia.org\/wiki\/Credit_default_swaps \"Credit default swaps\"), also was bailed out and taken over by the government at an initial cost exceeding \\$100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-55)\n\nA timeline of some of the significant events in the crisis from 2007 to 2008 includes:\n\n- From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost \\$800 billion.\n- In summer 2007, Countrywide Financial drew down an \\$11 billion line of credit and then secured an additional \\$12 billion bailout in September. This may be considered the start of the crisis.\n- In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business.\n- In mid-March 2008, Bear Stearns was bailed out by a gift of \\$29 billion non-recourse treasury bill debt assets.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-56)\n- In early July 2008, depositors at the Los Angeles offices of [IndyMac](https:\/\/en.wikipedia.org\/wiki\/IndyMac \"IndyMac\") Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a \\$32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would [attempt to save](https:\/\/en.wikipedia.org\/wiki\/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac \"Federal takeover of Fannie Mae and Freddie Mac\") mortgage lenders [Fannie Mae](https:\/\/en.wikipedia.org\/wiki\/Fannie_Mae \"Fannie Mae\") and [Freddie Mac](https:\/\/en.wikipedia.org\/wiki\/Freddie_Mac \"Freddie Mac\"). The two were placed into [conservatorship](https:\/\/en.wikipedia.org\/wiki\/Conservatorship \"Conservatorship\") on September 7, 2008.\n- During the weekend of September 13–14, 2008, [Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Lehman_Brothers \"Lehman Brothers\") declared [bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_Lehman_Brothers \"Bankruptcy of Lehman Brothers\") after failing to find a buyer; [Bank of America](https:\/\/en.wikipedia.org\/wiki\/Bank_of_America \"Bank of America\") agreed to purchase investment bank Merrill Lynch; the insurance giant [AIG](https:\/\/en.wikipedia.org\/wiki\/AIG \"AIG\") sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least \\$70 billion to deal with the effects of Lehman's closure,[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-57) similar to the consortium put forth by J.P. Morgan during the stock market [panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") and the [crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Crash_of_1929 \"Crash of 1929\").\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] Stocks on [Wall Street](https:\/\/en.wikipedia.org\/wiki\/Wall_Street \"Wall Street\") tumbled on Monday, September 15.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-58)\n- On September 16, 2008, news emerged that the [Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve \"Federal Reserve\") might give AIG an \\$85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when [JP Morgan Chase](https:\/\/en.wikipedia.org\/wiki\/JP_Morgan_Chase \"JP Morgan Chase\") agreed to purchase the banking assets of [Washington Mutual](https:\/\/en.wikipedia.org\/wiki\/Washington_Mutual \"Washington Mutual\").[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-59)\n\nThe year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—\\$691 billion (~\\$986 billion in 2024) in assets—alone surpassing all past annual totals.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-60) The year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-61)\n\n*The Wall Street Journal* stated that [venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") funding slowed down, which in the past had led to unemployment and slowed new job creation.[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-62) The Federal Reserve took steps to feed economic expansion by lowering the [prime rate](https:\/\/en.wikipedia.org\/wiki\/U.S._prime_rate \"U.S. prime rate\") repeatedly during 2008.\n\n| [Date](https:\/\/en.wikipedia.org\/wiki\/Calendar_date \"Calendar date\") | Primary [discount rate](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\") | Secondary [discount rate](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\") | [Fed funds rate](https:\/\/en.wikipedia.org\/wiki\/Fed_funds_rate \"Fed funds rate\") |\n|---|---|---|---|\n| Apr 30, 2008 | 2\\.25% | 2\\.75% | 2\\.00% |\n| Mar 18, 2008 | 2\\.50% | 3\\.00% | 2\\.25% |\n| Mar 16, 2008 | 3\\.25% | 3\\.75% | 2\\.25% |\n| Jan 30, 2008 | 3\\.50% | 4\\.00% | 3\\.00% |\n| Jan 22, 2008 | 4\\.00% | 4\\.50% | 3\\.50% |\n\n### Bailout of U.S. financial system\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=9 \"Edit section: Bailout of U.S. financial system\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/be\/Middle_class_net_worth.png\/500px-Middle_class_net_worth.png)](https:\/\/en.wikipedia.org\/wiki\/File:Middle_class_net_worth.png)\n\nU.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64)\n\nMain article: [Emergency Economic Stabilization Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Emergency_Economic_Stabilization_Act_of_2008 \"Emergency Economic Stabilization Act of 2008\")\n\nOn September 17, 2008, Federal Reserve chairman [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") advised Secretary of the Treasury [Henry Paulson](https:\/\/en.wikipedia.org\/wiki\/Henry_Paulson \"Henry Paulson\") that a large amount of public money would be needed to stabilize the financial system.[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) [Short selling](https:\/\/en.wikipedia.org\/wiki\/Short_\$finance\$ \"Short (finance)\") on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) The Treasury Secretary also indicated that [money funds](https:\/\/en.wikipedia.org\/wiki\/Money_fund \"Money fund\") would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) Initial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of \\$700 billion[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-67) to \\$1 trillion [U.S. dollars](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\").[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-68) President [George W. Bush](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush \"George W. Bush\") asked [Congress](https:\/\/en.wikipedia.org\/wiki\/United_States_Congress \"United States Congress\") on September 20, 2008 for the authority to spend as much as \\$700 billion (~\\$998 billion in 2024) to purchase troubled mortgage assets and contain the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\").[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-69)[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) The crisis continued when the United States House of Representatives rejected the bill and the [Dow Jones](https:\/\/en.wikipedia.org\/wiki\/Dow_Jones_Industrial_Average \"Dow Jones Industrial Average\") took a 777-point plunge.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-70) A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-71)[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-72) The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-73)\n\nAs of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\"), totalled over \\$5 trillion: \\$1 trillion in loans by the Fed to broker-dealers through the emergency [discount window](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\"), \\$1.8 trillion in loans by the Fed through the [Term Auction Facility](https:\/\/en.wikipedia.org\/wiki\/Term_Auction_Facility \"Term Auction Facility\"), \\$700 billion to be raised by the Treasury for the [Troubled Assets Relief Program](https:\/\/en.wikipedia.org\/wiki\/Troubled_Assets_Relief_Program \"Troubled Assets Relief Program\"), \\$200 billion insurance for the [GSEs](https:\/\/en.wikipedia.org\/wiki\/Government_sponsored_enterprise \"Government sponsored enterprise\") by the Treasury, and \\$1.5 trillion insurance for unsecured bank debt by FDIC.[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-74)\n\n[ProPublica](https:\/\/en.wikipedia.org\/wiki\/ProPublica \"ProPublica\") maintains a \"bailout tracker\" that indicated about \\$626 billion was \"spent, invested or loaned\" in bailouts of the financial system due to the crisis as of March 2018, while \\$713 billion had been repaid to the government (\\$390 billion in principal repayments and \\$323 billion in interest) indicating the bailouts generated \\$87 billion in profit.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-75)\n\n## United States policy responses\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=10 \"Edit section: United States policy responses\")\\]\n\nMain article: [United States policy responses to the Great Recession](https:\/\/en.wikipedia.org\/wiki\/United_States_policy_responses_to_the_Great_Recession \"United States policy responses to the Great Recession\")\n\nThe Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new \\$50,000,000,000 (\\$50 billion) program to ensure the investments, similar to the [Federal Deposit Insurance Corporation](https:\/\/en.wikipedia.org\/wiki\/Federal_Deposit_Insurance_Corporation \"Federal Deposit Insurance Corporation\") (FDIC) program.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-76) Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the [Federal Reserve Board](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Board \"Federal Reserve Board\").[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-77) The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against [naked short selling](https:\/\/en.wikipedia.org\/wiki\/Naked_short_selling \"Naked short selling\"), as part of its reaction to the mortgage crisis.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-78)\n\n## Recovery\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=11 \"Edit section: Recovery\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/d\/df\/Change_in_household_debt_-_v1.png\/500px-Change_in_household_debt_-_v1.png)](https:\/\/en.wikipedia.org\/wiki\/File:Change_in_household_debt_-_v1.png)\n\nU.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-79)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/23\/U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png\/500px-U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)\n\nU.S. federal government spending was held relatively level around \\$3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/1\/11\/U.S._economic_recovery_scorecard.png\/500px-U.S._economic_recovery_scorecard.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._economic_recovery_scorecard.png)\n\nSeveral major U.S. economic variables had recovered from the 2007-2009 [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") and [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") by the 2013-2014 time period.\n\nThe recession officially ended in the second quarter of 2009,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) but the nation's economy continued to be described as in an \"[economic malaise](https:\/\/en.wikipedia.org\/wiki\/Economic_stagnation \"Economic stagnation\")\" during the second quarter of 2011.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NYT-80) Some economists described the post-recession years as the weakest [recovery](https:\/\/en.wikipedia.org\/wiki\/Economic_recovery \"Economic recovery\") since the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") and [World War II](https:\/\/en.wikipedia.org\/wiki\/World_War_II \"World War II\").[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-81)[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-82) The weak recovery led one commentator to call it a \"Zombie Economy\", so-called because it was neither dead nor alive. [Household incomes](https:\/\/en.wikipedia.org\/wiki\/Household_income_in_the_United_States \"Household income in the United States\"), as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level.[\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-83) Additionally as of September 2012, the [long-term unemployment](https:\/\/en.wikipedia.org\/wiki\/Long-term_unemployment \"Long-term unemployment\") is the highest it had been since World War II,[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-84) and the [unemployment rate](https:\/\/en.wikipedia.org\/wiki\/Unemployment_rate \"Unemployment rate\") peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-85)[\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-86) The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again.\n\nHowever, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth.[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-87) Economist [Carmen Reinhart](https:\/\/en.wikipedia.org\/wiki\/Carmen_Reinhart \"Carmen Reinhart\") stated in August 2011: \"Debt de-leveraging \\[reduction\\] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before.\"[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-88)\n\nThen-Fed Chair [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") explained during November 2012 several of the economic headwinds that slowed the recovery:\n\n- The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.\n- Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.\n- Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\nFor example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-89) Both households and government practicing austerity at the same time was a recipe for a slow recovery.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\nSeveral key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession.[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-90)[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-91)[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-92)[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-93) Real median household income fell to a trough of \\$53,331 in 2012, but recovered to an all-time high of \\$59,039 by 2016.[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-94) However, the gains during the recovery were very unevenly distributed. Economist [Emmanuel Saez](https:\/\/en.wikipedia.org\/wiki\/Emmanuel_Saez \"Emmanuel Saez\") wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners.[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-95) According to the Federal Reserve, median family net worth had peaked at about \\$140,000 in 2007, fell to a low point of \\$84,000 in 2013, and only partially recovered to \\$97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64)\n\nHealthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-96)\n\nPresident Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \\$626B was invested, loaned, or granted due to various bailout measures, while \\$390B had been returned to the Treasury. The Treasury had earned another \\$323B in interest on bailout loans, resulting in an \\$87B profit.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-97)\n\n## Severity\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=12 \"Edit section: Severity\")\\]\n\nThe vast majority of economic historians believe the Great Recession was the second worst [contraction](https:\/\/en.wikipedia.org\/wiki\/Contraction_\$economics\$ \"Contraction (economics)\") in US history, after the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"). Some economists, including [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\"), have argued that the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") was arguably more severe than the financial crisis that preceded the Great Depression, and that a depression was only avoided due to decisive policy actions taken by the Federal Reserve and federal government.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-98)\n\n## See also\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=13 \"Edit section: See also\")\\]\n\n- [Timeline of the Great Recession](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Great_Recession \"Timeline of the Great Recession\")\n- [Causes of the Great Recession](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_Great_Recession \"Causes of the Great Recession\")\n- [New Deal](https:\/\/en.wikipedia.org\/wiki\/New_Deal \"New Deal\")\n- [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\")\n- [Stock market crashes in India](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crashes_in_India \"Stock market crashes in India\")\n- [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\")\n- [2008–2011 bank failures in the United States](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932011_bank_failures_in_the_United_States \"2008–2011 bank failures in the United States\")\n- [2008–2009 Keynesian resurgence](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Keynesian_resurgence \"2008–2009 Keynesian resurgence\")\n- [2010 United States foreclosure crisis](https:\/\/en.wikipedia.org\/wiki\/2010_United_States_foreclosure_crisis \"2010 United States foreclosure crisis\")\n- [2011 United States debt-ceiling crisis](https:\/\/en.wikipedia.org\/wiki\/2011_United_States_debt-ceiling_crisis \"2011 United States debt-ceiling crisis\")\n- [List of economic crises](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_crises \"List of economic crises\")\n- *[The Big Short](https:\/\/en.wikipedia.org\/wiki\/The_Big_Short_\$film\$ \"The Big Short (film)\")*\n- [List of stock market crashes and bear markets](https:\/\/en.wikipedia.org\/wiki\/List_of_stock_market_crashes_and_bear_markets \"List of stock market crashes and bear markets\")\n\n## References\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=14 \"Edit section: References\")\\]\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-1)**\n   [\"Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011\"](https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html). *[The Washington Post](https:\/\/en.wikipedia.org\/wiki\/The_Washington_Post \"The Washington Post\")*. [Archived](https:\/\/web.archive.org\/web\/20210103231738\/https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html) from the original on January 3, 2021. Retrieved March 22, 2018.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-3)\n   [\"Federal Reserve-Ben Bernanke-The Economic Recovery and Economic Policy-November 20, 2012\"](https:\/\/www.federalreserve.gov\/newsevents\/speech\/bernanke20121120a.htm). [Archived](https:\/\/web.archive.org\/web\/20210815020828\/https:\/\/www.federalreserve.gov\/newsevents\/speech\/bernanke20121120a.htm) from the original on August 15, 2021. Retrieved March 24, 2018.\n3. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-1)\n   [\"Business Cycle Dating Committee, National Bureau of Economic Research\"](https:\/\/www.nber.org\/cycles\/sept2010.html). 20 September 2010. [Archived](https:\/\/web.archive.org\/web\/20210302041430\/http:\/\/www2.nber.org\/cycles\/sept2010.html) from the original on 2021-03-02. Retrieved 2018-03-09.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-4)**\n   [\"FRED-Real GDP-Retrieved March 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/GDPC1). [Archived](https:\/\/web.archive.org\/web\/20160705161801\/https:\/\/fred.stlouisfed.org\/series\/GDPC1) from the original on July 5, 2016. Retrieved March 22, 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-5)**\n   [\"Civilian Unemployment Rate\"](https:\/\/research.stlouisfed.org\/fred2\/series\/UNRATE). January 1948. [Archived](https:\/\/web.archive.org\/web\/20160528164133\/https:\/\/research.stlouisfed.org\/fred2\/series\/UNRATE\/) from the original on 2016-05-28. Retrieved 2015-10-05.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-6)**\n   [\"FRED-All Employees Total Non-Farm-Retrieved March 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/PAYEMS). [Archived](https:\/\/web.archive.org\/web\/20190512113401\/https:\/\/fred.stlouisfed.org\/series\/PAYEMS) from the original on May 12, 2019. Retrieved January 23, 2018.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Leider_7-0)**\n   Leider, Jonathon P.; Yeager, Valerie A.; Kirkland, Chelsey; Krasna, Heather; Hare Bork, Rachel; Resnick, Beth (1 April 2023). [\"The State of the US Public Health Workforce: Ongoing Challenges and Future Directions\"](https:\/\/www.annualreviews.org\/doi\/pdf\/10.1146\/annurev-publhealth-071421-032830). *Annual Review of Public Health*. **44** (1): annurev–publhealth–071421-032830. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.1146\/annurev-publhealth-071421-032830](https:\/\/doi.org\/10.1146%2Fannurev-publhealth-071421-032830). [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0163-7525](https:\/\/search.worldcat.org\/issn\/0163-7525). [PMID](https:\/\/en.wikipedia.org\/wiki\/PMID_\$identifier\$ \"PMID (identifier)\") [36692395](https:\/\/pubmed.ncbi.nlm.nih.gov\/36692395). [S2CID](https:\/\/en.wikipedia.org\/wiki\/S2CID_\$identifier\$ \"S2CID (identifier)\") [256192725](https:\/\/api.semanticscholar.org\/CorpusID:256192725). [Archived](https:\/\/web.archive.org\/web\/20230415221037\/https:\/\/www.annualreviews.org\/doi\/pdf\/10.1146\/annurev-publhealth-071421-032830) from the original on 15 April 2023. Retrieved 14 March 2023.\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-8)**\n   [\"FRED-Households and Non-Profit Organizations Debt-retrieved March 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/CMDEBT). [Archived](https:\/\/web.archive.org\/web\/20180119060609\/https:\/\/fred.stlouisfed.org\/series\/CMDEBT) from the original on January 19, 2018. Retrieved March 22, 2018.\n9. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-9)**\n   [\"CBO-Budget and Economic Outlook: 2017-2027 January 24, 2017\"](https:\/\/www.cbo.gov\/publication\/52370). 24 January 2017. [Archived](https:\/\/web.archive.org\/web\/20210815102943\/https:\/\/www.cbo.gov\/publication\/52370) from the original on August 15, 2021. Retrieved March 21, 2018.\n10. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-10)**\n    [\"FactCheck.org-Brooks Jackson-Obama's Final Numbers-September 29, 2017\"](https:\/\/www.factcheck.org\/2017\/09\/obamas-final-numbers\/). [Archived](https:\/\/web.archive.org\/web\/20200329224716\/https:\/\/www.factcheck.org\/2017\/09\/obamas-final-numbers\/) from the original on March 29, 2020. Retrieved March 21, 2018.\n11. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-nytimes.com_11-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-nytimes.com_11-1)\n    Weisman, Jonathan (19 December 2014). [\"New York Times-U.S. Declares Bank and Auto Bailouts Over, and Profitable-December 19, 2014\"](https:\/\/www.nytimes.com\/2014\/12\/20\/business\/us-signals-end-of-bailouts-of-automakers-and-wall-street.html?_r=0). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20201112023938\/http:\/\/www.nytimes.com\/2014\/12\/20\/business\/us-signals-end-of-bailouts-of-automakers-and-wall-street.html?_r=0) from the original on November 12, 2020. Retrieved February 3, 2018.\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-12)**\n    [\"Securities Exchange Act of 1934\"](https:\/\/www.sec.gov\/about\/laws\/sea34.pdf) (PDF). [Archived](https:\/\/web.archive.org\/web\/20180119184621\/https:\/\/www.sec.gov\/about\/laws\/sea34.pdf) (PDF) from the original on 19 January 2018. Retrieved 12 September 2011.\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-13)**\n    [\"The Chandler Act\"](https:\/\/web.archive.org\/web\/20111111172141\/http:\/\/www.absolutebankruptcy.org\/History3.htm). Archived from [the original](http:\/\/www.absolutebankruptcy.org\/History3.htm) on 11 November 2011. Retrieved 12 September 2011.\n14. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-auto_14-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-auto_14-1)\n    [\"Summary - Inside Job - Condensed Version\"](http:\/\/www.theglobalfczone.com\/Summary-Inside-Job-Condensed.html). [Archived](https:\/\/web.archive.org\/web\/20120606004745\/http:\/\/www.theglobalfczone.com\/Summary-Inside-Job-Condensed.html) from the original on 6 June 2012. Retrieved 8 September 2011.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-15)**\n    [\"Recession in the US 'has arrived'\"](http:\/\/news.bbc.co.uk\/2\/hi\/business\/7176255.stm). *BBC News*. 2008-01-08. [Archived](https:\/\/web.archive.org\/web\/20131002212645\/http:\/\/news.bbc.co.uk\/2\/hi\/business\/7176255.stm) from the original on 2013-10-02. Retrieved 2010-01-05.\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-16)**\n    Quinn, James (2008-01-07). [\"US recession is already here, warns Merrill\"](https:\/\/web.archive.org\/web\/20080108134852\/http:\/\/www.telegraph.co.uk\/money\/main.jhtml?xml=\/money\/2008\/01\/07\/bcnuseco107.xml). *The Daily Telegraph*. London. Archived from [the original](https:\/\/www.telegraph.co.uk\/money\/main.jhtml?xml=\/money\/2008\/01\/07\/bcnuseco107.xml) on 2008-01-08. Retrieved 2010-05-07.\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-17)**\n    Aversa, Jeannine (2008-02-15). [\"Poll: Majority of people believe recession underway\"](https:\/\/www.usatoday.com\/money\/economy\/2008-02-10-economypoll_N.htm). *USA Today*. [Archived](https:\/\/web.archive.org\/web\/20121103055138\/http:\/\/usatoday30.usatoday.com\/money\/economy\/2008-02-10-economypoll_N.htm) from the original on 2012-11-03. Retrieved 2010-05-07.\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-greenspanft_18-0)**\n    Greenspan, Alan. [\"We will never have a perfect model of risk\"](https:\/\/www.ft.com\/content\/edbdbcf6-f360-11dc-b6bc-0000779fd2ac). Financial Times. [Archived](https:\/\/web.archive.org\/web\/20080423100005\/http:\/\/www.ft.com\/cms\/s\/0\/edbdbcf6-f360-11dc-b6bc-0000779fd2ac.html?nclick_check=1) from the original on April 23, 2008. Retrieved 2008-09-22.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-19)** CNN, March 21, 2008 [Worries grow of deeper U.S. recession](http:\/\/edition.cnn.com\/2008\/BUSINESS\/03\/21\/us.recession.ap\/index.html) [Archived](https:\/\/web.archive.org\/web\/20080611130336\/http:\/\/edition.cnn.com\/2008\/BUSINESS\/03\/21\/us.recession.ap\/index.html) 2008-06-11 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"). Accessed March 22, 2008.\n20. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-20)**\n    Zumbrun, Joshua (2008-04-30). [\"Technically, No Recession (Feel Better?)\"](https:\/\/web.archive.org\/web\/20080503233955\/http:\/\/www.forbes.com\/businessinthebeltway\/2008\/04\/30\/economy-recession-fed-biz-wash-cx_jz_0430econ.html). *[Forbes](https:\/\/en.wikipedia.org\/wiki\/Forbes \"Forbes\")*. 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[\"Bailout of Money Funds Seems to Stanch Outflow\"](https:\/\/wsj.com\/article\/SB122186683086958875.html?mod=article-outset-box) [Archived](https:\/\/web.archive.org\/web\/20081002095724\/http:\/\/wsj.com\/article\/SB122186683086958875.html?mod=article-outset-box) 2008-10-02 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"), [The Wall Street Journal](https:\/\/en.wikipedia.org\/wiki\/The_Wall_Street_Journal \"The Wall Street Journal\"), September 20, 2008.\n77. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-77)** [(Press Release) FRB: Board Approves Two Interim Final Rules](https:\/\/www.federalreserve.gov\/newsevents\/press\/monetary\/20080919c.htm) [Archived](https:\/\/web.archive.org\/web\/20101204210623\/http:\/\/www.federalreserve.gov\/newsevents\/press\/monetary\/20080919c.htm) 2010-12-04 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"), [Federal Reserve Bank](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Bank \"Federal Reserve Bank\"), September 19, 2008.\n78. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-78)** Boak, Joshua (*[Chicago Tribune](https:\/\/en.wikipedia.org\/wiki\/Chicago_Tribune \"Chicago Tribune\")*). [\"SEC temporarily suspends short selling\"](http:\/\/www.mercurynews.com\/markets\/ci_10513612) [Archived](https:\/\/web.archive.org\/web\/20120113014948\/http:\/\/www.mercurynews.com\/markets\/ci_10513612) 2012-01-13 at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\"), [San Jose Mercury News](https:\/\/en.wikipedia.org\/wiki\/San_Jose_Mercury_News \"San Jose Mercury News\"), September 19, 2008.\n79. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-79)**\n    Reinhart; Reinhart (September 2010). [\"After the Fall\"](https:\/\/doi.org\/10.3386%2Fw16334). *NBER Working Paper No. 16334*. [doi](https:\/\/en.wikipedia.org\/wiki\/Doi_\$identifier\$ \"Doi (identifier)\"):[10\\.3386\/w16334](https:\/\/doi.org\/10.3386%2Fw16334).\n80. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-NYT_80-0)**\n    Appelbaum, Binyamin (April 24, 2011). [\"Stimulus by Fed Is Disappointing, Economists Say\"](https:\/\/www.nytimes.com\/2011\/04\/24\/business\/economy\/24fed.html). *The New York Times*. [Archived](https:\/\/web.archive.org\/web\/20110502085423\/http:\/\/www.nytimes.com\/2011\/04\/24\/business\/economy\/24fed.html) from the original on May 2, 2011. Retrieved April 24, 2011. \"the disappointing results \\[of the actions of the Federal Reserve\\] show the limits of the central bank's ability to lift the nation from its economic malaise.\"\n81. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-81)**\n    Paul Wiseman (26 August 2012). [\"Economy Recovery Ranks as Weakest since World War II\"](http:\/\/www.utsandiego.com\/news\/2012\/aug\/26\/tp-economic-recovery-ranks-as-weakest-since-world\/). *San Diego Union Tribune*. Associated Press. [Archived](https:\/\/web.archive.org\/web\/20140421064216\/http:\/\/www.utsandiego.com\/news\/2012\/aug\/26\/tp-economic-recovery-ranks-as-weakest-since-world\/) from the original on 21 April 2014. Retrieved 27 August 2012.\n82. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-82)**\n    Christopher S. Rugaber (24 August 2012). [\"Weak recovery leaves laid-off US workers struggling to find new jobs; most take pay cuts\"](https:\/\/wayback.archive-it.org\/all\/20120827222033\/http:\/\/www.washingtonpost.com\/politics\/weak-recovery-leaves-most-laid-off-us-workers-struggling-to-find-new-jobs-most-take-pay-cuts\/2012\/08\/24\/8ff3da2e-ee01-11e1-b624-99dee49d8d67_story.html). *Washington Post*. Associated Press. Archived from [the original](https:\/\/www.washingtonpost.com\/politics\/weak-recovery-leaves-most-laid-off-us-workers-struggling-to-find-new-jobs-most-take-pay-cuts\/2012\/08\/24\/8ff3da2e-ee01-11e1-b624-99dee49d8d67_story.html) on 27 August 2012. Retrieved 27 August 2012.\n83. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-83)**\n    Jeff Kearns (23 August 2012). [\"U.S. Incomes Fell More In Recovery, Sentier Says\"](https:\/\/www.bloomberg.com\/news\/2012-08-23\/u-s-incomes-feel-more-in-recovery-sentier-says.html). *Bloomberg*. [Archived](https:\/\/web.archive.org\/web\/20120906170459\/http:\/\/www.bloomberg.com\/news\/2012-08-23\/u-s-incomes-feel-more-in-recovery-sentier-says.html) from the original on 6 September 2012. Retrieved 4 September 2012.\n84. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-84)**\n    Jon Talton (4 September 2012). [\"State of the labor force under pressure this holiday\"](http:\/\/seattletimes.com\/html\/businesstechnology\/2019032814_biztaltoncol02xml.html). *The Seattle Times*. [Archived](https:\/\/web.archive.org\/web\/20140421063942\/http:\/\/seattletimes.com\/html\/businesstechnology\/2019032814_biztaltoncol02xml.html) from the original on 21 April 2014. Retrieved 4 September 2012.\n85. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-85)**\n    James Sherk (30 August 2012). [\"Not Looking for Work: Why Labor Force Participation Has Fallen During the Recession\"](https:\/\/web.archive.org\/web\/20120901080558\/http:\/\/www.heritage.org\/research\/reports\/2012\/08\/not-looking-for-work-why-labor-force-participation-has-fallen-during-the-recession). *Reports*. The Heritage Foundation. Archived from the original on 1 September 2012. Retrieved 4 September 2012.\n86. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-86)**\n    [\"THE RACE: After convention speeches end and balloons drop, nation faces cold realism on jobs\"](https:\/\/web.archive.org\/web\/20120911173015\/http:\/\/www.washingtonpost.com\/politics\/the-race-after-convention-speeches-end-and-balloons-drop-nation-faces-cold-realism-on-jobs\/2012\/09\/04\/2b3f6a50-f6ba-11e1-a93b-7185e3f88849_story.html). *Washington Post*. Associated Press. 4 September 2012. Archived from [the original](https:\/\/www.washingtonpost.com\/politics\/the-race-after-convention-speeches-end-and-balloons-drop-nation-faces-cold-realism-on-jobs\/2012\/09\/04\/2b3f6a50-f6ba-11e1-a93b-7185e3f88849_story.html) on 11 September 2012. Retrieved 4 September 2012.\n87. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-87)**\n    [\"Sorry, U.S. Recoveries Really Aren't Different\"](https:\/\/www.bloomberg.com\/view\/articles\/2012-10-15\/sorry-u-s-recoveries-really-aren-t-different). *Bloomberg.com*. 15 October 2012. [Archived](https:\/\/web.archive.org\/web\/20180608230844\/https:\/\/www.bloomberg.com\/view\/articles\/2012-10-15\/sorry-u-s-recoveries-really-aren-t-different) from the original on 8 June 2018. Retrieved 5 October 2017 – via www.bloomberg.com.\n88. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-88)**\n    [\"Double Dip, or just one big economic dive?\"](https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html). *Washington Post*. 30 April 2012. [Archived](https:\/\/web.archive.org\/web\/20210103231738\/https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html) from the original on 3 January 2021. Retrieved 5 October 2017.\n89. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-89)**\n    [\"CBO Historical Tables-Retrieved March 24, 2018\"](https:\/\/www.cbo.gov\/about\/products\/budget-economic-data#2). [Archived](https:\/\/web.archive.org\/web\/20130208082112\/http:\/\/www.cbo.gov\/publication\/43904#2) from the original on February 8, 2013. Retrieved March 24, 2018.\n90. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-90)**\n    [\"FRED-All Employees Total Non-Farm-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/PAYEMS). [Archived](https:\/\/web.archive.org\/web\/20190512113401\/https:\/\/fred.stlouisfed.org\/series\/PAYEMS) from the original on May 12, 2019. Retrieved January 23, 2018.\n91. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-91)**\n    [\"FRED-Real GDP per Capita-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/A939RX0Q048SBEA). [Archived](https:\/\/web.archive.org\/web\/20180117131241\/https:\/\/fred.stlouisfed.org\/series\/A939RX0Q048SBEA) from the original on January 17, 2018. Retrieved January 23, 2018.\n92. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-92)**\n    [\"FRED-Household and Non-Profit Net Worth-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/TNWBSHNO). [Archived](https:\/\/web.archive.org\/web\/20160616225414\/https:\/\/research.stlouisfed.org\/fred2\/series\/TNWBSHNO) from the original on June 16, 2016. Retrieved January 23, 2018.\n93. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-93)**\n    [\"FRED-Federal Surplus or Deficit as Percent GDP-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/FYFSGDA188S). [Archived](https:\/\/web.archive.org\/web\/20180404144811\/https:\/\/fred.stlouisfed.org\/series\/FYFSGDA188S) from the original on April 4, 2018. Retrieved January 23, 2018.\n94. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-94)**\n    [\"Federal Reserve Economic Data-Real Median Household Income-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/MEHOINUSA672N). [Archived](https:\/\/web.archive.org\/web\/20210102112130\/https:\/\/fred.stlouisfed.org\/series\/MEHOINUSA672N) from the original on January 2, 2021. Retrieved January 23, 2018.\n95. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-95)**\n    [\"Emmanuel Saez-Striking it richer: The evolution of top incomes in the U.S.-June 30,2016\"](https:\/\/eml.berkeley.edu\/~saez\/saez-UStopincomes-2015.pdf) (PDF). [Archived](https:\/\/web.archive.org\/web\/20200412005736\/https:\/\/eml.berkeley.edu\/~saez\/saez-UStopincomes-2015.pdf) (PDF) from the original on 2020-04-12. Retrieved 2018-01-23.\n96. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-96)**\n    Moore B, Levit K and Elixhauser A (October 2014). [\"Costs for Hospital Stays in the United States, 2012\"](https:\/\/www.hcup-us.ahrq.gov\/reports\/statbriefs\/sb181-Hospital-Costs-United-States-2012.jsp). *HCUP Statistical Brief* (181). Rockville, MD: Agency for Healthcare Research and Quality. [PMID](https:\/\/en.wikipedia.org\/wiki\/PMID_\$identifier\$ \"PMID (identifier)\") [25521003](https:\/\/pubmed.ncbi.nlm.nih.gov\/25521003). [Archived](https:\/\/web.archive.org\/web\/20141129104404\/https:\/\/www.hcup-us.ahrq.gov\/reports\/statbriefs\/sb181-Hospital-Costs-United-States-2012.jsp) from the original on 2014-11-29. Retrieved 2014-11-26.\n97. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-97)**\n    [\"ProPublica-The Bailout Scorecard-As of January 22, 2018\"](https:\/\/projects.propublica.org\/bailout\/). 18 August 2022. [Archived](https:\/\/web.archive.org\/web\/20180106130455\/https:\/\/projects.propublica.org\/bailout\/) from the original on January 6, 2018. Retrieved February 3, 2018.\n98. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-98)**\n    Egan, Matt (August 27, 2014). [\"2008: Worse than the Great Depression?\"](https:\/\/money.cnn.com\/2014\/08\/27\/news\/economy\/ben-bernanke-great-depression\/index.html). *CNN.com*. [Archived](https:\/\/web.archive.org\/web\/20190806005522\/https:\/\/money.cnn.com\/2014\/08\/27\/news\/economy\/ben-bernanke-great-depression\/index.html) from the original on August 6, 2019. Retrieved August 21, 2019.\n\n## Further reading\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=15 \"Edit section: Further reading\")\\]\n\n- [Bernanke, Ben S.](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") (2015). *The Courage to Act: A Memoir of a Crisis and Its Aftermath*. New York: [W. W. Norton & Company](https:\/\/en.wikipedia.org\/wiki\/W._W._Norton_%26_Company \"W. W. Norton & Company\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0393247213](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0393247213 \"Special:BookSources\/978-0393247213\")\n  \n  .\n- [Greenspan, Alan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\") (2008) \\[2007\\]. [*The Age of Turbulence: Adventures in a New World*](https:\/\/en.wikipedia.org\/wiki\/The_Age_of_Turbulence \"The Age of Turbulence\"). New York: [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). pp. 507–532\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0143114161](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0143114161 \"Special:BookSources\/978-0143114161\")\n  \n  .\n- [Greenspan, Alan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"); [Wooldridge, Adrian](https:\/\/en.wikipedia.org\/wiki\/Adrian_Wooldridge \"Adrian Wooldridge\") (2018). *Capitalism in America: A History*. New York: [Penguin Press](https:\/\/en.wikipedia.org\/wiki\/Penguin_Press \"Penguin Press\"). pp. 368–388\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0735222441](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0735222441 \"Special:BookSources\/978-0735222441\")\n  \n  .\n- [Meltzer, Allan H.](https:\/\/en.wikipedia.org\/wiki\/Allan_H._Meltzer \"Allan H. Meltzer\") (2009). *A History of the Federal Reserve – Volume 2, Book 2: 1970–1986*. Chicago: [University of Chicago Press](https:\/\/en.wikipedia.org\/wiki\/University_of_Chicago_Press \"University of Chicago Press\"). pp. 1243–1256\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0226213514](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0226213514 \"Special:BookSources\/978-0226213514\")\n  \n  .\n- [Sumner, Scott B.](https:\/\/en.wikipedia.org\/wiki\/Scott_Sumner \"Scott Sumner\") (2021). *The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy*. Chicago: [University of Chicago Press](https:\/\/en.wikipedia.org\/wiki\/University_of_Chicago_Press \"University of Chicago Press\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0226773681](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0226773681 \"Special:BookSources\/978-0226773681\")\n  \n  .\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template:United States – Commonwealth of Nations recessions\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Template talk:United States – Commonwealth of Nations recessions\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions \"Special:EditPage\/Template:United States – Commonwealth of Nations recessions\")[Economic history of the United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") and Commonwealth of Nations countries |   |\n|---|---|\n| [Commercial revolution](https:\/\/en.wikipedia.org\/wiki\/Commercial_revolution \"Commercial revolution\") (1000–1760) | [Great Bullion Famine](https:\/\/en.wikipedia.org\/wiki\/Great_Bullion_Famine \"Great Bullion Famine\") (c. 1400–c. 1500) [Great Slump](https:\/\/en.wikipedia.org\/wiki\/Great_Slump_\$15th_century\$ \"Great Slump (15th century)\") (1430–1490) [The Great Debasement](https:\/\/en.wikipedia.org\/wiki\/The_Great_Debasement \"The Great Debasement\") (1544–1551) [Financial Revolution](https:\/\/en.wikipedia.org\/wiki\/Financial_Revolution \"Financial Revolution\") (1690–1800) [Slump of 1706](https:\/\/en.wikipedia.org\/wiki\/War_of_the_Spanish_Succession \"War of the Spanish Succession\") [Great Frost of 1709](https:\/\/en.wikipedia.org\/wiki\/Great_Frost_of_1709 \"Great Frost of 1709\") [South Sea bubble](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1713–1720) [Mississippi bubble](https:\/\/en.wikipedia.org\/wiki\/John_Law%27s_Company \"John Law's Company\") (1717–1720) [Economic impact of the Seven Years' War](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_Seven_Years%27_War \"Financial costs of the Seven Years' War\") (1754–1763) |\n| [1st Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution \"Industrial Revolution\")\/ [Market Revolution](https:\/\/en.wikipedia.org\/wiki\/Market_Revolution \"Market Revolution\") (1760–1870) | Industrial Revolution [Scotland](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Scotland \"Industrial Revolution in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_the_United_States \"Industrial Revolution in the United States\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution_in_Wales \"Industrial Revolution in Wales\") [Bengal Bubble of 1769](https:\/\/en.wikipedia.org\/wiki\/Bengal_Bubble_of_1769 \"Bengal Bubble of 1769\") (1769–1784) [British credit crisis of 1772–1773](https:\/\/en.wikipedia.org\/wiki\/British_credit_crisis_of_1772%E2%80%931773 \"British credit crisis of 1772–1773\") [American Revolutionary War inflation](https:\/\/en.wikipedia.org\/wiki\/Financial_costs_of_the_American_Revolutionary_War \"Financial costs of the American Revolutionary War\") (1775–1783) [Panic of 1785](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1785–1788) [Copper Panic of 1789](https:\/\/en.wikipedia.org\/wiki\/Copper_Panic_of_1789 \"Copper Panic of 1789\")\/[Panic of 1792](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1792 \"Panic of 1792\") (1789–1793) [Canal Mania](https:\/\/en.wikipedia.org\/wiki\/Canal_Mania \"Canal Mania\") (c. 1790–c. 1810) [Panic of 1796–1797](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1796%E2%80%931797 \"Panic of 1796–1797\") (1796–1799) [1802–1804 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Carolina gold rush](https:\/\/en.wikipedia.org\/wiki\/Carolina_gold_rush \"Carolina gold rush\") (1802–1825) [Depression of 1807](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") (1807–1810) [1810s Alabama real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Alabama_real_estate_bubble_of_the_1810s \"Alabama real estate bubble of the 1810s\") [Alabama Fever](https:\/\/en.wikipedia.org\/wiki\/Alabama_Fever \"Alabama Fever\") [1812 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Post-Napoleonic Depression](https:\/\/en.wikipedia.org\/wiki\/Post-Napoleonic_Depression \"Post-Napoleonic Depression\") (1815–1821) [1822–23 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1825](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1825 \"Panic of 1825\") [Panic of 1826](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1826 \"Panic of 1826\") [1828–29 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Georgia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Georgia_Gold_Rush \"Georgia Gold Rush\") (1828–c. 1840) [1830s Chicago real estate bubble](https:\/\/en.wikipedia.org\/wiki\/Chicago_real_estate_bubble_of_the_1830s \"Chicago real estate bubble of the 1830s\") [1833–34 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\$1785%E2%80%931836\$ \"List of recessions in the United States\") [Panic of 1837](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1837 \"Panic of 1837\") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https:\/\/en.wikipedia.org\/wiki\/U.S._state_defaults_in_the_1840s \"U.S. state defaults in the 1840s\") [Railway Mania](https:\/\/en.wikipedia.org\/wiki\/Railway_Mania \"Railway Mania\") (c. 1840–c. 1850) [Plank Road Boom](https:\/\/en.wikipedia.org\/wiki\/Plank_Road_Boom \"Plank Road Boom\") (1844–c. 1855) [1845–46 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1847](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1847 \"Panic of 1847\") (1847–1848) [California gold rush](https:\/\/en.wikipedia.org\/wiki\/California_gold_rush \"California gold rush\") (1848–1855) [British Columbia gold rushes](https:\/\/en.wikipedia.org\/wiki\/British_Columbia_gold_rushes \"British Columbia gold rushes\") [Queen Charlottes Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Queen_Charlottes_Gold_Rush \"Queen Charlottes Gold Rush\"), 1851 [Fraser Canyon Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fraser_Canyon_Gold_Rush \"Fraser Canyon Gold Rush\"), 1858 [Rock Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Rock_Creek_Gold_Rush \"Rock Creek Gold Rush\"), 1859 [Similkameen Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Similkameen_Gold_Rush \"Similkameen Gold Rush\"), 1860 [Stikine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Stikine_Gold_Rush \"Stikine Gold Rush\"), 1861 [Cariboo Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cariboo_Gold_Rush \"Cariboo Gold Rush\"), 1861–1867 [Wild Horse Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fisherville,_British_Columbia \"Fisherville, British Columbia\"), 1863–1870 [Leechtown Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Leechtown,_British_Columbia \"Leechtown, British Columbia\"), 1864–1865 [Big Bend Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Big_Bend_Gold_Rush \"Big Bend Gold Rush\"), c. 1865 [Omineca Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Omineca_Gold_Rush \"Omineca Gold Rush\"), 1869 [Victorian gold rush](https:\/\/en.wikipedia.org\/wiki\/Victorian_gold_rush \"Victorian gold rush\") (1851–c. 1870) [New South Wales gold rush](https:\/\/en.wikipedia.org\/wiki\/New_South_Wales_gold_rush \"New South Wales gold rush\") (1851–1880) [Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Australian_gold_rushes \"Australian gold rushes\") (1851–1914) [1853–54 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Panic of 1857](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1857 \"Panic of 1857\") (1857–1858) [Pike's Peak gold rush](https:\/\/en.wikipedia.org\/wiki\/Pike%27s_Peak_gold_rush \"Pike's Peak gold rush\") (1858–1861) [Pennsylvania oil rush](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_oil_rush \"Pennsylvania oil rush\") (1859–1891) [1860–61 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Colorado River mining boom](https:\/\/en.wikipedia.org\/wiki\/Steamboats_of_the_Colorado_River \"Steamboats of the Colorado River\") (1861–1864) [Otago gold rush](https:\/\/en.wikipedia.org\/wiki\/Otago_gold_rush \"Otago gold rush\") (1861–1864) [U.S. Civil War economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_American_Civil_War \"Economic history of the American Civil War\") (1861–1865) [First Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1861–1874) [West Coast gold rush](https:\/\/en.wikipedia.org\/wiki\/West_Coast_gold_rush \"West Coast gold rush\") (1864–1867) [Panic of 1866](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1866 \"Panic of 1866\") (1865–1867) [Vermilion Lake gold rush](https:\/\/en.wikipedia.org\/wiki\/Vermilion_Lake_gold_rush \"Vermilion Lake gold rush\") (1865–1867) [Kildonan Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Kildonan_Gold_Rush \"Kildonan Gold Rush\") (1869) [Black Friday](https:\/\/en.wikipedia.org\/wiki\/Black_Friday_\$1869\$ \"Black Friday (1869)\") (1869–1870) |\n| [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\")\/ [2nd Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution \"Second Industrial Revolution\") (1870–1914) | [Coromandel Gold Rushes](https:\/\/en.wikipedia.org\/wiki\/Coromandel_Gold_Rushes \"Coromandel Gold Rushes\") (c. 1870–c. 1890) [Cassiar Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cassiar_Country \"Cassiar Country\") (c. 1870–c. 1890) [Long Depression](https:\/\/en.wikipedia.org\/wiki\/Long_Depression \"Long Depression\") 1873–1879; [Panic of 1873](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1873 \"Panic of 1873\") [Black Hills gold rush](https:\/\/en.wikipedia.org\/wiki\/Black_Hills_gold_rush \"Black Hills gold rush\") (1874–1880) [Colorado Silver Boom](https:\/\/en.wikipedia.org\/wiki\/Colorado_Silver_Boom \"Colorado Silver Boom\") (1879–1893) [Western Australian gold rushes](https:\/\/en.wikipedia.org\/wiki\/Western_Australian_gold_rushes \"Western Australian gold rushes\") (c. 1880–c. 1900) [Indiana gas boom](https:\/\/en.wikipedia.org\/wiki\/Indiana_gas_boom \"Indiana gas boom\") (c. 1880–1903) [Ohio oil rush](https:\/\/en.wikipedia.org\/wiki\/Petroleum_industry_in_Ohio \"Petroleum industry in Ohio\") (c. 1880–c. 1930) [Depression of 1882–1885](https:\/\/en.wikipedia.org\/wiki\/Depression_of_1882%E2%80%931885 \"Depression of 1882–1885\") [Panic of 1884](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1884 \"Panic of 1884\") [Cayoosh Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cayoosh_Gold_Rush \"Cayoosh Gold Rush\") (1884) [Witwatersrand Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Witwatersrand_Gold_Rush \"Witwatersrand Gold Rush\") (1886) [1887–88 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Baring crisis](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890–1891) [Cripple Creek Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Cripple_Creek_Gold_Rush \"Cripple Creek Gold Rush\") (c. 1890–c. 1910) [Panic of 1893](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1893 \"Panic of 1893\") (1893–1897) [Australian banking crisis of 1893](https:\/\/en.wikipedia.org\/wiki\/Australian_banking_crisis_of_1893 \"Australian banking crisis of 1893\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1894\$ \"Black Monday (1894)\") (1894) [Panic of 1896](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1896 \"Panic of 1896\") [Klondike Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Klondike_Gold_Rush \"Klondike Gold Rush\") (1896–1899) [Second Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1896–1903) [Kobuk River Stampede](https:\/\/en.wikipedia.org\/wiki\/Kobuk_River_Stampede \"Kobuk River Stampede\") (1897–1899) [Mount Baker gold rush](https:\/\/en.wikipedia.org\/wiki\/Mount_Baker_gold_rush \"Mount Baker gold rush\") (1897–c. 1925) [1899–1900 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Nome Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Nome_Gold_Rush \"Nome Gold Rush\") (1899–1909) [Fairbanks Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Fairbanks_Gold_Rush \"Fairbanks Gold Rush\") (c. 1900–c. 1930) [Texas oil boom](https:\/\/en.wikipedia.org\/wiki\/Texas_oil_boom \"Texas oil boom\") (1901–c. 1950) [Panic of 1901](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1901 \"Panic of 1901\") (1902–1904) [Cobalt silver rush](https:\/\/en.wikipedia.org\/wiki\/Cobalt_silver_rush \"Cobalt silver rush\") (1903–c. 1930) [Panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") (1907–1908) [Porcupine Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Porcupine_Gold_Rush \"Porcupine Gold Rush\") (1909–c. 1960) [Panic of 1910–11](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1910%E2%80%9311 \"Panic of 1910–11\") (1910–1912) [Financial crisis of 1914](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_1914 \"Financial crisis of 1914\") (1913–14) |\n| World War home fronts\/ [Interwar period](https:\/\/en.wikipedia.org\/wiki\/Interwar_period \"Interwar period\") (1914–1945) | [World War I economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_World_War_I \"Economic history of World War I\") and [home fronts](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_I \"Home front during World War I\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australia_in_World_War_I#Home_front \"Australia in World War I\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_I#Home_Front \"Canada in World War I\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_Kingdom_during_the_First_World_War \"History of the United Kingdom during the First World War\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_I \"United States home front during World War I\") [Post–World War I recession](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_I_recession \"Post–World War I recession\") (1918–1919) [Recession of 1920–1921](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1920%E2%80%931921 \"Recession of 1920–1921\") [1920s Florida land boom](https:\/\/en.wikipedia.org\/wiki\/Florida_land_boom_of_the_1920s \"Florida land boom of the 1920s\") (c. 1920–1925) [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") [1923–1924 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [1926–1927 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\$1836%E2%80%931929\$ \"List of recessions in the United States\") [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") 1929–1939; [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Panic of 1930](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1930 \"Panic of 1930\") [Great Contraction](https:\/\/en.wikipedia.org\/wiki\/Great_Contraction \"Great Contraction\"), 1929–1933 [Recession of 1937–1938](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1937%E2%80%931938 \"Recession of 1937–1938\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Australia \"Great Depression in Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_Canada \"Great Depression in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_India \"Great Depression in India\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_South_Africa \"Great Depression in South Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_Kingdom \"Great Depression in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") [1930s Kakamega gold rush](https:\/\/en.wikipedia.org\/wiki\/Kakamega_gold_rush \"Kakamega gold rush\") [Third Nova Scotia Gold Rush](https:\/\/en.wikipedia.org\/wiki\/Gold_mining_in_Nova_Scotia \"Gold mining in Nova Scotia\") (1932–1942) [World War II home front](https:\/\/en.wikipedia.org\/wiki\/Home_front_during_World_War_II \"Home front during World War II\") [Australia](https:\/\/en.wikipedia.org\/wiki\/Australian_home_front_during_World_War_II \"Australian home front during World War II\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Canada_in_World_War_II#Home_front \"Canada in World War II\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/British_home_front_during_World_War_II \"British home front during World War II\") [United States](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_II \"United States home front during World War II\") |\n| [Post–WWII expansion](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\")\/ [1970s stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") (1945–1982) | [Great Compression](https:\/\/en.wikipedia.org\/wiki\/Great_Compression \"Great Compression\") [1945 recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States#Great_Depression_onward_\$1929%E2%80%93present\$ \"List of recessions in the United States\") [Recession of 1949](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1949 \"Recession of 1949\") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https:\/\/en.wikipedia.org\/wiki\/Four_Asian_Tigers \"Four Asian Tigers\") (1950–1990) [1951 Canada recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [Recession of 1953](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1953 \"Recession of 1953\") (1953–1954) [Recession of 1958](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1958 \"Recession of 1958\") (1957–1958) [Recession of 1960–1961](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1960%E2%80%931961 \"Recession of 1960–1961\") [Kennedy Slide of 1962](https:\/\/en.wikipedia.org\/wiki\/Kennedy_Slide_of_1962 \"Kennedy Slide of 1962\") [Poseidon bubble](https:\/\/en.wikipedia.org\/wiki\/Poseidon_bubble \"Poseidon bubble\") (1969–1970) [Recession of 1969–1970](https:\/\/en.wikipedia.org\/wiki\/Recession_of_1969%E2%80%931970 \"Recession of 1969–1970\") [1970s commodities boom](https:\/\/en.wikipedia.org\/wiki\/1970s_commodities_boom \"1970s commodities boom\") [1973–1975 recession](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931975_recession \"1973–1975 recession\") [1973–1974 stock market crash](https:\/\/en.wikipedia.org\/wiki\/1973%E2%80%931974_stock_market_crash \"1973–1974 stock market crash\") [Secondary banking crisis of 1973–1975](https:\/\/en.wikipedia.org\/wiki\/Secondary_banking_crisis_of_1973%E2%80%931975 \"Secondary banking crisis of 1973–1975\") [1970s energy crisis](https:\/\/en.wikipedia.org\/wiki\/1970s_energy_crisis \"1970s energy crisis\") 1973–1980; [1973 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1973_oil_crisis \"1973 oil crisis\") [1979 oil crisis](https:\/\/en.wikipedia.org\/wiki\/1979_oil_crisis \"1979 oil crisis\") [Steel crisis](https:\/\/en.wikipedia.org\/wiki\/Steel_crisis \"Steel crisis\") (1973–1982) [1976 sterling crisis](https:\/\/en.wikipedia.org\/wiki\/1976_sterling_crisis \"1976 sterling crisis\") [Silver Thursday](https:\/\/en.wikipedia.org\/wiki\/Silver_Thursday \"Silver Thursday\") (1980) [Early 1980s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession \"Early 1980s recession\") 1980–1982; [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1980s_recession_in_the_United_States \"Early 1980s recession in the United States\") |\n| [Computer Age](https:\/\/en.wikipedia.org\/wiki\/Information_Age \"Information Age\")\/ [Second Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Second_Gilded_Age \"Second Gilded Age\") (1982–present) | [Great Moderation](https:\/\/en.wikipedia.org\/wiki\/Great_Moderation \"Great Moderation\") (1982–2007) [1980s oil glut](https:\/\/en.wikipedia.org\/wiki\/1980s_oil_glut \"1980s oil glut\") [Black Saturday](https:\/\/en.wikipedia.org\/wiki\/Black_Saturday_\$1983\$ \"Black Saturday (1983)\") (1983) [New Zealand property bubble](https:\/\/en.wikipedia.org\/wiki\/New_Zealand_property_bubble \"New Zealand property bubble\") (c. 1985–) [Savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\") (1986–1995) [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$1987\$ \"Black Monday (1987)\") (1987) [Friday the 13th mini-crash](https:\/\/en.wikipedia.org\/wiki\/Friday_the_13th_mini-crash \"Friday the 13th mini-crash\") (1989) [Early 1990s recession](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession \"Early 1990s recession\") 1990–1991; [Australia](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_Australia \"Early 1990s recession in Australia\") [United States](https:\/\/en.wikipedia.org\/wiki\/Early_1990s_recession_in_the_United_States \"Early 1990s recession in the United States\") [1990 oil price shock](https:\/\/en.wikipedia.org\/wiki\/1990_oil_price_shock \"1990 oil price shock\") [Rhode Island banking crisis](https:\/\/en.wikipedia.org\/wiki\/Rhode_Island_banking_crisis \"Rhode Island banking crisis\") (1990–1992) [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\") [1990s United States boom](https:\/\/en.wikipedia.org\/wiki\/1990s_United_States_boom \"1990s United States boom\") (1991–2001) [1990s India economic boom](https:\/\/en.wikipedia.org\/wiki\/Economic_liberalisation_in_India \"Economic liberalisation in India\") [Hyperinflation in Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation_in_Zimbabwe \"Hyperinflation in Zimbabwe\") (1991–present) [Black Wednesday](https:\/\/en.wikipedia.org\/wiki\/Black_Wednesday \"Black Wednesday\") (1992) [1994 bond market crisis](https:\/\/en.wikipedia.org\/wiki\/1994_bond_market_crisis \"1994 bond market crisis\") [1994 Papua New Guinea financial crisis](https:\/\/en.wikipedia.org\/wiki\/1994_Papua_New_Guinea_financial_crisis \"1994 Papua New Guinea financial crisis\") [Dot-com bubble](https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble \"Dot-com bubble\") 1995–2004; [Stock market downturn of 2002](https:\/\/en.wikipedia.org\/wiki\/Stock_market_downturn_of_2002 \"Stock market downturn of 2002\") [1997 Asian financial crisis](https:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis \"1997 Asian financial crisis\") [October 27, 1997, mini-crash](https:\/\/en.wikipedia.org\/wiki\/October_27,_1997,_mini-crash \"October 27, 1997, mini-crash\") [Early 2000s recession](https:\/\/en.wikipedia.org\/wiki\/Early_2000s_recession \"Early 2000s recession\") 2001; [9\/11 stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_the_September_11_attacks \"Economic effects of the September 11 attacks\") [2000s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2000s_commodities_boom \"2000s commodities boom\") (2000–2014) [United States housing bubble](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_bubble \"2000s United States housing bubble\") (2002–2006) [Canadian property bubble](https:\/\/en.wikipedia.org\/wiki\/Canadian_property_bubble \"Canadian property bubble\") (2002–) [2003 Myanmar banking crisis](https:\/\/en.wikipedia.org\/wiki\/2003_Myanmar_banking_crisis \"2003 Myanmar banking crisis\") [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") (2003–2008) [North Dakota oil boom](https:\/\/en.wikipedia.org\/wiki\/North_Dakota_oil_boom \"North Dakota oil boom\") (2006–2015) [Uranium bubble of 2007](https:\/\/en.wikipedia.org\/wiki\/Uranium_bubble_of_2007 \"Uranium bubble of 2007\") [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") 2007–2009; [Australia and New Zealand](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [British West Indies](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe#United_Kingdom \"Great Recession in Europe\") [United States]() [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [September](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_September_2008 \"Global financial crisis in September 2008\") [October](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_October_2008 \"Global financial crisis in October 2008\") [November](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_November_2008 \"Global financial crisis in November 2008\") [December](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_December_2008 \"Global financial crisis in December 2008\") [2009](https:\/\/en.wikipedia.org\/wiki\/Global_financial_crisis_in_2009 \"Global financial crisis in 2009\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") [2000s U.S. housing market correction](https:\/\/en.wikipedia.org\/wiki\/2000s_United_States_housing_market_correction \"2000s United States housing market correction\") [U.S. bear market of 2007–2009](https:\/\/en.wikipedia.org\/wiki\/United_States_bear_market_of_2007%E2%80%932009 \"United States bear market of 2007–2009\") [2007–2010 U.S. bank failures](https:\/\/en.wikipedia.org\/wiki\/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis \"List of banks acquired or bankrupted in the United States during the 2008 financial crisis\") [Corporate debt bubble](https:\/\/en.wikipedia.org\/wiki\/Corporate_debt_bubble \"Corporate debt bubble\") (2008–) [Blue Monday Crash 2009](https:\/\/en.wikipedia.org\/wiki\/Blue_Monday_Crash_2009 \"Blue Monday Crash 2009\") [2010 flash crash](https:\/\/en.wikipedia.org\/wiki\/2010_flash_crash \"2010 flash crash\") [Malaysia Tiger Cub expansion](https:\/\/en.wikipedia.org\/wiki\/Tiger_Cub_Economies \"Tiger Cub Economies\") (2010s) [Australian property bubble](https:\/\/en.wikipedia.org\/wiki\/Australian_property_bubble \"Australian property bubble\") (2010–) [August 2011 stock markets fall](https:\/\/en.wikipedia.org\/wiki\/August_2011_stock_markets_fall \"August 2011 stock markets fall\") [Black Monday](https:\/\/en.wikipedia.org\/wiki\/Black_Monday_\$2011\$ \"Black Monday (2011)\") [2011 Bangladesh share market scam](https:\/\/en.wikipedia.org\/wiki\/2011_Bangladesh_share_market_scam \"2011 Bangladesh share market scam\") [Cryptocurrency bubble](https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_bubble \"Cryptocurrency bubble\") (2011–) [Puerto Rican government-debt crisis](https:\/\/en.wikipedia.org\/wiki\/Puerto_Rican_government-debt_crisis \"Puerto Rican government-debt crisis\") (2014–2022) [2015–2016 stock market selloff](https:\/\/en.wikipedia.org\/wiki\/2015%E2%80%932016_stock_market_selloff \"2015–2016 stock market selloff\") [Brexit stock market crash](https:\/\/en.wikipedia.org\/wiki\/Economic_effects_of_Brexit \"Economic effects of Brexit\") (2016) [2017 Sri Lankan fuel crisis](https:\/\/en.wikipedia.org\/wiki\/2017_Sri_Lankan_fuel_crisis \"2017 Sri Lankan fuel crisis\") [Ghana banking crisis](https:\/\/en.wikipedia.org\/wiki\/Ghana_banking_crisis \"Ghana banking crisis\") (2017–2018) [Sri Lankan economic crisis](https:\/\/en.wikipedia.org\/wiki\/Sri_Lankan_economic_crisis_\$2019%E2%80%932024\$ \"Sri Lankan economic crisis (2019–2024)\") (2019–2024) [COVID-19 recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") 2020–2022; [2020 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2020_stock_market_crash \"2020 stock market crash\") [financial market impact](https:\/\/en.wikipedia.org\/wiki\/Financial_market_impact_of_the_COVID-19_pandemic \"Financial market impact of the COVID-19 pandemic\") [sectoral impacts](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic \"Economic impact of the COVID-19 pandemic\") [shortages](https:\/\/en.wikipedia.org\/wiki\/Shortages_related_to_the_COVID-19_pandemic \"Shortages related to the COVID-19 pandemic\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Canada \"Economic impact of the COVID-19 pandemic in Canada\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_India \"Economic impact of the COVID-19 pandemic in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia \"Economic impact of the COVID-19 pandemic in Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand \"Economic impact of the COVID-19 pandemic in New Zealand\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom \"Economic impact of the COVID-19 pandemic in the United Kingdom\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States \"Economic impact of the COVID-19 pandemic in the United States\") [2020s commodities boom](https:\/\/en.wikipedia.org\/wiki\/2020s_commodities_boom \"2020s commodities boom\") [Global energy crisis](https:\/\/en.wikipedia.org\/wiki\/Global_energy_crisis_\$2021%E2%80%932023\$ \"Global energy crisis (2021–2023)\") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https:\/\/en.wikipedia.org\/wiki\/2021_United_Kingdom_natural_gas_supplier_crisis \"2021 United Kingdom natural gas supplier crisis\") [regional effects](https:\/\/en.wikipedia.org\/wiki\/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis \"Regional effects of the 2021–2023 global energy crisis\") [2021–2023 global supply chain crisis](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_global_supply_chain_crisis \"2021–2023 global supply chain crisis\") [2021–2023 inflation surge](https:\/\/en.wikipedia.org\/wiki\/2021%E2%80%932023_inflation_surge \"2021–2023 inflation surge\") [Pakistani economic crisis](https:\/\/en.wikipedia.org\/wiki\/Pakistani_economic_crisis_\$2021%E2%80%932024\$ \"Pakistani economic crisis (2021–2024)\") (2021–2024) [2022 stock market decline](https:\/\/en.wikipedia.org\/wiki\/2022_stock_market_decline \"2022 stock market decline\") [2022–2023 global food crises](https:\/\/en.wikipedia.org\/wiki\/2022%E2%80%932023_global_food_crises \"2022–2023 global food crises\") [2023 United Kingdom recession](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [2023 United States banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [2025 stock market crash](https:\/\/en.wikipedia.org\/wiki\/2025_stock_market_crash \"2025 stock market crash\") |\n| Countries and sectors | [Australia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Australia \"Economic history of Australia\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Australia \"History of rail transport in Australia\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Australia \"Slavery in Australia\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Australia \"Whaling in Australia\")\/[Western Australia](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Western_Australia \"Whaling in Western Australia\") [Canada](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Canada \"Economic history of Canada\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Canada \"History of agriculture in Canada\") [currencies](https:\/\/en.wikipedia.org\/wiki\/History_of_Canadian_currencies \"History of Canadian currencies\") [early banking system](https:\/\/en.wikipedia.org\/wiki\/Early_Canadian_banking_system \"Early Canadian banking system\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_Canada \"List of recessions in Canada\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_Canada \"History of the petroleum industry in Canada\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Canada \"History of rail transport in Canada\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Canada \"Slavery in Canada\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_Canada \"Technological and industrial history of Canada\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Canada \"Whaling in Canada\")\/[Pacific Northwest](https:\/\/en.wikipedia.org\/wiki\/Whaling_on_the_Pacific_Northwest_Coast \"Whaling on the Pacific Northwest Coast\") [Ghana](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Ghana \"Economic history of Ghana\") [India](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_India \"Economic history of India\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_Indian_subcontinent \"History of agriculture in the Indian subcontinent\") [Company rule](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_Company_rule \"Economy of India under Company rule\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Indian_maritime_history \"Indian maritime history\") [British Raj](https:\/\/en.wikipedia.org\/wiki\/Economy_of_India_under_the_British_Raj \"Economy of India under the British Raj\") [Deindustrialisation](https:\/\/en.wikipedia.org\/wiki\/De-industrialisation_of_India \"De-industrialisation of India\") [salt tax](https:\/\/en.wikipedia.org\/wiki\/History_of_the_salt_tax_in_British_India \"History of the salt tax in British India\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_India \"Slavery in India\") [Malaysia](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Malaysia \"Economic history of Malaysia\") [New Zealand](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_New_Zealand \"Economic history of New Zealand\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_New_Zealand \"Whaling in New Zealand\") [Nigeria](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Nigeria \"Economic history of Nigeria\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Nigeria \"Slavery in Nigeria\") [Pakistan](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Pakistan \"Economic history of Pakistan\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Pakistan \"Maritime history of Pakistan\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Pakistan \"History of rail transport in Pakistan\") [South Africa](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_South_Africa \"Economic history of South Africa\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_South_Africa \"Slavery in South Africa\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_South_Africa \"Whaling in South Africa\") [Uganda](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Uganda \"Economic history of Uganda\") [United Kingdom](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_Kingdom \"Economic history of the United Kingdom\") [Agricultural Revolution](https:\/\/en.wikipedia.org\/wiki\/British_Agricultural_Revolution \"British Agricultural Revolution\") [Atlantic slave trade](https:\/\/en.wikipedia.org\/wiki\/Atlantic_slave_trade \"Atlantic slave trade\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_Kingdom \"History of banking in the United Kingdom\") [British Empire](https:\/\/en.wikipedia.org\/wiki\/Economy_of_the_British_Empire \"Economy of the British Empire\") [English fiscal system](https:\/\/en.wikipedia.org\/wiki\/History_of_the_English_fiscal_system \"History of the English fiscal system\") [Interwar unemployment and poverty](https:\/\/en.wikipedia.org\/wiki\/Interwar_unemployment_and_poverty_in_the_United_Kingdom \"Interwar unemployment and poverty in the United Kingdom\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_Kingdom \"List of recessions in the United Kingdom\") [maritime](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_Kingdom \"Maritime history of the United Kingdom\")\/[England](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_England \"Maritime history of England\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Scotland \"Maritime history of Scotland\") [Middle Ages England](https:\/\/en.wikipedia.org\/wiki\/Economy_of_England_in_the_Middle_Ages \"Economy of England in the Middle Ages\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/Economics_of_English_agriculture_in_the_Middle_Ages \"Economics of English agriculture in the Middle Ages\") [national debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_British_national_debt \"History of the British national debt\") [Scotland](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Scotland \"Economic history of Scotland\")\/[agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_Scotland \"History of agriculture in Scotland\")\/[Middle Ages](https:\/\/en.wikipedia.org\/wiki\/Economy_of_Scotland_in_the_Middle_Ages \"Economy of Scotland in the Middle Ages\") [rail transport](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain \"History of rail transport in Great Britain\")\/[pre–1830](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_to_1830 \"History of rail transport in Great Britain to 1830\")\/[1830–1922](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 \"History of rail transport in Great Britain 1830–1922\")\/[1923–1947](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 \"History of rail transport in Great Britain 1923–1947\")\/[1948–1994](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 \"History of rail transport in Great Britain 1948–1994\")\/[1995–present](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transport_in_Great_Britain_1995_to_date \"History of rail transport in Great Britain 1995 to date\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_Britain \"Slavery in Britain\") [trade unions](https:\/\/en.wikipedia.org\/wiki\/History_of_trade_unions_in_the_United_Kingdom \"History of trade unions in the United Kingdom\") [Victorian era](https:\/\/en.wikipedia.org\/wiki\/Economy,_industry,_and_trade_of_the_Victorian_era \"Economy, industry, and trade of the Victorian era\") [Wales](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Wales \"Economic history of Wales\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_Kingdom \"Whaling in the United Kingdom\")\/[Scotland](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_Scotland \"Whaling in Scotland\") [United States](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\") [agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\")\/[colonial-era credit](https:\/\/en.wikipedia.org\/wiki\/Credit_in_the_Thirteen_Colonies \"Credit in the Thirteen Colonies\")\/[cooperatives](https:\/\/en.wikipedia.org\/wiki\/History_of_cooperatives_in_the_United_States \"History of cooperatives in the United States\")\/[investment banking](https:\/\/en.wikipedia.org\/wiki\/History_of_investment_banking_in_the_United_States \"History of investment banking in the United States\")\/[wildcat banking](https:\/\/en.wikipedia.org\/wiki\/Wildcat_banking \"Wildcat banking\") [business](https:\/\/en.wikipedia.org\/wiki\/American_business_history \"American business history\") [central banking](https:\/\/en.wikipedia.org\/wiki\/History_of_central_banking_in_the_United_States \"History of central banking in the United States\") [coal mining](https:\/\/en.wikipedia.org\/wiki\/History_of_coal_mining_in_the_United_States \"History of coal mining in the United States\") [indentured servitude](https:\/\/en.wikipedia.org\/wiki\/Indentured_servitude_in_British_America \"Indentured servitude in British America\") [iron and steel industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_iron_and_steel_industry_in_the_United_States \"History of the iron and steel industry in the United States\") [labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [list of economic expansions](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_expansions_in_the_United_States \"List of economic expansions in the United States\") [list of recessions](https:\/\/en.wikipedia.org\/wiki\/List_of_recessions_in_the_United_States \"List of recessions in the United States\") [lumber industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [maritime](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Merchant_Marine \"History of the United States Merchant Marine\")\/[colonial-era](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_Colonial_America \"Maritime history of Colonial America\")\/[1776–1799](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1776%E2%80%931799\$ \"Maritime history of the United States (1776–1799)\")\/[1800–1899](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1800%E2%80%931899\$ \"Maritime history of the United States (1800–1899)\")\/[1900–1999](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$1900%E2%80%931999\$ \"Maritime history of the United States (1900–1999)\")\/[2000–present](https:\/\/en.wikipedia.org\/wiki\/Maritime_history_of_the_United_States_\$2000%E2%80%93present\$ \"Maritime history of the United States (2000–present)\") [monetary policy](https:\/\/en.wikipedia.org\/wiki\/History_of_monetary_policy_in_the_United_States \"History of monetary policy in the United States\") [poverty](https:\/\/en.wikipedia.org\/wiki\/History_of_poverty_in_the_United_States \"History of poverty in the United States\") [petroleum industry](https:\/\/en.wikipedia.org\/wiki\/History_of_the_petroleum_industry_in_the_United_States \"History of the petroleum industry in the United States\")\/[oil shale](https:\/\/en.wikipedia.org\/wiki\/History_of_the_oil_shale_industry_in_the_United_States \"History of the oil shale industry in the United States\") [public debt](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_public_debt \"History of the United States public debt\") [rail transportation](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transportation_in_the_United_States \"History of rail transportation in the United States\") [slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_United_States \"Slavery in the United States\")\/[colonial-era slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_colonial_history_of_the_United_States \"Slavery in the colonial history of the United States\")\/[forced labor](https:\/\/en.wikipedia.org\/wiki\/History_of_forced_labor_in_the_United_States \"History of forced labor in the United States\")\/[slave trade](https:\/\/en.wikipedia.org\/wiki\/Slave_trade_in_the_United_States \"Slave trade in the United States\")\/[slave markets](https:\/\/en.wikipedia.org\/wiki\/Slave_markets_and_slave_jails_in_the_United_States \"Slave markets and slave jails in the United States\") [tariffs](https:\/\/en.wikipedia.org\/wiki\/History_of_tariffs_in_the_United_States \"History of tariffs in the United States\") [taxation](https:\/\/en.wikipedia.org\/wiki\/History_of_taxation_in_the_United_States \"History of taxation in the United States\") [technological and industrial](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_the_United_States \"Technological and industrial history of the United States\") [United States dollar](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_dollar \"History of the United States dollar\") [whaling](https:\/\/en.wikipedia.org\/wiki\/Whaling_in_the_United_States \"Whaling in the United States\") [Zimbabwe](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_Zimbabwe \"Economic history of Zimbabwe\") |\n| [Business cycle](https:\/\/en.wikipedia.org\/wiki\/Business_cycle \"Business cycle\") topics | [Aggregate demand](https:\/\/en.wikipedia.org\/wiki\/Aggregate_demand \"Aggregate demand\")\/[Supply](https:\/\/en.wikipedia.org\/wiki\/Aggregate_supply \"Aggregate supply\") [Effective demand](https:\/\/en.wikipedia.org\/wiki\/Effective_demand \"Effective demand\") [General glut](https:\/\/en.wikipedia.org\/wiki\/General_glut \"General glut\") [Model](https:\/\/en.wikipedia.org\/wiki\/AD%E2%80%93AS_model \"AD–AS model\") [Overproduction](https:\/\/en.wikipedia.org\/wiki\/Overproduction \"Overproduction\") [Paradox of thrift](https:\/\/en.wikipedia.org\/wiki\/Paradox_of_thrift \"Paradox of thrift\") [Price-and-wage stickiness](https:\/\/en.wikipedia.org\/wiki\/Nominal_rigidity \"Nominal rigidity\") [Underconsumption](https:\/\/en.wikipedia.org\/wiki\/Underconsumption \"Underconsumption\") [Inflation](https:\/\/en.wikipedia.org\/wiki\/Inflation \"Inflation\") and [unemployment](https:\/\/en.wikipedia.org\/wiki\/Unemployment \"Unemployment\") [Chronic](https:\/\/en.wikipedia.org\/wiki\/Chronic_inflation \"Chronic inflation\") [Classical dichotomy](https:\/\/en.wikipedia.org\/wiki\/Classical_dichotomy \"Classical dichotomy\") [Debasement](https:\/\/en.wikipedia.org\/wiki\/Debasement \"Debasement\") [Debt monetization](https:\/\/en.wikipedia.org\/wiki\/Debt_monetization \"Debt monetization\") [Demand-pull](https:\/\/en.wikipedia.org\/wiki\/Demand-pull_inflation \"Demand-pull inflation\")\/[cost-push](https:\/\/en.wikipedia.org\/wiki\/Cost-push_inflation \"Cost-push inflation\")\/[built-in inflation](https:\/\/en.wikipedia.org\/wiki\/Inertial_inflation \"Inertial inflation\") [Deflation](https:\/\/en.wikipedia.org\/wiki\/Deflation \"Deflation\") [Disinflation](https:\/\/en.wikipedia.org\/wiki\/Disinflation \"Disinflation\") [Full employment](https:\/\/en.wikipedia.org\/wiki\/Full_employment \"Full employment\") [Hyperinflation](https:\/\/en.wikipedia.org\/wiki\/Hyperinflation \"Hyperinflation\") [Money supply](https:\/\/en.wikipedia.org\/wiki\/Money_supply \"Money supply\")\/[demand](https:\/\/en.wikipedia.org\/wiki\/Demand_for_money \"Demand for money\") [NAIRU](https:\/\/en.wikipedia.org\/wiki\/NAIRU \"NAIRU\") [Natural rate of unemployment](https:\/\/en.wikipedia.org\/wiki\/Natural_rate_of_unemployment \"Natural rate of unemployment\") [Neutrality of money](https:\/\/en.wikipedia.org\/wiki\/Neutrality_of_money \"Neutrality of money\") [Phillips curve](https:\/\/en.wikipedia.org\/wiki\/Phillips_curve \"Phillips curve\") [Price level](https:\/\/en.wikipedia.org\/wiki\/Price_level \"Price level\") [Real and nominal value](https:\/\/en.wikipedia.org\/wiki\/Real_and_nominal_value \"Real and nominal value\") [Sahm rule](https:\/\/en.wikipedia.org\/wiki\/Sahm_rule \"Sahm rule\") [Velocity of money](https:\/\/en.wikipedia.org\/wiki\/Velocity_of_money \"Velocity of money\") [Expansion](https:\/\/en.wikipedia.org\/wiki\/Economic_expansion \"Economic expansion\") [Miracle](https:\/\/en.wikipedia.org\/wiki\/Economic_miracle \"Economic miracle\") [Recovery](https:\/\/en.wikipedia.org\/wiki\/Economic_recovery \"Economic recovery\") [Stagnation](https:\/\/en.wikipedia.org\/wiki\/Economic_stagnation \"Economic stagnation\") [Interest rate](https:\/\/en.wikipedia.org\/wiki\/Interest_rate \"Interest rate\") [Nominal interest rate](https:\/\/en.wikipedia.org\/wiki\/Nominal_interest_rate \"Nominal interest rate\") [Real interest rate](https:\/\/en.wikipedia.org\/wiki\/Real_interest_rate \"Real interest rate\") [Yield curve](https:\/\/en.wikipedia.org\/wiki\/Yield_curve \"Yield curve\")\/[Inverted](https:\/\/en.wikipedia.org\/wiki\/Inverted_yield_curve \"Inverted yield curve\") [Recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") [Balance sheet](https:\/\/en.wikipedia.org\/wiki\/Balance_sheet_recession \"Balance sheet recession\") [Depression](https:\/\/en.wikipedia.org\/wiki\/Economic_depression \"Economic depression\") [Global](https:\/\/en.wikipedia.org\/wiki\/Global_recession \"Global recession\") [Rolling](https:\/\/en.wikipedia.org\/wiki\/Rolling_recession \"Rolling recession\") [Shapes](https:\/\/en.wikipedia.org\/wiki\/Recession_shapes \"Recession shapes\") [Stagflation](https:\/\/en.wikipedia.org\/wiki\/Stagflation \"Stagflation\") [Shock](https:\/\/en.wikipedia.org\/wiki\/Shock_\$economics\$ \"Shock (economics)\") [Demand](https:\/\/en.wikipedia.org\/wiki\/Demand_shock \"Demand shock\") [Supply](https:\/\/en.wikipedia.org\/wiki\/Supply_shock \"Supply shock\") |\n| [Credit cycle](https:\/\/en.wikipedia.org\/wiki\/Credit_cycle \"Credit cycle\") topics | [Financial bubble](https:\/\/en.wikipedia.org\/wiki\/Economic_bubble \"Economic bubble\") [Commodity booms](https:\/\/en.wikipedia.org\/wiki\/List_of_commodity_booms \"List of commodity booms\")\/[diamond rush](https:\/\/en.wikipedia.org\/wiki\/Diamond_rush \"Diamond rush\")\/[gold rush](https:\/\/en.wikipedia.org\/wiki\/Gold_rush \"Gold rush\")\/[oil boom](https:\/\/en.wikipedia.org\/wiki\/Oil_boom \"Oil boom\") [Real-estate bubble](https:\/\/en.wikipedia.org\/wiki\/Real-estate_bubble \"Real-estate bubble\")\/[housing bubble](https:\/\/en.wikipedia.org\/wiki\/Housing_bubble \"Housing bubble\")\/[boomtown](https:\/\/en.wikipedia.org\/wiki\/Boomtown \"Boomtown\")\/[ghost town](https:\/\/en.wikipedia.org\/wiki\/Ghost_town \"Ghost town\") [Speculation](https:\/\/en.wikipedia.org\/wiki\/Speculation \"Speculation\") [Stock market bubble](https:\/\/en.wikipedia.org\/wiki\/Stock_market_bubble \"Stock market bubble\") [Financial crisis](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") [Bank run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\")\/[bank failure](https:\/\/en.wikipedia.org\/wiki\/Bank_failure \"Bank failure\") [Commodity price shocks](https:\/\/en.wikipedia.org\/wiki\/Commodity_price_shocks \"Commodity price shocks\") [Credit crunch](https:\/\/en.wikipedia.org\/wiki\/Credit_crunch \"Credit crunch\") [Currency crisis](https:\/\/en.wikipedia.org\/wiki\/Currency_crisis \"Currency crisis\") [Debt crisis](https:\/\/en.wikipedia.org\/wiki\/Debt_crisis \"Debt crisis\") [Energy crisis](https:\/\/en.wikipedia.org\/wiki\/Energy_crisis \"Energy crisis\") [Liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\")\/[accounting](https:\/\/en.wikipedia.org\/wiki\/Accounting_liquidity \"Accounting liquidity\")\/[capital](https:\/\/en.wikipedia.org\/wiki\/Liquid_capital \"Liquid capital\")\/[funding](https:\/\/en.wikipedia.org\/wiki\/Funding_liquidity \"Funding liquidity\")\/[market](https:\/\/en.wikipedia.org\/wiki\/Market_liquidity \"Market liquidity\") [Minsky moment](https:\/\/en.wikipedia.org\/wiki\/Minsky_moment \"Minsky moment\")\/[leverage cycle](https:\/\/en.wikipedia.org\/wiki\/Leverage_cycle \"Leverage cycle\") [Stock market crash](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crash \"Stock market crash\")\/[Flash crash](https:\/\/en.wikipedia.org\/wiki\/Flash_crash \"Flash crash\") [Social contagion](https:\/\/en.wikipedia.org\/wiki\/Social_contagion \"Social contagion\") [Financial contagion](https:\/\/en.wikipedia.org\/wiki\/Financial_contagion \"Financial contagion\") [Irrational exuberance](https:\/\/en.wikipedia.org\/wiki\/Irrational_exuberance \"Irrational exuberance\") [Market trend](https:\/\/en.wikipedia.org\/wiki\/Market_trend \"Market trend\") Proposed bubbles [AI bubble](https:\/\/en.wikipedia.org\/wiki\/AI_bubble \"AI bubble\")\/[AI boom](https:\/\/en.wikipedia.org\/wiki\/AI_boom \"AI boom\")\/[Fourth Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Fourth_Industrial_Revolution \"Fourth Industrial Revolution\")\/[Imagination Age](https:\/\/en.wikipedia.org\/wiki\/Imagination_Age \"Imagination Age\") [Carbon bubble](https:\/\/en.wikipedia.org\/wiki\/Carbon_bubble \"Carbon bubble\")\/[Age of Oil](https:\/\/en.wikipedia.org\/wiki\/Age_of_Oil \"Age of Oil\")\/[Peak oil](https:\/\/en.wikipedia.org\/wiki\/Peak_oil \"Peak oil\") [Everything bubble](https:\/\/en.wikipedia.org\/wiki\/Everything_bubble \"Everything bubble\") [Green bubble](https:\/\/en.wikipedia.org\/wiki\/Green_bubble \"Green bubble\") [Social media stock bubble](https:\/\/en.wikipedia.org\/wiki\/Social_media_stock_bubble \"Social media stock bubble\") [Unicorn bubble](https:\/\/en.wikipedia.org\/wiki\/Unicorn_bubble \"Unicorn bubble\") [U.S. higher education bubble](https:\/\/en.wikipedia.org\/wiki\/Higher_education_bubble_in_the_United_States \"Higher education bubble in the United States\") |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:History_of_the_United_States_navbox \"Template:History of the United States navbox\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:History_of_the_United_States_navbox \"Template talk:History of the United States navbox\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:History_of_the_United_States_navbox \"Special:EditPage\/Template:History of the United States navbox\")[History of the United States](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States \"History of the United States\") |   |\n|---|---|\n| [Timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_United_States_history \"Timeline of United States history\") [Outline](https:\/\/en.wikipedia.org\/wiki\/Outline_of_United_States_history \"Outline of United States history\") |   |\n| Events |   |\n|   |   |\n| Pre-Colonial | **[Geological](https:\/\/en.wikipedia.org\/wiki\/Geological_history_of_North_America \"Geological history of North America\")** **[Pre-Columbian era](https:\/\/en.wikipedia.org\/wiki\/Pre-Columbian_era \"Pre-Columbian era\")** |\n| [Colonial](https:\/\/en.wikipedia.org\/wiki\/Colonial_history_of_the_United_States \"Colonial history of the United States\") | [Exploration of North America](https:\/\/en.wikipedia.org\/wiki\/Exploration_of_North_America \"Exploration of North America\") [European colonization](https:\/\/en.wikipedia.org\/wiki\/European_colonization_of_the_Americas \"European colonization of the Americas\") [Native American epidemics](https:\/\/en.wikipedia.org\/wiki\/Native_American_disease_and_epidemics \"Native American disease and epidemics\") [Settlement of Jamestown](https:\/\/en.wikipedia.org\/wiki\/History_of_Jamestown,_Virginia_\$1607%E2%80%931699\$ \"History of Jamestown, Virginia (1607–1699)\") [Thirteen Colonies](https:\/\/en.wikipedia.org\/wiki\/Thirteen_Colonies \"Thirteen Colonies\") [Atlantic slave trade](https:\/\/en.wikipedia.org\/wiki\/Atlantic_slave_trade \"Atlantic slave trade\") [King William's War](https:\/\/en.wikipedia.org\/wiki\/King_William%27s_War \"King William's War\") [Queen Anne's War](https:\/\/en.wikipedia.org\/wiki\/Queen_Anne%27s_War \"Queen Anne's War\") [Dummer's War](https:\/\/en.wikipedia.org\/wiki\/Dummer%27s_War \"Dummer's War\") [First Great Awakening](https:\/\/en.wikipedia.org\/wiki\/First_Great_Awakening \"First Great Awakening\") [War of Jenkins' Ear](https:\/\/en.wikipedia.org\/wiki\/War_of_Jenkins%27_Ear \"War of Jenkins' Ear\") [King George's War](https:\/\/en.wikipedia.org\/wiki\/King_George%27s_War \"King George's War\") [Prelude to Revolution](https:\/\/en.wikipedia.org\/wiki\/American_Revolution#Origin \"American Revolution\") [American Enlightenment](https:\/\/en.wikipedia.org\/wiki\/American_Enlightenment \"American Enlightenment\") [French and Indian War](https:\/\/en.wikipedia.org\/wiki\/French_and_Indian_War \"French and Indian War\") [Proclamation of 1763](https:\/\/en.wikipedia.org\/wiki\/Royal_Proclamation_of_1763 \"Royal Proclamation of 1763\") [Sugar Act](https:\/\/en.wikipedia.org\/wiki\/Sugar_Act \"Sugar Act\") [Stamp Act Congress](https:\/\/en.wikipedia.org\/wiki\/Stamp_Act_Congress \"Stamp Act Congress\") [Sons of Liberty](https:\/\/en.wikipedia.org\/wiki\/Sons_of_Liberty \"Sons of Liberty\") [Virginia Association](https:\/\/en.wikipedia.org\/wiki\/Virginia_Association \"Virginia Association\") [Boston Massacre](https:\/\/en.wikipedia.org\/wiki\/Boston_Massacre \"Boston Massacre\") [Boston Tea Party](https:\/\/en.wikipedia.org\/wiki\/Boston_Tea_Party \"Boston Tea Party\") [Intolerable Acts](https:\/\/en.wikipedia.org\/wiki\/Intolerable_Acts \"Intolerable Acts\") [First Continental Congress](https:\/\/en.wikipedia.org\/wiki\/First_Continental_Congress \"First Continental Congress\") [Continental Association](https:\/\/en.wikipedia.org\/wiki\/Continental_Association \"Continental Association\") |\n| [1776–1789](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1776%E2%80%931789\$ \"History of the United States (1776–1789)\") | [American Revolution](https:\/\/en.wikipedia.org\/wiki\/American_Revolution \"American Revolution\") [War](https:\/\/en.wikipedia.org\/wiki\/American_Revolutionary_War \"American Revolutionary War\") [Second Continental Congress](https:\/\/en.wikipedia.org\/wiki\/Second_Continental_Congress \"Second Continental Congress\") [Virginia Declaration of Rights](https:\/\/en.wikipedia.org\/wiki\/Virginia_Declaration_of_Rights \"Virginia Declaration of Rights\") [Lee Resolution](https:\/\/en.wikipedia.org\/wiki\/Lee_Resolution \"Lee Resolution\") [Declaration of Independence](https:\/\/en.wikipedia.org\/wiki\/United_States_Declaration_of_Independence \"United States Declaration of Independence\") [Treaty of Paris](https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Paris_\$1783\$ \"Treaty of Paris (1783)\") [Confederation period](https:\/\/en.wikipedia.org\/wiki\/Confederation_of_United_States_of_America \"Confederation of United States of America\") [Articles of Confederation](https:\/\/en.wikipedia.org\/wiki\/Articles_of_Confederation \"Articles of Confederation\") [and Perpetual Union](https:\/\/en.wikipedia.org\/wiki\/Perpetual_Union \"Perpetual Union\") [Pennsylvania Mutiny](https:\/\/en.wikipedia.org\/wiki\/Pennsylvania_Mutiny_of_1783 \"Pennsylvania Mutiny of 1783\") [Shays' Rebellion](https:\/\/en.wikipedia.org\/wiki\/Shays%27_Rebellion \"Shays' Rebellion\") [Northwest Ordinance](https:\/\/en.wikipedia.org\/wiki\/Northwest_Ordinance \"Northwest Ordinance\") [Constitutional Convention](https:\/\/en.wikipedia.org\/wiki\/Constitutional_Convention_\$United_States\$ \"Constitutional Convention (United States)\") [Drafting and ratification of the Constitution](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Constitution \"History of the United States Constitution\") |\n| [1789–1815](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1789%E2%80%931815\$ \"History of the United States (1789–1815)\") | [Bill of Rights](https:\/\/en.wikipedia.org\/wiki\/United_States_Bill_of_Rights \"United States Bill of Rights\") [Federalist Era](https:\/\/en.wikipedia.org\/wiki\/Federalist_Era \"Federalist Era\") [Whiskey Rebellion](https:\/\/en.wikipedia.org\/wiki\/Whiskey_Rebellion \"Whiskey Rebellion\") [Quasi-War](https:\/\/en.wikipedia.org\/wiki\/Quasi-War \"Quasi-War\") [Jeffersonian era](https:\/\/en.wikipedia.org\/wiki\/Jeffersonian_democracy \"Jeffersonian democracy\") [Louisiana Purchase](https:\/\/en.wikipedia.org\/wiki\/Louisiana_Purchase \"Louisiana Purchase\") [War of 1812](https:\/\/en.wikipedia.org\/wiki\/War_of_1812 \"War of 1812\") |\n| [1815–1849](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1815%E2%80%931849\$ \"History of the United States (1815–1849)\") | [Era of Good Feelings](https:\/\/en.wikipedia.org\/wiki\/Era_of_Good_Feelings \"Era of Good Feelings\") [Missouri Compromise](https:\/\/en.wikipedia.org\/wiki\/Missouri_Compromise \"Missouri Compromise\") [Monroe Doctrine](https:\/\/en.wikipedia.org\/wiki\/Monroe_Doctrine \"Monroe Doctrine\") [Jacksonian era](https:\/\/en.wikipedia.org\/wiki\/Jacksonian_democracy \"Jacksonian democracy\") [Trail of Tears](https:\/\/en.wikipedia.org\/wiki\/Trail_of_Tears \"Trail of Tears\") [Nat Turner's slave rebellion](https:\/\/en.wikipedia.org\/wiki\/Nat_Turner%27s_slave_rebellion \"Nat Turner's slave rebellion\") [Nullification crisis](https:\/\/en.wikipedia.org\/wiki\/Nullification_crisis \"Nullification crisis\") [Westward expansion](https:\/\/en.wikipedia.org\/wiki\/Manifest_destiny \"Manifest destiny\") [Mexican–American War](https:\/\/en.wikipedia.org\/wiki\/Mexican%E2%80%93American_War \"Mexican–American War\") [Seneca Falls Convention](https:\/\/en.wikipedia.org\/wiki\/Seneca_Falls_Convention \"Seneca Falls Convention\") [First Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Industrial_Revolution#United_States \"Industrial Revolution\") [Second Great Awakening](https:\/\/en.wikipedia.org\/wiki\/Second_Great_Awakening \"Second Great Awakening\") |\n| [1849–1865](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1849%E2%80%931865\$ \"History of the United States (1849–1865)\") | [Antebellum Era](https:\/\/en.wikipedia.org\/wiki\/Antebellum_South \"Antebellum South\") [California Gold Rush](https:\/\/en.wikipedia.org\/wiki\/California_Gold_Rush \"California Gold Rush\") [Greater Reconstruction](https:\/\/en.wikipedia.org\/wiki\/Greater_Reconstruction \"Greater Reconstruction\") [Prelude to War](https:\/\/en.wikipedia.org\/wiki\/Origins_of_the_American_Civil_War \"Origins of the American Civil War\") [Compromise of 1850](https:\/\/en.wikipedia.org\/wiki\/Compromise_of_1850 \"Compromise of 1850\") [Fugitive Slave Act](https:\/\/en.wikipedia.org\/wiki\/Fugitive_Slave_Act_of_1850 \"Fugitive Slave Act of 1850\") [Kansas–Nebraska Act](https:\/\/en.wikipedia.org\/wiki\/Kansas%E2%80%93Nebraska_Act \"Kansas–Nebraska Act\") [Bleeding Kansas](https:\/\/en.wikipedia.org\/wiki\/Bleeding_Kansas \"Bleeding Kansas\") [Dred Scott decision](https:\/\/en.wikipedia.org\/wiki\/Dred_Scott_v._Sandford \"Dred Scott v. Sandford\") [Election of Lincoln](https:\/\/en.wikipedia.org\/wiki\/1860_United_States_presidential_election \"1860 United States presidential election\") [Secession](https:\/\/en.wikipedia.org\/wiki\/Confederate_States_of_America#Secession \"Confederate States of America\") [Civil War](https:\/\/en.wikipedia.org\/wiki\/American_Civil_War \"American Civil War\") [Emancipation Proclamation](https:\/\/en.wikipedia.org\/wiki\/Emancipation_Proclamation \"Emancipation Proclamation\") [Assassination of Abraham Lincoln](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_Abraham_Lincoln \"Assassination of Abraham Lincoln\") |\n| [1865–1917](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1865%E2%80%931917\$ \"History of the United States (1865–1917)\") | [Reconstruction era](https:\/\/en.wikipedia.org\/wiki\/Reconstruction_era \"Reconstruction era\") [Amendments](https:\/\/en.wikipedia.org\/wiki\/Reconstruction_Amendments \"Reconstruction Amendments\") [First transcontinental railroad](https:\/\/en.wikipedia.org\/wiki\/First_transcontinental_railroad \"First transcontinental railroad\") [Ku Klux Klan](https:\/\/en.wikipedia.org\/wiki\/Ku_Klux_Klan \"Ku Klux Klan\") [Enforcement Acts](https:\/\/en.wikipedia.org\/wiki\/Enforcement_Acts \"Enforcement Acts\") [Compromise of 1877](https:\/\/en.wikipedia.org\/wiki\/Compromise_of_1877 \"Compromise of 1877\") [End](https:\/\/en.wikipedia.org\/wiki\/End_of_Reconstruction \"End of Reconstruction\") [Second Industrial Revolution](https:\/\/en.wikipedia.org\/wiki\/Second_Industrial_Revolution#United_States \"Second Industrial Revolution\") [Gilded Age](https:\/\/en.wikipedia.org\/wiki\/Gilded_Age \"Gilded Age\") [The Gospel of Wealth](https:\/\/en.wikipedia.org\/wiki\/The_Gospel_of_Wealth \"The Gospel of Wealth\") [Assassination of James A. Garfield](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_James_A._Garfield \"Assassination of James A. Garfield\") [Chinese Exclusion Act](https:\/\/en.wikipedia.org\/wiki\/Chinese_Exclusion_Act \"Chinese Exclusion Act\") [Pendleton Civil Service Reform Act](https:\/\/en.wikipedia.org\/wiki\/Pendleton_Civil_Service_Reform_Act \"Pendleton Civil Service Reform Act\") [Haymarket affair](https:\/\/en.wikipedia.org\/wiki\/Haymarket_affair \"Haymarket affair\") [Sherman Antitrust Act](https:\/\/en.wikipedia.org\/wiki\/Sherman_Antitrust_Act \"Sherman Antitrust Act\") [Progressive Era](https:\/\/en.wikipedia.org\/wiki\/Progressive_Era \"Progressive Era\") [Spanish–American War](https:\/\/en.wikipedia.org\/wiki\/Spanish%E2%80%93American_War \"Spanish–American War\") [Imperialism](https:\/\/en.wikipedia.org\/wiki\/American_imperialism \"American imperialism\") [Assassination of William McKinley](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_William_McKinley \"Assassination of William McKinley\") [Square Deal](https:\/\/en.wikipedia.org\/wiki\/Square_Deal \"Square Deal\") [Nadir of American race relations](https:\/\/en.wikipedia.org\/wiki\/Nadir_of_American_race_relations \"Nadir of American race relations\") |\n| [1917–1945](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1917%E2%80%931945\$ \"History of the United States (1917–1945)\") | [World War I](https:\/\/en.wikipedia.org\/wiki\/United_States_in_World_War_I \"United States in World War I\") [Paris Peace Conference](https:\/\/en.wikipedia.org\/wiki\/Paris_Peace_Conference_\$1919%E2%80%931920\$#American_approach \"Paris Peace Conference (1919–1920)\") [First Red Scare](https:\/\/en.wikipedia.org\/wiki\/First_Red_Scare \"First Red Scare\") [Roaring Twenties](https:\/\/en.wikipedia.org\/wiki\/Roaring_Twenties \"Roaring Twenties\") [Prohibition](https:\/\/en.wikipedia.org\/wiki\/Prohibition_in_the_United_States \"Prohibition in the United States\") [Women's suffrage](https:\/\/en.wikipedia.org\/wiki\/Women%27s_suffrage_in_the_United_States \"Women's suffrage in the United States\") [Tulsa race massacre](https:\/\/en.wikipedia.org\/wiki\/Tulsa_race_massacre \"Tulsa race massacre\") [Second Klan](https:\/\/en.wikipedia.org\/wiki\/Ku_Klux_Klan#Second_Klan:_1915%E2%80%931944 \"Ku Klux Klan\") [Bath School disaster](https:\/\/en.wikipedia.org\/wiki\/Bath_School_disaster \"Bath School disaster\") [Harlem Renaissance](https:\/\/en.wikipedia.org\/wiki\/Harlem_Renaissance \"Harlem Renaissance\") [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression_in_the_United_States \"Great Depression in the United States\") [Wall Street crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_crash_of_1929 \"Wall Street crash of 1929\") [Dust Bowl](https:\/\/en.wikipedia.org\/wiki\/Dust_Bowl \"Dust Bowl\") [New Deal](https:\/\/en.wikipedia.org\/wiki\/New_Deal \"New Deal\") [World War II](https:\/\/en.wikipedia.org\/wiki\/Military_history_of_the_United_States_during_World_War_II \"Military history of the United States during World War II\") [Pearl Harbor](https:\/\/en.wikipedia.org\/wiki\/Attack_on_Pearl_Harbor \"Attack on Pearl Harbor\") [home front](https:\/\/en.wikipedia.org\/wiki\/United_States_home_front_during_World_War_II \"United States home front during World War II\") [Manhattan Project](https:\/\/en.wikipedia.org\/wiki\/Manhattan_Project \"Manhattan Project\") [Atomic bombings of Hiroshima and Nagasaki](https:\/\/en.wikipedia.org\/wiki\/Atomic_bombings_of_Hiroshima_and_Nagasaki \"Atomic bombings of Hiroshima and Nagasaki\") |\n| [1945–1964](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1945%E2%80%931964\$ \"History of the United States (1945–1964)\") | [Strike wave of 1945–1946](https:\/\/en.wikipedia.org\/wiki\/United_States_strike_wave_of_1945%E2%80%931946 \"United States strike wave of 1945–1946\") [Start of Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1947%E2%80%931948\$ \"Cold War (1947–1948)\") [Truman Doctrine](https:\/\/en.wikipedia.org\/wiki\/Truman_Doctrine \"Truman Doctrine\") [Early Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1948%E2%80%931953\$ \"Cold War (1948–1953)\") [North Atlantic Treaty](https:\/\/en.wikipedia.org\/wiki\/North_Atlantic_Treaty \"North Atlantic Treaty\") [Korean War](https:\/\/en.wikipedia.org\/wiki\/Korean_War \"Korean War\") [Ivy Mike](https:\/\/en.wikipedia.org\/wiki\/Ivy_Mike \"Ivy Mike\") [McCarthyism](https:\/\/en.wikipedia.org\/wiki\/McCarthyism \"McCarthyism\") [Post-war boom](https:\/\/en.wikipedia.org\/wiki\/Post%E2%80%93World_War_II_economic_expansion \"Post–World War II economic expansion\") [Project Mercury](https:\/\/en.wikipedia.org\/wiki\/Project_Mercury \"Project Mercury\") [Civil Rights Movement](https:\/\/en.wikipedia.org\/wiki\/Civil_rights_movement \"Civil rights movement\") [Early–mid Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1953%E2%80%931962\$ \"Cold War (1953–1962)\") [Cuban Missile Crisis](https:\/\/en.wikipedia.org\/wiki\/Cuban_Missile_Crisis \"Cuban Missile Crisis\") [Assassination of John F. Kennedy](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_John_F._Kennedy \"Assassination of John F. Kennedy\") |\n| [1964–1980](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1964%E2%80%931980\$ \"History of the United States (1964–1980)\") | [Great Society](https:\/\/en.wikipedia.org\/wiki\/Great_Society \"Great Society\") [Space Race](https:\/\/en.wikipedia.org\/wiki\/Space_Race \"Space Race\") [Project Gemini](https:\/\/en.wikipedia.org\/wiki\/Project_Gemini \"Project Gemini\") [Apollo program](https:\/\/en.wikipedia.org\/wiki\/Apollo_program \"Apollo program\") [Mid Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1962%E2%80%931979\$ \"Cold War (1962–1979)\") [Détente](https:\/\/en.wikipedia.org\/wiki\/D%C3%A9tente \"Détente\") [Vietnam War](https:\/\/en.wikipedia.org\/wiki\/Vietnam_War \"Vietnam War\") [Fall of Saigon](https:\/\/en.wikipedia.org\/wiki\/Fall_of_Saigon \"Fall of Saigon\") [Assassination of Malcolm X](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_Malcolm_X \"Assassination of Malcolm X\") [Assassination of Martin Luther King Jr.](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_Martin_Luther_King_Jr. \"Assassination of Martin Luther King Jr.\") [Assassination of Robert F. Kennedy](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_Robert_F._Kennedy \"Assassination of Robert F. Kennedy\") [Counterculture](https:\/\/en.wikipedia.org\/wiki\/Counterculture_of_the_1960s \"Counterculture of the 1960s\") [Second-wave feminism](https:\/\/en.wikipedia.org\/wiki\/Second-wave_feminism \"Second-wave feminism\") [Gay liberation](https:\/\/en.wikipedia.org\/wiki\/Gay_liberation \"Gay liberation\") [Stonewall riots](https:\/\/en.wikipedia.org\/wiki\/Stonewall_riots \"Stonewall riots\") [Kent State massacre](https:\/\/en.wikipedia.org\/wiki\/Kent_State_massacre \"Kent State massacre\") [Roe v. Wade](https:\/\/en.wikipedia.org\/wiki\/Roe_v._Wade \"Roe v. Wade\") [Watergate scandal](https:\/\/en.wikipedia.org\/wiki\/Watergate_scandal \"Watergate scandal\") [Pardon of Richard Nixon](https:\/\/en.wikipedia.org\/wiki\/Pardon_of_Richard_Nixon \"Pardon of Richard Nixon\") [Assassinations of George Moscone and Harvey Milk](https:\/\/en.wikipedia.org\/wiki\/Assassinations_of_George_Moscone_and_Harvey_Milk \"Assassinations of George Moscone and Harvey Milk\") [Iran hostage crisis](https:\/\/en.wikipedia.org\/wiki\/Iran_hostage_crisis \"Iran hostage crisis\") [Moral Majority](https:\/\/en.wikipedia.org\/wiki\/Moral_Majority \"Moral Majority\") |\n| [1980–1991](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1980%E2%80%931991\$ \"History of the United States (1980–1991)\") | [Reagan era](https:\/\/en.wikipedia.org\/wiki\/Reagan_era \"Reagan era\") Presidential elections [1980](https:\/\/en.wikipedia.org\/wiki\/1980_United_States_presidential_election \"1980 United States presidential election\") [1984](https:\/\/en.wikipedia.org\/wiki\/1984_United_States_presidential_election \"1984 United States presidential election\") [1988](https:\/\/en.wikipedia.org\/wiki\/1988_United_States_presidential_election \"1988 United States presidential election\") [Reaganomics](https:\/\/en.wikipedia.org\/wiki\/Reaganomics \"Reaganomics\") [Iran–Contra affair](https:\/\/en.wikipedia.org\/wiki\/Iran%E2%80%93Contra_affair \"Iran–Contra affair\") [Crack epidemic](https:\/\/en.wikipedia.org\/wiki\/Crack_epidemic_in_the_United_States \"Crack epidemic in the United States\") [Late Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1979%E2%80%931985\$ \"Cold War (1979–1985)\") [Invasion of Grenada](https:\/\/en.wikipedia.org\/wiki\/United_States_invasion_of_Grenada \"United States invasion of Grenada\") [Reagan Doctrine](https:\/\/en.wikipedia.org\/wiki\/Reagan_Doctrine \"Reagan Doctrine\") [End of the Cold War](https:\/\/en.wikipedia.org\/wiki\/Cold_War_\$1985%E2%80%931991\$ \"Cold War (1985–1991)\") [Space Shuttle program](https:\/\/en.wikipedia.org\/wiki\/Space_Shuttle_program \"Space Shuttle program\") [War on drugs](https:\/\/en.wikipedia.org\/wiki\/War_on_drugs \"War on drugs\") [Invasion of Panama](https:\/\/en.wikipedia.org\/wiki\/United_States_invasion_of_Panama \"United States invasion of Panama\") |\n| [1991–2016](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$1991%E2%80%932016\$ \"History of the United States (1991–2016)\") | [Gulf War](https:\/\/en.wikipedia.org\/wiki\/Gulf_War \"Gulf War\") [NAFTA](https:\/\/en.wikipedia.org\/wiki\/North_American_Free_Trade_Agreement \"North American Free Trade Agreement\") [Los Angeles riots](https:\/\/en.wikipedia.org\/wiki\/1992_Los_Angeles_riots \"1992 Los Angeles riots\") [WTC bombing](https:\/\/en.wikipedia.org\/wiki\/1993_World_Trade_Center_bombing \"1993 World Trade Center bombing\") [Waco siege](https:\/\/en.wikipedia.org\/wiki\/Waco_siege \"Waco siege\") [Republican Revolution](https:\/\/en.wikipedia.org\/wiki\/Republican_Revolution \"Republican Revolution\") [Oklahoma City bombing](https:\/\/en.wikipedia.org\/wiki\/Oklahoma_City_bombing \"Oklahoma City bombing\") [Columbine](https:\/\/en.wikipedia.org\/wiki\/Columbine_High_School_massacre \"Columbine High School massacre\") *[Bush v. Gore](https:\/\/en.wikipedia.org\/wiki\/Bush_v._Gore \"Bush v. Gore\")* [September 11 attacks](https:\/\/en.wikipedia.org\/wiki\/September_11_attacks \"September 11 attacks\") [War on terror](https:\/\/en.wikipedia.org\/wiki\/War_on_terror \"War on terror\") [War in Afghanistan](https:\/\/en.wikipedia.org\/wiki\/War_in_Afghanistan_\$2001%E2%80%932021\$ \"War in Afghanistan (2001–2021)\") [Iraq War](https:\/\/en.wikipedia.org\/wiki\/Iraq_War \"Iraq War\") [2005 Atlantic Hurricane Season](https:\/\/en.wikipedia.org\/wiki\/2005_Atlantic_Hurricane_Season \"2005 Atlantic Hurricane Season\") [Hurricane Katrina](https:\/\/en.wikipedia.org\/wiki\/Hurricane_Katrina \"Hurricane Katrina\") [Virginia Tech shooting](https:\/\/en.wikipedia.org\/wiki\/Virginia_Tech_shooting \"Virginia Tech shooting\") [Great Recession]() [Killing of Osama bin Laden](https:\/\/en.wikipedia.org\/wiki\/Killing_of_Osama_bin_Laden \"Killing of Osama bin Laden\") [2012 Benghazi attack](https:\/\/en.wikipedia.org\/wiki\/2012_Benghazi_attack \"2012 Benghazi attack\") [Rise in mass shootings](https:\/\/en.wikipedia.org\/wiki\/List_of_mass_shootings_in_the_United_States \"List of mass shootings in the United States\") [Tucson](https:\/\/en.wikipedia.org\/wiki\/2011_Tucson_shooting \"2011 Tucson shooting\") [Aurora](https:\/\/en.wikipedia.org\/wiki\/2012_Aurora_theater_shooting \"2012 Aurora theater shooting\") [Sandy Hook](https:\/\/en.wikipedia.org\/wiki\/Sandy_Hook_Elementary_School_shooting \"Sandy Hook Elementary School shooting\") [Orlando](https:\/\/en.wikipedia.org\/wiki\/Pulse_nightclub_shooting \"Pulse nightclub shooting\") [Hurricane Sandy](https:\/\/en.wikipedia.org\/wiki\/Hurricane_Sandy \"Hurricane Sandy\") [Black Lives Matter](https:\/\/en.wikipedia.org\/wiki\/Black_Lives_Matter \"Black Lives Matter\") *[Obergefell v. Hodges](https:\/\/en.wikipedia.org\/wiki\/Obergefell_v._Hodges \"Obergefell v. Hodges\")* |\n| [2016–present](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_\$2016%E2%80%93present\$ \"History of the United States (2016–present)\") | [2016 presidential election](https:\/\/en.wikipedia.org\/wiki\/2016_United_States_presidential_election \"2016 United States presidential election\") [Trumpism](https:\/\/en.wikipedia.org\/wiki\/Trumpism \"Trumpism\") [Unite the Right rally](https:\/\/en.wikipedia.org\/wiki\/Unite_the_Right_rally \"Unite the Right rally\") [Continued rise in mass shootings](https:\/\/en.wikipedia.org\/wiki\/List_of_mass_shootings_in_the_United_States \"List of mass shootings in the United States\") [Las Vegas](https:\/\/en.wikipedia.org\/wiki\/2017_Las_Vegas_shooting \"2017 Las Vegas shooting\") [Parkland](https:\/\/en.wikipedia.org\/wiki\/Parkland_high_school_shooting \"Parkland high school shooting\") [El Paso](https:\/\/en.wikipedia.org\/wiki\/2019_El_Paso_shooting \"2019 El Paso shooting\") [Uvalde](https:\/\/en.wikipedia.org\/wiki\/Uvalde_school_shooting \"Uvalde school shooting\") [2017 Atlantic Hurricane Season](https:\/\/en.wikipedia.org\/wiki\/2017_Atlantic_Hurricane_Season \"2017 Atlantic Hurricane Season\") [Harvey](https:\/\/en.wikipedia.org\/wiki\/Hurricane_Harvey \"Hurricane Harvey\") [Irma](https:\/\/en.wikipedia.org\/wiki\/Hurricane_Irma \"Hurricane Irma\") [Maria](https:\/\/en.wikipedia.org\/wiki\/Hurricane_Maria \"Hurricane Maria\") [COVID-19 pandemic](https:\/\/en.wikipedia.org\/wiki\/COVID-19_pandemic_in_the_United_States \"COVID-19 pandemic in the United States\") [recession](https:\/\/en.wikipedia.org\/wiki\/COVID-19_recession \"COVID-19 recession\") [George Floyd protests](https:\/\/en.wikipedia.org\/wiki\/George_Floyd_protests \"George Floyd protests\") [Murder](https:\/\/en.wikipedia.org\/wiki\/Murder_of_George_Floyd \"Murder of George Floyd\") [Attempts to overturn the 2020 United States presidential election](https:\/\/en.wikipedia.org\/wiki\/Attempts_to_overturn_the_2020_United_States_presidential_election \"Attempts to overturn the 2020 United States presidential election\") [January 6 attack](https:\/\/en.wikipedia.org\/wiki\/January_6_United_States_Capitol_attack \"January 6 United States Capitol attack\") [Afghanistan withdrawal](https:\/\/en.wikipedia.org\/wiki\/2020%E2%80%932021_U.S._troop_withdrawal_from_Afghanistan \"2020–2021 U.S. troop withdrawal from Afghanistan\") *[Dobbs v. Jackson Women's Health Organization](https:\/\/en.wikipedia.org\/wiki\/Dobbs_v._Jackson_Women%27s_Health_Organization \"Dobbs v. Jackson Women's Health Organization\")* [Support of Ukraine](https:\/\/en.wikipedia.org\/wiki\/Foreign_involvement_in_the_Russian_invasion_of_Ukraine \"Foreign involvement in the Russian invasion of Ukraine\") [2023 labor strikes](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_strikes_in_2023 \"Timeline of strikes in 2023\") [2023 banking crisis](https:\/\/en.wikipedia.org\/wiki\/2023_United_States_banking_crisis \"2023 United States banking crisis\") [Indictments of Donald Trump](https:\/\/en.wikipedia.org\/wiki\/Donald_Trump#Investigations,_criminal_charges,_civil_lawsuits \"Donald Trump\") [Attempted assassination of Donald Trump in Pennsylvania](https:\/\/en.wikipedia.org\/wiki\/Attempted_assassination_of_Donald_Trump_in_Pennsylvania \"Attempted assassination of Donald Trump in Pennsylvania\") [2025 shootings of Minnesota legislators](https:\/\/en.wikipedia.org\/wiki\/2025_shootings_of_Minnesota_legislators \"2025 shootings of Minnesota legislators\") [Assassination of Charlie Kirk](https:\/\/en.wikipedia.org\/wiki\/Assassination_of_Charlie_Kirk \"Assassination of Charlie Kirk\") |\n| Topics |   |\n| **[American Century](https:\/\/en.wikipedia.org\/wiki\/American_Century \"American Century\")** **[Antisemitism](https:\/\/en.wikipedia.org\/wiki\/History_of_antisemitism_in_the_United_States \"History of antisemitism in the United States\")** **[Cultural](https:\/\/en.wikipedia.org\/wiki\/Cultural_history_of_the_United_States \"Cultural history of the United States\")** [Cinema](https:\/\/en.wikipedia.org\/wiki\/History_of_cinema_in_the_United_States \"History of cinema in the United States\") [Music](https:\/\/en.wikipedia.org\/wiki\/Music_history_of_the_United_States \"Music history of the United States\") [Newspapers](https:\/\/en.wikipedia.org\/wiki\/History_of_American_newspapers \"History of American newspapers\") [Sports](https:\/\/en.wikipedia.org\/wiki\/History_of_sports_in_the_United_States \"History of sports in the United States\") **[Demography](https:\/\/en.wikipedia.org\/wiki\/Demographic_history_of_the_United_States \"Demographic history of the United States\")** [Immigration](https:\/\/en.wikipedia.org\/wiki\/History_of_immigration_to_the_United_States \"History of immigration to the United States\") **[Economy](https:\/\/en.wikipedia.org\/wiki\/Economic_history_of_the_United_States \"Economic history of the United States\")** [Banking](https:\/\/en.wikipedia.org\/wiki\/History_of_banking_in_the_United_States \"History of banking in the United States\") **[Education](https:\/\/en.wikipedia.org\/wiki\/History_of_education_in_the_United_States \"History of education in the United States\")** [Higher education](https:\/\/en.wikipedia.org\/wiki\/History_of_higher_education_in_the_United_States \"History of higher education in the United States\") **[Flag](https:\/\/en.wikipedia.org\/wiki\/List_of_flags_of_the_United_States \"List of flags of the United States\")** **[Government](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_government \"History of the United States government\")** [Abortion](https:\/\/en.wikipedia.org\/wiki\/History_of_abortion_in_the_United_States \"History of abortion in the United States\") [Capital punishment](https:\/\/en.wikipedia.org\/wiki\/History_of_capital_punishment_in_the_United_States \"History of capital punishment in the United States\") [Civil Rights](https:\/\/en.wikipedia.org\/wiki\/History_of_civil_rights_in_the_United_States \"History of civil rights in the United States\") [Corruption](https:\/\/en.wikipedia.org\/wiki\/History_of_corruption_in_the_United_States \"History of corruption in the United States\") [The Constitution](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Constitution \"History of the United States Constitution\") [Debt ceiling](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_debt_ceiling \"History of the United States debt ceiling\") [Direct democracy](https:\/\/en.wikipedia.org\/wiki\/History_of_direct_democracy_in_the_United_States \"History of direct democracy in the United States\") [Foreign policy](https:\/\/en.wikipedia.org\/wiki\/History_of_United_States_foreign_policy \"History of United States foreign policy\") [Law enforcement](https:\/\/en.wikipedia.org\/wiki\/History_of_law_enforcement_in_the_United_States \"History of law enforcement in the United States\") [Postal service](https:\/\/en.wikipedia.org\/wiki\/Postage_stamps_and_postal_history_of_the_United_States \"Postage stamps and postal history of the United States\") [Taxation](https:\/\/en.wikipedia.org\/wiki\/History_of_taxation_in_the_United_States \"History of taxation in the United States\") [Voting rights](https:\/\/en.wikipedia.org\/wiki\/Voting_rights_in_the_United_States \"Voting rights in the United States\") **[Journalism](https:\/\/en.wikipedia.org\/wiki\/History_of_American_journalism \"History of American journalism\")** **[Merchant Marine](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Merchant_Marine \"History of the United States Merchant Marine\")** **[Military](https:\/\/en.wikipedia.org\/wiki\/Military_history_of_the_United_States \"Military history of the United States\")** [Army](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Army \"History of the United States Army\") [Marine Corps](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Marine_Corps \"History of the United States Marine Corps\") [Navy](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Navy \"History of the United States Navy\") [Air Force](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Air_Force \"History of the United States Air Force\") [Space Force](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Space_Force \"History of the United States Space Force\") [Coast Guard](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Coast_Guard \"History of the United States Coast Guard\") **[Party Systems](https:\/\/en.wikipedia.org\/wiki\/Political_eras_of_the_United_States \"Political eras of the United States\")** [First](https:\/\/en.wikipedia.org\/wiki\/First_Party_System \"First Party System\") [Second](https:\/\/en.wikipedia.org\/wiki\/Second_Party_System \"Second Party System\") [Third](https:\/\/en.wikipedia.org\/wiki\/Third_Party_System \"Third Party System\") [Fourth](https:\/\/en.wikipedia.org\/wiki\/Fourth_Party_System \"Fourth Party System\") [Fifth](https:\/\/en.wikipedia.org\/wiki\/Fifth_Party_System \"Fifth Party System\") [Sixth](https:\/\/en.wikipedia.org\/wiki\/Sixth_Party_System \"Sixth Party System\") [Seventh](https:\/\/en.wikipedia.org\/wiki\/Seventh_Party_System \"Seventh Party System\") **[Religion](https:\/\/en.wikipedia.org\/wiki\/History_of_religion_in_the_United_States \"History of religion in the United States\")** **[Genocide](https:\/\/en.wikipedia.org\/wiki\/Native_American_genocide_in_the_United_States \"Native American genocide in the United States\")** **[Slavery](https:\/\/en.wikipedia.org\/wiki\/Slavery_in_the_United_States \"Slavery in the United States\")** [Sexual slavery](https:\/\/en.wikipedia.org\/wiki\/History_of_sexual_slavery_in_the_United_States \"History of sexual slavery in the United States\") **[Technology and industry](https:\/\/en.wikipedia.org\/wiki\/Technological_and_industrial_history_of_the_United_States \"Technological and industrial history of the United States\")** [Agriculture](https:\/\/en.wikipedia.org\/wiki\/History_of_agriculture_in_the_United_States \"History of agriculture in the United States\") [Labor](https:\/\/en.wikipedia.org\/wiki\/Labor_history_of_the_United_States \"Labor history of the United States\") [Lumber](https:\/\/en.wikipedia.org\/wiki\/History_of_the_lumber_industry_in_the_United_States \"History of the lumber industry in the United States\") [Medicine](https:\/\/en.wikipedia.org\/wiki\/History_of_medicine_in_the_United_States \"History of medicine in the United States\") [Railway](https:\/\/en.wikipedia.org\/wiki\/History_of_rail_transportation_in_the_United_States \"History of rail transportation in the United States\") |   |\n| Groups |   |\n| **[African American](https:\/\/en.wikipedia.org\/wiki\/African-American_history \"African-American history\")** **[Asian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Asian_Americans \"History of Asian Americans\")** [Chinese American](https:\/\/en.wikipedia.org\/wiki\/History_of_Chinese_Americans \"History of Chinese Americans\") [Filipino American](https:\/\/en.wikipedia.org\/wiki\/History_of_Filipino_Americans \"History of Filipino Americans\") [Indian American](https:\/\/en.wikipedia.org\/wiki\/Indian-American_history \"Indian-American history\") [Japanese American](https:\/\/en.wikipedia.org\/wiki\/History_of_Japanese_Americans \"History of Japanese Americans\") [Korean American](https:\/\/en.wikipedia.org\/wiki\/History_of_Korean_Americans \"History of Korean Americans\") [Thai American](https:\/\/en.wikipedia.org\/wiki\/History_of_Thai_Americans \"History of Thai Americans\") [Vietnamese American](https:\/\/en.wikipedia.org\/wiki\/History_of_Vietnamese_Americans \"History of Vietnamese Americans\") **[European American](https:\/\/en.wikipedia.org\/wiki\/European_American#History \"European American\")** [Albanian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Albanian_Americans \"History of Albanian Americans\") [English American](https:\/\/en.wikipedia.org\/wiki\/History_of_English_Americans \"History of English Americans\") [Estonian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Estonian_Americans \"History of Estonian Americans\") [Finnish American](https:\/\/en.wikipedia.org\/wiki\/History_of_Finnish_Americans \"History of Finnish Americans\") [Irish American](https:\/\/en.wikipedia.org\/wiki\/Irish_Americans#History \"Irish Americans\") [Italian American](https:\/\/en.wikipedia.org\/wiki\/Italian_American#History \"Italian American\") [Lithuanian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Lithuanian_Americans \"History of Lithuanian Americans\") [Polish American](https:\/\/en.wikipedia.org\/wiki\/History_of_Poles_in_the_United_States \"History of Poles in the United States\") [Serbian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Serbian_Americans \"History of Serbian Americans\") **[Hispanic and Latino American](https:\/\/en.wikipedia.org\/wiki\/History_of_Hispanic_and_Latino_Americans \"History of Hispanic and Latino Americans\")** [Mexican American](https:\/\/en.wikipedia.org\/wiki\/History_of_Mexican_Americans \"History of Mexican Americans\") **[Jewish American](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Jews_in_the_United_States \"History of the Jews in the United States\")** **[Middle Eastern American](https:\/\/en.wikipedia.org\/wiki\/History_of_Middle_Eastern_Americans \"History of Middle Eastern Americans\")** [Egyptian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Egyptian_Americans \"History of Egyptian Americans\") [Iranian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Iranian_Americans \"History of Iranian Americans\") [Iraqi American](https:\/\/en.wikipedia.org\/wiki\/History_of_Iraqi_Americans \"History of Iraqi Americans\") [Lebanese American](https:\/\/en.wikipedia.org\/wiki\/History_of_Lebanese_Americans \"History of Lebanese Americans\") [Palestinian American](https:\/\/en.wikipedia.org\/wiki\/History_of_Palestinian_Americans \"History of Palestinian Americans\") [Saudi American](https:\/\/en.wikipedia.org\/wiki\/History_of_Saudi_Americans \"History of Saudi Americans\") **[Native Americans](https:\/\/en.wikipedia.org\/wiki\/History_of_Native_Americans_in_the_United_States \"History of Native Americans in the United States\")** [Cherokee](https:\/\/en.wikipedia.org\/wiki\/Cherokee_history \"Cherokee history\") [Comanche](https:\/\/en.wikipedia.org\/wiki\/Comanche_history \"Comanche history\") **[Women](https:\/\/en.wikipedia.org\/wiki\/History_of_women_in_the_United_States \"History of women in the United States\")** **[LGBTQ](https:\/\/en.wikipedia.org\/wiki\/LGBTQ_history_in_the_United_States \"LGBTQ history in the United States\")** [Gay men](https:\/\/en.wikipedia.org\/wiki\/History_of_gay_men_in_the_United_States \"History of gay men in the United States\") [Lesbians](https:\/\/en.wikipedia.org\/wiki\/History_of_lesbianism_in_the_United_States \"History of lesbianism in the United States\") [Transgender people](https:\/\/en.wikipedia.org\/wiki\/Transgender_history_in_the_United_States \"Transgender history in the United States\") |   |\n| Places |   |\n|   |   |\n| [Territorial evolution](https:\/\/en.wikipedia.org\/wiki\/Territorial_evolution_of_the_United_States \"Territorial evolution of the United States\") | [Admission to the Union](https:\/\/en.wikipedia.org\/wiki\/List_of_U.S._states_by_date_of_admission_to_the_Union \"List of U.S. states by date of admission to the Union\") [Historical regions](https:\/\/en.wikipedia.org\/wiki\/Historical_regions_of_the_United_States \"Historical regions of the United States\") [American frontier](https:\/\/en.wikipedia.org\/wiki\/American_frontier \"American frontier\") [Manifest destiny](https:\/\/en.wikipedia.org\/wiki\/Manifest_destiny \"Manifest destiny\") [Indian removal](https:\/\/en.wikipedia.org\/wiki\/Indian_removal \"Indian removal\") |\n| Regions | [New England](https:\/\/en.wikipedia.org\/wiki\/History_of_New_England \"History of New England\") [The South](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Southern_United_States \"History of the Southern United States\") [The West Coast](https:\/\/en.wikipedia.org\/wiki\/History_of_the_west_coast_of_North_America \"History of the west coast of North America\") |\n| States | [Alabama](https:\/\/en.wikipedia.org\/wiki\/History_of_Alabama \"History of Alabama\") [Alaska](https:\/\/en.wikipedia.org\/wiki\/History_of_Alaska \"History of Alaska\") [Arizona](https:\/\/en.wikipedia.org\/wiki\/History_of_Arizona \"History of Arizona\") [Arkansas](https:\/\/en.wikipedia.org\/wiki\/History_of_Arkansas \"History of Arkansas\") [California](https:\/\/en.wikipedia.org\/wiki\/History_of_California \"History of California\") [Colorado](https:\/\/en.wikipedia.org\/wiki\/History_of_Colorado \"History of Colorado\") [Connecticut](https:\/\/en.wikipedia.org\/wiki\/History_of_Connecticut \"History of Connecticut\") [Delaware](https:\/\/en.wikipedia.org\/wiki\/History_of_Delaware \"History of Delaware\") [Florida](https:\/\/en.wikipedia.org\/wiki\/History_of_Florida \"History of Florida\") [Georgia](https:\/\/en.wikipedia.org\/wiki\/History_of_Georgia_\$U.S._state\$ \"History of Georgia (U.S. state)\") [Hawaii](https:\/\/en.wikipedia.org\/wiki\/History_of_Hawaii \"History of Hawaii\") [Idaho](https:\/\/en.wikipedia.org\/wiki\/History_of_Idaho \"History of Idaho\") [Illinois](https:\/\/en.wikipedia.org\/wiki\/History_of_Illinois \"History of Illinois\") [Indiana](https:\/\/en.wikipedia.org\/wiki\/History_of_Indiana \"History of Indiana\") [Iowa](https:\/\/en.wikipedia.org\/wiki\/History_of_Iowa \"History of Iowa\") [Kansas](https:\/\/en.wikipedia.org\/wiki\/History_of_Kansas \"History of Kansas\") [Kentucky](https:\/\/en.wikipedia.org\/wiki\/History_of_Kentucky \"History of Kentucky\") [Louisiana](https:\/\/en.wikipedia.org\/wiki\/History_of_Louisiana \"History of Louisiana\") [Maine](https:\/\/en.wikipedia.org\/wiki\/History_of_Maine \"History of Maine\") [Maryland](https:\/\/en.wikipedia.org\/wiki\/History_of_Maryland \"History of Maryland\") [Massachusetts](https:\/\/en.wikipedia.org\/wiki\/History_of_Massachusetts \"History of Massachusetts\") [Michigan](https:\/\/en.wikipedia.org\/wiki\/History_of_Michigan \"History of Michigan\") [Minnesota](https:\/\/en.wikipedia.org\/wiki\/History_of_Minnesota \"History of Minnesota\") [Mississippi](https:\/\/en.wikipedia.org\/wiki\/History_of_Mississippi \"History of Mississippi\") [Missouri](https:\/\/en.wikipedia.org\/wiki\/History_of_Missouri \"History of Missouri\") [Montana](https:\/\/en.wikipedia.org\/wiki\/History_of_Montana \"History of Montana\") [Nebraska](https:\/\/en.wikipedia.org\/wiki\/History_of_Nebraska \"History of Nebraska\") [Nevada](https:\/\/en.wikipedia.org\/wiki\/History_of_Nevada \"History of Nevada\") [New Hampshire](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Hampshire \"History of New Hampshire\") [New Jersey](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Jersey \"History of New Jersey\") [New Mexico](https:\/\/en.wikipedia.org\/wiki\/History_of_New_Mexico \"History of New Mexico\") [New York](https:\/\/en.wikipedia.org\/wiki\/History_of_New_York_\$state\$ \"History of New York (state)\") [North Carolina](https:\/\/en.wikipedia.org\/wiki\/History_of_North_Carolina \"History of North Carolina\") [North Dakota](https:\/\/en.wikipedia.org\/wiki\/History_of_North_Dakota \"History of North Dakota\") [Ohio](https:\/\/en.wikipedia.org\/wiki\/History_of_Ohio \"History of Ohio\") [Oklahoma](https:\/\/en.wikipedia.org\/wiki\/History_of_Oklahoma \"History of Oklahoma\") [Oregon](https:\/\/en.wikipedia.org\/wiki\/History_of_Oregon \"History of Oregon\") [Pennsylvania](https:\/\/en.wikipedia.org\/wiki\/History_of_Pennsylvania \"History of Pennsylvania\") [Rhode Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Rhode_Island \"History of Rhode Island\") [South Carolina](https:\/\/en.wikipedia.org\/wiki\/History_of_South_Carolina \"History of South Carolina\") [South Dakota](https:\/\/en.wikipedia.org\/wiki\/History_of_South_Dakota \"History of South Dakota\") [Tennessee](https:\/\/en.wikipedia.org\/wiki\/History_of_Tennessee \"History of Tennessee\") [Texas](https:\/\/en.wikipedia.org\/wiki\/History_of_Texas \"History of Texas\") [Utah](https:\/\/en.wikipedia.org\/wiki\/History_of_Utah \"History of Utah\") [Vermont](https:\/\/en.wikipedia.org\/wiki\/History_of_Vermont \"History of Vermont\") [Virginia](https:\/\/en.wikipedia.org\/wiki\/History_of_Virginia \"History of Virginia\") [Washington](https:\/\/en.wikipedia.org\/wiki\/History_of_Washington_\$state\$ \"History of Washington (state)\") [West Virginia](https:\/\/en.wikipedia.org\/wiki\/History_of_West_Virginia \"History of West Virginia\") [Wisconsin](https:\/\/en.wikipedia.org\/wiki\/History_of_Wisconsin \"History of Wisconsin\") [Wyoming](https:\/\/en.wikipedia.org\/wiki\/History_of_Wyoming \"History of Wyoming\") |\n| Federal District | [Washington, D.C.](https:\/\/en.wikipedia.org\/wiki\/History_of_Washington,_D.C. \"History of Washington, D.C.\") |\n| Insular areas | [American Samoa](https:\/\/en.wikipedia.org\/wiki\/History_of_American_Samoa \"History of American Samoa\") [Guam](https:\/\/en.wikipedia.org\/wiki\/History_of_Guam \"History of Guam\") [Northern Mariana Islands](https:\/\/en.wikipedia.org\/wiki\/History_of_the_Northern_Mariana_Islands \"History of the Northern Mariana Islands\") [Puerto Rico](https:\/\/en.wikipedia.org\/wiki\/History_of_Puerto_Rico \"History of Puerto Rico\") [U.S. Virgin Islands](https:\/\/en.wikipedia.org\/wiki\/History_of_the_United_States_Virgin_Islands \"History of the United States Virgin Islands\") |\n| Outlying islands | [Baker Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Baker_Island \"History of Baker Island\") [Howland Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Howland_Island \"History of Howland Island\") [Jarvis Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Jarvis_Island \"History of Jarvis Island\") [Johnston Atoll](https:\/\/en.wikipedia.org\/wiki\/History_of_Johnston_Atoll \"History of Johnston Atoll\") [Kingman Reef](https:\/\/en.wikipedia.org\/wiki\/History_of_Kingman_Reef \"History of Kingman Reef\") [Midway Atoll](https:\/\/en.wikipedia.org\/wiki\/History_of_Midway_Atoll \"History of Midway Atoll\") [Navassa Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Navassa_Island \"History of Navassa Island\") [Palmyra Atoll](https:\/\/en.wikipedia.org\/wiki\/History_of_Palmyra_Atoll \"History of Palmyra Atoll\") [Wake Island](https:\/\/en.wikipedia.org\/wiki\/History_of_Wake_Island \"History of Wake Island\") |\n| Cities | [Urban history](https:\/\/en.wikipedia.org\/wiki\/American_urban_history \"American urban history\") ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Cities](https:\/\/en.wikipedia.org\/wiki\/Category:Histories_of_cities_in_the_United_States \"Category:Histories of cities in the United States\") |\n| [List of years](https:\/\/en.wikipedia.org\/wiki\/List_of_years_in_the_United_States \"List of years in the United States\") [Historiography](https:\/\/en.wikipedia.org\/wiki\/Historiography_of_the_United_States \"Historiography of the United States\") ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:History_of_the_United_States \"Category:History of the United States\") [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/e\/e2\/Symbol_portal_class.svg\/20px-Symbol_portal_class.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Symbol_portal_class.svg \"Portal\") [Portal](https:\/\/en.wikipedia.org\/wiki\/Portal:United_States \"Portal:United States\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Great_Recession \"Template:Great Recession\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Great_Recession \"Template talk:Great Recession\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Great_Recession \"Special:EditPage\/Template:Great Recession\")[Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") |   |\n|---|---|\n| By region | [Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [Americas](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [United States]() [South America](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Asia](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [Europe](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe \"Great Recession in Europe\") [Iceland](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932011_Icelandic_financial_crisis \"2008–2011 Icelandic financial crisis\") [Oceania](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") |\n| United States-specific | [Automotive industry crisis](https:\/\/en.wikipedia.org\/wiki\/Automotive_industry_crisis_of_2008%E2%80%932010 \"Automotive industry crisis of 2008–2010\") [California budget crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932012_California_budget_crisis \"2008–2012 California budget crisis\") [Housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\") [Housing market correction](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_market_correction \"United States housing market correction\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") |\n| Banking losses and fraud | [Libor scandal](https:\/\/en.wikipedia.org\/wiki\/Libor_scandal \"Libor scandal\") [Tom Hayes](https:\/\/en.wikipedia.org\/wiki\/Tom_Hayes_\$trader\$ \"Tom Hayes (trader)\") [Société Générale trading loss](https:\/\/en.wikipedia.org\/wiki\/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss \"2008 Société Générale trading loss\") [Icesave dispute](https:\/\/en.wikipedia.org\/wiki\/Icesave_dispute \"Icesave dispute\") [Forex scandal](https:\/\/en.wikipedia.org\/wiki\/Forex_scandal \"Forex scandal\") [Bernie Madoff](https:\/\/en.wikipedia.org\/wiki\/Bernie_Madoff \"Bernie Madoff\") [Tom Petters](https:\/\/en.wikipedia.org\/wiki\/Tom_Petters \"Tom Petters\") [Scott W. Rothstein](https:\/\/en.wikipedia.org\/wiki\/Scott_W._Rothstein \"Scott W. Rothstein\") [Allen Stanford](https:\/\/en.wikipedia.org\/wiki\/Allen_Stanford \"Allen Stanford\") |\n| Government entities | [Consumer Financial Protection Bureau](https:\/\/en.wikipedia.org\/wiki\/Consumer_Financial_Protection_Bureau \"Consumer Financial Protection Bureau\") [Federal Deposit Insurance Corporation](https:\/\/en.wikipedia.org\/wiki\/Federal_Deposit_Insurance_Corporation \"Federal Deposit Insurance Corporation\") [Federal Home Loan Banks](https:\/\/en.wikipedia.org\/wiki\/Federal_Home_Loan_Banks \"Federal Home Loan Banks\") [Federal Housing Administration](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Administration \"Federal Housing Administration\") [Federal Housing Finance Agency](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Agency \"Federal Housing Finance Agency\") [Federal Housing Finance Board](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Board \"Federal Housing Finance Board\") [Federal Reserve System](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_System \"Federal Reserve System\") [Government National Mortgage Association](https:\/\/en.wikipedia.org\/wiki\/Government_National_Mortgage_Association \"Government National Mortgage Association\") [National Asset Management Agency](https:\/\/en.wikipedia.org\/wiki\/National_Asset_Management_Agency \"National Asset Management Agency\") [Office of Federal Housing Enterprise Oversight](https:\/\/en.wikipedia.org\/wiki\/Office_of_Federal_Housing_Enterprise_Oversight \"Office of Federal Housing Enterprise Oversight\") [Office of Financial Stability](https:\/\/en.wikipedia.org\/wiki\/Assistant_Secretary_of_the_Treasury_for_Financial_Stability \"Assistant Secretary of the Treasury for Financial Stability\") [UK Financial Investments](https:\/\/en.wikipedia.org\/wiki\/UK_Financial_Investments \"UK Financial Investments\") |\n| Government policy and spending responses |   |\n| Banking and finance  stability and reform |   |\n|   |   |\n| Bank stress tests | [EU](https:\/\/en.wikipedia.org\/wiki\/2010_European_Union_bank_stress_test \"2010 European Union bank stress test\") [U.S.](https:\/\/en.wikipedia.org\/wiki\/2009_Supervisory_Capital_Assessment_Program \"2009 Supervisory Capital Assessment Program\") |\n| Stimulus and recovery | [2008 European Union stimulus plan](https:\/\/en.wikipedia.org\/wiki\/2008_European_Union_stimulus_plan \"2008 European Union stimulus plan\") [2008–2009 Keynesian resurgence](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Keynesian_resurgence \"2008–2009 Keynesian resurgence\") [American Recovery and Reinvestment Act of 2009](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act_of_2009 \"American Recovery and Reinvestment Act of 2009\") [Chinese economic stimulus program](https:\/\/en.wikipedia.org\/wiki\/Chinese_economic_stimulus_program \"Chinese economic stimulus program\") [Economic Stimulus Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Economic_Stimulus_Act_of_2008 \"Economic Stimulus Act of 2008\") [Fraud Enforcement and Recovery Act of 2009](https:\/\/en.wikipedia.org\/wiki\/Fraud_Enforcement_and_Recovery_Act_of_2009 \"Fraud Enforcement and Recovery Act of 2009\") [Green New Deal](https:\/\/en.wikipedia.org\/wiki\/Green_New_Deal \"Green New Deal\") [Housing and Economic Recovery Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Housing_and_Economic_Recovery_Act_of_2008 \"Housing and Economic Recovery Act of 2008\") [National fiscal policy response to the Great Recession](https:\/\/en.wikipedia.org\/wiki\/National_fiscal_policy_response_to_the_Great_Recession \"National fiscal policy response to the Great Recession\") [Zero interest-rate policy](https:\/\/en.wikipedia.org\/wiki\/Zero_interest-rate_policy \"Zero interest-rate policy\") |\n| Government interventions,  rescues, and acquisitions |   |\n|   |   |\n| Non-banking | [Chrysler](https:\/\/en.wikipedia.org\/wiki\/Chrysler \"Chrysler\") [General Motors](https:\/\/en.wikipedia.org\/wiki\/General_Motors \"General Motors\") |\n| Securities involved   and financial markets | [Auction rate securities](https:\/\/en.wikipedia.org\/wiki\/Auction_rate_security \"Auction rate security\") [Collateralized debt obligations](https:\/\/en.wikipedia.org\/wiki\/Collateralized_debt_obligation \"Collateralized debt obligation\") [Collateralized mortgage obligations](https:\/\/en.wikipedia.org\/wiki\/Collateralized_mortgage_obligation \"Collateralized mortgage obligation\") [Credit default swaps](https:\/\/en.wikipedia.org\/wiki\/Credit_default_swap \"Credit default swap\") [Mortgage-backed securities](https:\/\/en.wikipedia.org\/wiki\/Mortgage-backed_security \"Mortgage-backed security\") [Secondary mortgage market](https:\/\/en.wikipedia.org\/wiki\/Secondary_mortgage_market \"Secondary mortgage market\") |\n| Social responses | [Tea Party protests](https:\/\/en.wikipedia.org\/wiki\/Tea_Party_protests \"Tea Party protests\") (United States; c. 2009) [2009 May Day protests](https:\/\/en.wikipedia.org\/wiki\/2009_May_Day_protests \"2009 May Day protests\") (Europe, Middle East and North Africa, Asia; 2009) [Arab Spring](https:\/\/en.wikipedia.org\/wiki\/Arab_Spring \"Arab Spring\") (MENA; 2010–2012) [Occupy movement](https:\/\/en.wikipedia.org\/wiki\/Occupy_movement \"Occupy movement\") (worldwide; 2011–2012) [Occupy Wall Street](https:\/\/en.wikipedia.org\/wiki\/Occupy_Wall_Street \"Occupy Wall Street\") |\n| Related topics | [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") [2008 Central Asia energy crisis](https:\/\/en.wikipedia.org\/wiki\/2008_Central_Asia_energy_crisis \"2008 Central Asia energy crisis\") [Effects of the Great Recession on museums](https:\/\/en.wikipedia.org\/wiki\/Effects_of_the_Great_Recession_on_museums \"Effects of the Great Recession on museums\") [Decline of newspapers](https:\/\/en.wikipedia.org\/wiki\/Decline_of_newspapers \"Decline of newspapers\") [2007–2008 world food price crisis](https:\/\/en.wikipedia.org\/wiki\/2007%E2%80%932008_world_food_price_crisis \"2007–2008 world food price crisis\") [Retail apocalypse](https:\/\/en.wikipedia.org\/wiki\/Retail_apocalypse \"Retail apocalypse\") |\n| [Euro area crisis](https:\/\/en.wikipedia.org\/wiki\/Euro_area_crisis \"Euro area crisis\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [List of countries by public debt](https:\/\/en.wikipedia.org\/wiki\/List_of_countries_by_public_debt \"List of countries by public debt\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:George_W._Bush \"Template:George W. Bush\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:George_W._Bush \"Template talk:George W. Bush\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:George_W._Bush \"Special:EditPage\/Template:George W. Bush\")[George W. Bush](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush \"George W. Bush\") |   |\n|---|---|\n| [43rd](https:\/\/en.wikipedia.org\/wiki\/List_of_presidents_of_the_United_States \"List of presidents of the United States\") [President of the United States](https:\/\/en.wikipedia.org\/wiki\/President_of_the_United_States \"President of the United States\") (2001–2009) [46th](https:\/\/en.wikipedia.org\/wiki\/List_of_governors_of_Texas \"List of governors of Texas\") [Governor of Texas](https:\/\/en.wikipedia.org\/wiki\/Governor_of_Texas \"Governor of Texas\") (1995–2000) |   |\n| [Presidency](https:\/\/en.wikipedia.org\/wiki\/Presidency_of_George_W._Bush \"Presidency of George W. Bush\") ([timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency \"Timeline of the George W. Bush presidency\")) | [Transition](https:\/\/en.wikipedia.org\/wiki\/Presidential_transition_of_George_W._Bush \"Presidential transition of George W. Bush\") Vote counts [2001](https:\/\/en.wikipedia.org\/wiki\/2001_United_States_Electoral_College_vote_count \"2001 United States Electoral College vote count\") [2005](https:\/\/en.wikipedia.org\/wiki\/2005_United_States_Electoral_College_vote_count \"2005 United States Electoral College vote count\") Inaugurations [2001](https:\/\/en.wikipedia.org\/wiki\/First_inauguration_of_George_W._Bush \"First inauguration of George W. Bush\") [2005](https:\/\/en.wikipedia.org\/wiki\/Second_inauguration_of_George_W._Bush \"Second inauguration of George W. Bush\") [Timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency \"Timeline of the George W. Bush presidency\") [2001](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2001\$ \"Timeline of the George W. Bush presidency (2001)\") [2002](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2002\$ \"Timeline of the George W. Bush presidency (2002)\") [2003](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2003\$ \"Timeline of the George W. Bush presidency (2003)\") [2004](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2004\$ \"Timeline of the George W. Bush presidency (2004)\") [2005](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2005\$ \"Timeline of the George W. Bush presidency (2005)\") [2006](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2006\$ \"Timeline of the George W. Bush presidency (2006)\") [2007](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2007\$ \"Timeline of the George W. Bush presidency (2007)\") [2008](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2008%E2%80%932009\$ \"Timeline of the George W. Bush presidency (2008–2009)\") [January 2009](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_George_W._Bush_presidency_\$2008%E2%80%932009\$#January_2009 \"Timeline of the George W. Bush presidency (2008–2009)\") [Domestic policy](https:\/\/en.wikipedia.org\/wiki\/Domestic_policy_of_the_George_W._Bush_administration \"Domestic policy of the George W. Bush administration\") [Legislation and programs](https:\/\/en.wikipedia.org\/wiki\/List_of_George_W._Bush_legislation_and_programs \"List of George W. Bush legislation and programs\") [Economic policy](https:\/\/en.wikipedia.org\/wiki\/Economic_policy_of_the_George_W._Bush_administration \"Economic policy of the George W. Bush administration\") [Foreign policy](https:\/\/en.wikipedia.org\/wiki\/Foreign_policy_of_the_George_W._Bush_administration \"Foreign policy of the George W. Bush administration\") [International trips](https:\/\/en.wikipedia.org\/wiki\/List_of_international_presidential_trips_made_by_George_W._Bush \"List of international presidential trips made by George W. Bush\") [Bush Doctrine](https:\/\/en.wikipedia.org\/wiki\/Bush_Doctrine \"Bush Doctrine\") [Russia summits](https:\/\/en.wikipedia.org\/wiki\/List_of_Russia%E2%80%93United_States_summits \"List of Russia–United States summits\") [Slovenia](https:\/\/en.wikipedia.org\/wiki\/Slovenia_Summit_2001 \"Slovenia Summit 2001\") [Slovakia](https:\/\/en.wikipedia.org\/wiki\/Slovakia_Summit_2005 \"Slovakia Summit 2005\") [Special Relationship](https:\/\/en.wikipedia.org\/wiki\/Special_Relationship \"Special Relationship\") [State visit to the United Kingdom](https:\/\/en.wikipedia.org\/wiki\/State_visit_by_George_W._Bush_to_the_United_Kingdom \"State visit by George W. Bush to the United Kingdom\") [2007 state visit by Elizabeth II to the United States](https:\/\/en.wikipedia.org\/wiki\/2007_state_visit_by_Elizabeth_II_to_the_United_States \"2007 state visit by Elizabeth II to the United States\") [War in Afghanistan](https:\/\/en.wikipedia.org\/wiki\/War_in_Afghanistan_\$2001%E2%80%932021\$ \"War in Afghanistan (2001–2021)\") [Patriot Act](https:\/\/en.wikipedia.org\/wiki\/Patriot_Act \"Patriot Act\") [No Child Left Behind Act](https:\/\/en.wikipedia.org\/wiki\/No_Child_Left_Behind_Act \"No Child Left Behind Act\") [2003 invasion of Iraq](https:\/\/en.wikipedia.org\/wiki\/2003_invasion_of_Iraq \"2003 invasion of Iraq\") [Capture of Saddam Hussein](https:\/\/en.wikipedia.org\/wiki\/Capture_of_Saddam_Hussein \"Capture of Saddam Hussein\") [Status of Forces Agreement](https:\/\/en.wikipedia.org\/wiki\/U.S.%E2%80%93Iraq_Status_of_Forces_Agreement \"U.S.–Iraq Status of Forces Agreement\") [Relations with Iran](https:\/\/en.wikipedia.org\/wiki\/Iran%E2%80%93United_States_relations_during_the_George_W._Bush_administration \"Iran–United States relations during the George W. Bush administration\") [Medicare Prescription Drug, Improvement, and Modernization Act](https:\/\/en.wikipedia.org\/wiki\/Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act \"Medicare Prescription Drug, Improvement, and Modernization Act\") [USA Freedom Corps](https:\/\/en.wikipedia.org\/wiki\/USA_Freedom_Corps \"USA Freedom Corps\") [Department of Homeland Security](https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_Homeland_Security \"United States Department of Homeland Security\") [Space policy](https:\/\/en.wikipedia.org\/wiki\/Space_policy_of_the_George_W._Bush_administration \"Space policy of the George W. Bush administration\") [Strategic Offensive Reductions Treaty](https:\/\/en.wikipedia.org\/wiki\/Strategic_Offensive_Reductions_Treaty \"Strategic Offensive Reductions Treaty\") [War on terror](https:\/\/en.wikipedia.org\/wiki\/War_on_terror \"War on terror\") [President's Council on Service and Civic Participation](https:\/\/en.wikipedia.org\/wiki\/President%27s_Council_on_Service_and_Civic_Participation \"President's Council on Service and Civic Participation\") [award](https:\/\/en.wikipedia.org\/wiki\/President%27s_Volunteer_Service_Award \"President's Volunteer Service Award\") [Dismissal of U.S. attorneys controversy](https:\/\/en.wikipedia.org\/wiki\/2006_dismissal_of_U.S._attorneys \"2006 dismissal of U.S. attorneys\") [Email controversy](https:\/\/en.wikipedia.org\/wiki\/Bush_White_House_email_controversy \"Bush White House email controversy\") [Judicial appointments](https:\/\/en.wikipedia.org\/wiki\/List_of_federal_judges_appointed_by_George_W._Bush \"List of federal judges appointed by George W. Bush\") [Supreme Court candidates](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_Supreme_Court_candidates \"George W. Bush Supreme Court candidates\") [John Roberts](https:\/\/en.wikipedia.org\/wiki\/John_Roberts_Supreme_Court_nominations \"John Roberts Supreme Court nominations\") [Harriet Miers](https:\/\/en.wikipedia.org\/wiki\/Harriet_Miers_Supreme_Court_nomination \"Harriet Miers Supreme Court nomination\") [Samuel Alito](https:\/\/en.wikipedia.org\/wiki\/Samuel_Alito_Supreme_Court_nomination \"Samuel Alito Supreme Court nomination\") [controversies](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_judicial_appointment_controversies \"George W. Bush judicial appointment controversies\") [Cabinet](https:\/\/en.wikipedia.org\/wiki\/Presidency_of_George_W._Bush#Administration \"Presidency of George W. Bush\") [Cheney vice presidency](https:\/\/en.wikipedia.org\/wiki\/Vice_presidency_of_Dick_Cheney \"Vice presidency of Dick Cheney\") [Pardons](https:\/\/en.wikipedia.org\/wiki\/List_of_people_pardoned_by_George_W._Bush \"List of people pardoned by George W. Bush\") [Impeachment efforts](https:\/\/en.wikipedia.org\/wiki\/Efforts_to_impeach_George_W._Bush \"Efforts to impeach George W. Bush\") [Executive orders](https:\/\/en.wikisource.org\/wiki\/Author:George_W._Bush\/Executive_orders \"wikisource:Author:George W. Bush\/Executive orders\") [Presidential proclamations](https:\/\/en.wikisource.org\/wiki\/Author:George_W._Bush\/Presidential_Proclamations \"wikisource:Author:George W. Bush\/Presidential Proclamations\") [State funeral of Ronald Reagan](https:\/\/en.wikipedia.org\/wiki\/Death_and_state_funeral_of_Ronald_Reagan \"Death and state funeral of Ronald Reagan\") [State funeral of Gerald Ford](https:\/\/en.wikipedia.org\/wiki\/Death_and_state_funeral_of_Gerald_Ford \"Death and state funeral of Gerald Ford\") [Obama transition](https:\/\/en.wikipedia.org\/wiki\/Presidential_transition_of_Barack_Obama \"Presidential transition of Barack Obama\") |\n| Life and legacy | [Childhood home](https:\/\/en.wikipedia.org\/wiki\/Bush_Family_Home_State_Historic_Site \"Bush Family Home State Historic Site\") [Early life and career](https:\/\/en.wikipedia.org\/wiki\/Early_life_of_George_W._Bush \"Early life of George W. Bush\") [Presidential library](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_Presidential_Center \"George W. Bush Presidential Center\") [Official White House portrait](https:\/\/en.wikipedia.org\/wiki\/Official_White_House_portraits_of_Laura_and_George_W._Bush \"Official White House portraits of Laura and George W. Bush\") [Military service controversy](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_military_service_controversy \"George W. Bush military service controversy\") [Killian documents controversy](https:\/\/en.wikipedia.org\/wiki\/Killian_documents_controversy \"Killian documents controversy\") [authenticity issues](https:\/\/en.wikipedia.org\/wiki\/Killian_documents_authenticity_issues \"Killian documents authenticity issues\") [Professional life](https:\/\/en.wikipedia.org\/wiki\/Professional_life_of_George_W._Bush \"Professional life of George W. Bush\") [Governorship of Texas](https:\/\/en.wikipedia.org\/wiki\/Governorship_of_George_W._Bush \"Governorship of George W. Bush\") [Prairie Chapel Ranch](https:\/\/en.wikipedia.org\/wiki\/Prairie_Chapel_Ranch \"Prairie Chapel Ranch\") [Walker's Point Estate](https:\/\/en.wikipedia.org\/wiki\/Walker%27s_Point_Estate \"Walker's Point Estate\") [Clinton Bush Haiti Fund](https:\/\/en.wikipedia.org\/wiki\/Clinton_Bush_Haiti_Fund \"Clinton Bush Haiti Fund\") |\n| Speeches | [Congressional joint session address](https:\/\/en.wikipedia.org\/wiki\/2001_George_W._Bush_speech_to_a_joint_session_of_Congress \"2001 George W. Bush speech to a joint session of Congress\") (2001) [Remarks at the Islamic Center of Washington](https:\/\/en.wikipedia.org\/wiki\/Remarks_at_the_Islamic_Center_of_Washington \"Remarks at the Islamic Center of Washington\") (2001) [Congressional joint session address (September 11 attacks)](https:\/\/en.wikipedia.org\/wiki\/September_2001_George_W._Bush_speech_to_a_joint_session_of_Congress \"September 2001 George W. Bush speech to a joint session of Congress\") (2001) [Mission Accomplished](https:\/\/en.wikipedia.org\/wiki\/Mission_Accomplished_speech \"Mission Accomplished speech\") (2003) [State of the Union addresses](https:\/\/en.wikipedia.org\/wiki\/State_of_the_Union \"State of the Union\") [2002](https:\/\/en.wikipedia.org\/wiki\/2002_State_of_the_Union_Address \"2002 State of the Union Address\") ([\"Axis of evil\"](https:\/\/en.wikipedia.org\/wiki\/Axis_of_evil \"Axis of evil\")) [2003](https:\/\/en.wikipedia.org\/wiki\/2003_State_of_the_Union_Address \"2003 State of the Union Address\") [2004](https:\/\/en.wikipedia.org\/wiki\/2004_State_of_the_Union_Address \"2004 State of the Union Address\") [2005](https:\/\/en.wikipedia.org\/wiki\/2005_State_of_the_Union_Address \"2005 State of the Union Address\") [2006](https:\/\/en.wikipedia.org\/wiki\/2006_State_of_the_Union_Address \"2006 State of the Union Address\") [2007](https:\/\/en.wikipedia.org\/wiki\/2007_State_of_the_Union_Address \"2007 State of the Union Address\") [2008](https:\/\/en.wikipedia.org\/wiki\/2008_State_of_the_Union_Address \"2008 State of the Union Address\") |\n| [Elections](https:\/\/en.wikipedia.org\/wiki\/Electoral_history_of_George_W._Bush \"Electoral history of George W. Bush\") |   |\n|   |   |\n| U.S. House | [1978](https:\/\/en.wikipedia.org\/wiki\/1978_United_States_House_of_Representatives_elections \"1978 United States House of Representatives elections\") |\n| Gubernatorial | [1994](https:\/\/en.wikipedia.org\/wiki\/1994_Texas_gubernatorial_election \"1994 Texas gubernatorial election\") [1998](https:\/\/en.wikipedia.org\/wiki\/1998_Texas_gubernatorial_election \"1998 Texas gubernatorial election\") |\n| Presidential | [2000 campaign](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_2000_presidential_campaign \"George W. Bush 2000 presidential campaign\") [primaries](https:\/\/en.wikipedia.org\/wiki\/2000_Republican_Party_presidential_primaries \"2000 Republican Party presidential primaries\") [running mate selection](https:\/\/en.wikipedia.org\/wiki\/2000_Republican_Party_vice_presidential_candidate_selection \"2000 Republican Party vice presidential candidate selection\") [convention](https:\/\/en.wikipedia.org\/wiki\/2000_Republican_National_Convention \"2000 Republican National Convention\") [debates](https:\/\/en.wikipedia.org\/wiki\/2000_United_States_presidential_debates \"2000 United States presidential debates\") [election](https:\/\/en.wikipedia.org\/wiki\/2000_United_States_presidential_election \"2000 United States presidential election\") *[Bush v. Gore](https:\/\/en.wikipedia.org\/wiki\/Bush_v._Gore \"Bush v. Gore\")* [2004 campaign](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush_2004_presidential_campaign \"George W. Bush 2004 presidential campaign\") [primaries](https:\/\/en.wikipedia.org\/wiki\/2004_Republican_Party_presidential_primaries \"2004 Republican Party presidential primaries\") [convention](https:\/\/en.wikipedia.org\/wiki\/2004_Republican_National_Convention \"2004 Republican National Convention\") [debates](https:\/\/en.wikipedia.org\/wiki\/2004_United_States_presidential_debates \"2004 United States presidential debates\") [election](https:\/\/en.wikipedia.org\/wiki\/2004_United_States_presidential_election \"2004 United States presidential election\") |\n| [Public image](https:\/\/en.wikipedia.org\/wiki\/Public_image_of_George_W._Bush \"Public image of George W. Bush\") | [Bushisms](https:\/\/en.wikipedia.org\/wiki\/Bushism \"Bushism\") [Nicknames](https:\/\/en.wikipedia.org\/wiki\/List_of_nicknames_used_by_George_W._Bush \"List of nicknames used by George W. Bush\") [Fictionalized portrayals](https:\/\/en.wikipedia.org\/wiki\/Fictionalized_portrayals_of_George_W._Bush \"Fictionalized portrayals of George W. Bush\") [Miss Me Yet?](https:\/\/en.wikipedia.org\/wiki\/Miss_Me_Yet%3F \"Miss Me Yet?\") \"[Yo, Blair](https:\/\/en.wikipedia.org\/wiki\/Yo,_Blair \"Yo, Blair\")\" |\n| [Books](https:\/\/en.wikipedia.org\/wiki\/Bibliography_of_George_W._Bush \"Bibliography of George W. Bush\") | *[A Charge to Keep](https:\/\/en.wikipedia.org\/wiki\/A_Charge_to_Keep \"A Charge to Keep\")* (1999) *[Decision Points](https:\/\/en.wikipedia.org\/wiki\/Decision_Points \"Decision Points\")* (2010) *[41: A Portrait of My Father](https:\/\/en.wikipedia.org\/wiki\/41:_A_Portrait_of_My_Father \"41: A Portrait of My Father\")* (2014) *[Portraits of Courage](https:\/\/en.wikipedia.org\/wiki\/Portraits_of_Courage \"Portraits of Courage\")* (2017) *[Out of Many, One](https:\/\/en.wikipedia.org\/wiki\/Out_of_Many,_One:_Portraits_of_America%27s_Immigrants \"Out of Many, One: Portraits of America's Immigrants\")* (2021) |\n| Popular culture | [*Fahrenheit 9\/11* (2004 documentary)](https:\/\/en.wikipedia.org\/wiki\/Fahrenheit_9\/11 \"Fahrenheit 9\/11\") [*W.* (2008 film)](https:\/\/en.wikipedia.org\/wiki\/W._\$film\$ \"W. (film)\") [Vice (2018 film)](https:\/\/en.wikipedia.org\/wiki\/Vice_\$2018_film\$ \"Vice (2018 film)\") |\n| [Family](https:\/\/en.wikipedia.org\/wiki\/Bush_family \"Bush family\") | [Laura Bush](https:\/\/en.wikipedia.org\/wiki\/Laura_Bush \"Laura Bush\") (wife) [Barbara Pierce Bush](https:\/\/en.wikipedia.org\/wiki\/Barbara_Bush_\$born_1981\$ \"Barbara Bush (born 1981)\") (daughter) [Jenna Bush Hager](https:\/\/en.wikipedia.org\/wiki\/Jenna_Bush_Hager \"Jenna Bush Hager\") (daughter) [George H. W. Bush](https:\/\/en.wikipedia.org\/wiki\/George_H._W._Bush \"George H. W. Bush\") (father [presidency](https:\/\/en.wikipedia.org\/wiki\/Presidency_of_George_H._W._Bush \"Presidency of George H. W. Bush\")) [Barbara Bush](https:\/\/en.wikipedia.org\/wiki\/Barbara_Bush \"Barbara Bush\") (mother) [Robin Bush](https:\/\/en.wikipedia.org\/wiki\/Pauline_Robinson_Bush \"Pauline Robinson Bush\") (sister) [Jeb Bush](https:\/\/en.wikipedia.org\/wiki\/Jeb_Bush \"Jeb Bush\") (brother) [Neil Bush](https:\/\/en.wikipedia.org\/wiki\/Neil_Bush \"Neil Bush\") (brother) [Marvin Bush](https:\/\/en.wikipedia.org\/wiki\/Marvin_Bush \"Marvin Bush\") (brother) [Dorothy Bush Koch](https:\/\/en.wikipedia.org\/wiki\/Dorothy_Bush_Koch \"Dorothy Bush Koch\") (sister) [Barney](https:\/\/en.wikipedia.org\/wiki\/Barney_\$dog\$ \"Barney (dog)\") (dog) [Miss Beazley](https:\/\/en.wikipedia.org\/wiki\/Miss_Beazley \"Miss Beazley\") (dog) [India](https:\/\/en.wikipedia.org\/wiki\/India_\$cat\$ \"India (cat)\") (cat) [Spot Fetcher](https:\/\/en.wikipedia.org\/wiki\/Spot_Fetcher \"Spot Fetcher\") (dog) |\n| **[← Bill Clinton](https:\/\/en.wikipedia.org\/wiki\/Bill_Clinton \"Bill Clinton\")** **[Barack Obama →](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama \"Barack Obama\")** ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:George_W._Bush \"Category:George W. Bush\") |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Barack_Obama \"Template:Barack Obama\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Barack_Obama \"Template talk:Barack Obama\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Barack_Obama \"Special:EditPage\/Template:Barack Obama\")[Barack Obama](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama \"Barack Obama\") |   |\n|---|---|\n| [44th](https:\/\/en.wikipedia.org\/wiki\/List_of_presidents_of_the_United_States \"List of presidents of the United States\") [President of the United States](https:\/\/en.wikipedia.org\/wiki\/President_of_the_United_States \"President of the United States\") (2009–2017) [U.S. Senator](https:\/\/en.wikipedia.org\/wiki\/United_States_Senate \"United States Senate\") [from Illinois](https:\/\/en.wikipedia.org\/wiki\/List_of_United_States_senators_from_Illinois \"List of United States senators from Illinois\") (2005–2008) [Illinois Senator](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate \"Illinois Senate\") from the 13th district (1997–2004) |   |\n|   |   |\n| Life and politics | [Early life and career](https:\/\/en.wikipedia.org\/wiki\/Early_life_and_career_of_Barack_Obama \"Early life and career of Barack Obama\") [Illinois Senate career](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate_career_of_Barack_Obama \"Illinois Senate career of Barack Obama\") [2004 Democratic National Convention](https:\/\/en.wikipedia.org\/wiki\/2004_Democratic_National_Convention \"2004 Democratic National Convention\") [U.S. Senate career](https:\/\/en.wikipedia.org\/wiki\/US_Senate_career_of_Barack_Obama \"US Senate career of Barack Obama\") [Political positions](https:\/\/en.wikipedia.org\/wiki\/Political_positions_of_Barack_Obama \"Political positions of Barack Obama\") [Administration foreign policy](https:\/\/en.wikipedia.org\/wiki\/Foreign_policy_of_the_Obama_administration \"Foreign policy of the Obama administration\") [Cannabis](https:\/\/en.wikipedia.org\/wiki\/Cannabis_policy_of_the_Obama_administration \"Cannabis policy of the Obama administration\") [Mass surveillance](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_on_mass_surveillance \"Barack Obama on mass surveillance\") [Social](https:\/\/en.wikipedia.org\/wiki\/Social_policy_of_the_Obama_administration \"Social policy of the Obama administration\") [Space](https:\/\/en.wikipedia.org\/wiki\/Space_policy_of_the_Obama_administration \"Space policy of the Obama administration\") [2009 Nobel Peace Prize](https:\/\/en.wikipedia.org\/wiki\/2009_Nobel_Peace_Prize \"2009 Nobel Peace Prize\") [West Wing Week](https:\/\/en.wikipedia.org\/wiki\/West_Wing_Week \"West Wing Week\") |\n| [Presidency](https:\/\/en.wikipedia.org\/wiki\/Presidency_of_Barack_Obama \"Presidency of Barack Obama\") ([timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency \"Timeline of the Barack Obama presidency\")) | [Transition](https:\/\/en.wikipedia.org\/wiki\/Presidential_transition_of_Barack_Obama \"Presidential transition of Barack Obama\") Inaugurations [2009](https:\/\/en.wikipedia.org\/wiki\/First_inauguration_of_Barack_Obama \"First inauguration of Barack Obama\") [2013](https:\/\/en.wikipedia.org\/wiki\/Second_inauguration_of_Barack_Obama \"Second inauguration of Barack Obama\") [First 100 days](https:\/\/en.wikipedia.org\/wiki\/First_100_days_of_the_Obama_presidency \"First 100 days of the Obama presidency\") [Timeline](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency \"Timeline of the Barack Obama presidency\") [2009](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2009\$ \"Timeline of the Barack Obama presidency (2009)\") [2010](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2010\$ \"Timeline of the Barack Obama presidency (2010)\") [2011](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2011\$ \"Timeline of the Barack Obama presidency (2011)\") [2012](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2012\$ \"Timeline of the Barack Obama presidency (2012)\") [2013](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2013\$ \"Timeline of the Barack Obama presidency (2013)\") [2014](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2014\$ \"Timeline of the Barack Obama presidency (2014)\") [2015](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2015\$ \"Timeline of the Barack Obama presidency (2015)\") [2016](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2016%E2%80%932017\$ \"Timeline of the Barack Obama presidency (2016–2017)\") [January 2017](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Barack_Obama_presidency_\$2016%E2%80%932017\$#January_2017 \"Timeline of the Barack Obama presidency (2016–2017)\") [Foreign policy](https:\/\/en.wikipedia.org\/wiki\/Foreign_policy_of_the_Obama_administration \"Foreign policy of the Obama administration\") [Ambassadors](https:\/\/en.wikipedia.org\/wiki\/List_of_ambassadors_appointed_by_Barack_Obama \"List of ambassadors appointed by Barack Obama\") [Middle East](https:\/\/en.wikipedia.org\/wiki\/Middle_Eastern_foreign_policy_of_the_Obama_administration \"Middle Eastern foreign policy of the Obama administration\") [Afghanistan withdrawal](https:\/\/en.wikipedia.org\/wiki\/Withdrawal_of_United_States_troops_from_Afghanistan_\$2011%E2%80%932016\$ \"Withdrawal of United States troops from Afghanistan (2011–2016)\") [Iraq withdrawal](https:\/\/en.wikipedia.org\/wiki\/Withdrawal_of_United_States_troops_from_Iraq_\$2007%E2%80%932011\$ \"Withdrawal of United States troops from Iraq (2007–2011)\") [Killing of Osama bin Laden](https:\/\/en.wikipedia.org\/wiki\/Killing_of_Osama_bin_Laden \"Killing of Osama bin Laden\") [Benghazi attack](https:\/\/en.wikipedia.org\/wiki\/2012_Benghazi_attack \"2012 Benghazi attack\") [Return to Iraq](https:\/\/en.wikipedia.org\/wiki\/US-led_intervention_in_Iraq_\$2014%E2%80%932021\$ \"US-led intervention in Iraq (2014–2021)\") [War in Syria](https:\/\/en.wikipedia.org\/wiki\/US_intervention_in_the_Syrian_civil_war \"US intervention in the Syrian civil war\") [Relations with Iran](https:\/\/en.wikipedia.org\/wiki\/Iran%E2%80%93United_States_relations_during_the_Obama_administration \"Iran–United States relations during the Obama administration\") [Iran nuclear deal](https:\/\/en.wikipedia.org\/wiki\/Joint_Comprehensive_Plan_of_Action \"Joint Comprehensive Plan of Action\") [Pivot to Asia](https:\/\/en.wikipedia.org\/wiki\/East_Asian_foreign_policy_of_the_Obama_administration \"East Asian foreign policy of the Obama administration\") [Cuban thaw](https:\/\/en.wikipedia.org\/wiki\/Cuban_thaw \"Cuban thaw\") [Obama Doctrine](https:\/\/en.wikipedia.org\/wiki\/Obama_Doctrine \"Obama Doctrine\") [Europe](https:\/\/en.wikipedia.org\/wiki\/European_foreign_policy_of_the_Obama_administration \"European foreign policy of the Obama administration\") [Economic policy](https:\/\/en.wikipedia.org\/wiki\/Economic_policy_of_the_Obama_administration \"Economic policy of the Obama administration\") [Affordable Care Act](https:\/\/en.wikipedia.org\/wiki\/Affordable_Care_Act \"Affordable Care Act\") [American Recovery and Reinvestment Act of 2009](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act_of_2009 \"American Recovery and Reinvestment Act of 2009\") [Dodd–Frank Act](https:\/\/en.wikipedia.org\/wiki\/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act \"Dodd–Frank Wall Street Reform and Consumer Protection Act\") [Lilly Ledbetter Fair Pay Act of 2009](https:\/\/en.wikipedia.org\/wiki\/Lilly_Ledbetter_Fair_Pay_Act_of_2009 \"Lilly Ledbetter Fair Pay Act of 2009\") [Energy](https:\/\/en.wikipedia.org\/wiki\/Energy_policy_of_the_Obama_administration \"Energy policy of the Obama administration\")\/Environmental [Lautenberg Chemical Safety Act](https:\/\/en.wikipedia.org\/wiki\/Frank_R._Lautenberg_Chemical_Safety_for_the_21st_Century_Act \"Frank R. Lautenberg Chemical Safety for the 21st Century Act\") [Marine policy](https:\/\/en.wikipedia.org\/wiki\/Marine_policy_of_the_Obama_administration \"Marine policy of the Obama administration\") [New Energy for America](https:\/\/en.wikipedia.org\/wiki\/New_Energy_for_America \"New Energy for America\") [Regulation of greenhouse gases under the Clean Air Act](https:\/\/en.wikipedia.org\/wiki\/Regulation_of_greenhouse_gases_under_the_Clean_Air_Act \"Regulation of greenhouse gases under the Clean Air Act\") [Clean Power Plan](https:\/\/en.wikipedia.org\/wiki\/Clean_Power_Plan \"Clean Power Plan\") [Water Infrastructure Finance and Innovation Act of 2014](https:\/\/en.wikipedia.org\/wiki\/Clean_Water_Act \"Clean Water Act\") [Healthy, Hunger-Free Kids Act](https:\/\/en.wikipedia.org\/wiki\/Healthy,_Hunger-Free_Kids_Act_of_2010 \"Healthy, Hunger-Free Kids Act of 2010\") [New START](https:\/\/en.wikipedia.org\/wiki\/New_START \"New START\") [State visit to the United Kingdom](https:\/\/en.wikipedia.org\/wiki\/State_visit_by_Barack_Obama_to_the_United_Kingdom \"State visit by Barack Obama to the United Kingdom\") [MAP-21st Century Act](https:\/\/en.wikipedia.org\/wiki\/Moving_Ahead_for_Progress_in_the_21st_Century_Act \"Moving Ahead for Progress in the 21st Century Act\") [FAST Act](https:\/\/en.wikipedia.org\/wiki\/Fixing_America%27s_Surface_Transportation_Act \"Fixing America's Surface Transportation Act\") [Pardons](https:\/\/en.wikipedia.org\/wiki\/List_of_people_granted_executive_clemency_by_Barack_Obama \"List of people granted executive clemency by Barack Obama\") [Presidential trips](https:\/\/en.wikipedia.org\/wiki\/Lists_of_presidential_trips_made_by_Barack_Obama \"Lists of presidential trips made by Barack Obama\") [2009](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2009\$ \"List of presidential trips made by Barack Obama (2009)\") [2010](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2010\$ \"List of presidential trips made by Barack Obama (2010)\") [2011](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2011\$ \"List of presidential trips made by Barack Obama (2011)\") [2012](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2012\$ \"List of presidential trips made by Barack Obama (2012)\") [2013](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2013\$ \"List of presidential trips made by Barack Obama (2013)\") [2014](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2014\$ \"List of presidential trips made by Barack Obama (2014)\") [2015](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2015\$ \"List of presidential trips made by Barack Obama (2015)\") [2016–17](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_trips_made_by_Barack_Obama_\$2016%E2%80%9317\$ \"List of presidential trips made by Barack Obama (2016–17)\") [international](https:\/\/en.wikipedia.org\/wiki\/List_of_international_presidential_trips_made_by_Barack_Obama \"List of international presidential trips made by Barack Obama\") [Judicial appointments](https:\/\/en.wikipedia.org\/wiki\/List_of_federal_judges_appointed_by_Barack_Obama \"List of federal judges appointed by Barack Obama\") [Supreme Court](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Supreme_Court_candidates \"Barack Obama Supreme Court candidates\") [Sotomayor](https:\/\/en.wikipedia.org\/wiki\/Sonia_Sotomayor_Supreme_Court_nomination \"Sonia Sotomayor Supreme Court nomination\") [Kagan](https:\/\/en.wikipedia.org\/wiki\/Elena_Kagan_Supreme_Court_nomination \"Elena Kagan Supreme Court nomination\") [Garland](https:\/\/en.wikipedia.org\/wiki\/Merrick_Garland_Supreme_Court_nomination \"Merrick Garland Supreme Court nomination\") [controversies](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_judicial_appointment_controversies \"Barack Obama judicial appointment controversies\") [Cabinet](https:\/\/en.wikipedia.org\/wiki\/Cabinet_of_Barack_Obama \"Cabinet of Barack Obama\") [Biden vice presidency](https:\/\/en.wikipedia.org\/wiki\/Vice_presidency_of_Joe_Biden \"Vice presidency of Joe Biden\") [Obama Foundation](https:\/\/en.wikipedia.org\/wiki\/Obama_Foundation \"Obama Foundation\") [Presidential Library and Center](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Presidential_Center \"Barack Obama Presidential Center\") [Executive actions](https:\/\/en.wikipedia.org\/wiki\/List_of_executive_actions_by_Barack_Obama \"List of executive actions by Barack Obama\") [Executive orders](https:\/\/en.wikisource.org\/wiki\/Author:Barack_Hussein_Obama\/Executive_orders \"wikisource:Author:Barack Hussein Obama\/Executive orders\") [Memoranda](https:\/\/en.wikipedia.org\/wiki\/List_of_presidential_memoranda_by_Barack_Obama \"List of presidential memoranda by Barack Obama\") [Proclamations](https:\/\/en.wikisource.org\/wiki\/Author:Barack_Obama\/Presidential_Proclamations \"wikisource:Author:Barack Obama\/Presidential Proclamations\") [Trump transition](https:\/\/en.wikipedia.org\/wiki\/First_presidential_transition_of_Donald_Trump \"First presidential transition of Donald Trump\") [Plantation Estate](https:\/\/en.wikipedia.org\/wiki\/Plantation_Estate \"Plantation Estate\") |\n| [Books](https:\/\/en.wikipedia.org\/wiki\/Category:Books_by_Barack_Obama \"Category:Books by Barack Obama\") | [*Dreams from My Father* (1995)](https:\/\/en.wikipedia.org\/wiki\/Dreams_from_My_Father \"Dreams from My Father\") [*The Audacity of Hope* (2006)](https:\/\/en.wikipedia.org\/wiki\/The_Audacity_of_Hope \"The Audacity of Hope\") [*Of Thee I Sing* (2010)](https:\/\/en.wikipedia.org\/wiki\/Of_Thee_I_Sing_\$book\$ \"Of Thee I Sing (book)\") [*A Promised Land* (2020)](https:\/\/en.wikipedia.org\/wiki\/A_Promised_Land \"A Promised Land\") |\n| [Speeches](https:\/\/en.wikipedia.org\/wiki\/Speeches_of_Barack_Obama \"Speeches of Barack Obama\") | \"[The Audacity of Hope](https:\/\/en.wikipedia.org\/wiki\/2004_Democratic_National_Convention_keynote_address \"2004 Democratic National Convention keynote address\")\" (2004) \"[Yes We Can](https:\/\/en.wikisource.org\/wiki\/Remarks_of_Senator_Barack_Obama_on_New_Hampshire_Primary_Night \"s:Remarks of Senator Barack Obama on New Hampshire Primary Night\")\" (2008) \"[A More Perfect Union](https:\/\/en.wikipedia.org\/wiki\/A_More_Perfect_Union_\$speech\$ \"A More Perfect Union (speech)\")\" (2008) \"[Change Has Come to America](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_2008_presidential_election_victory_speech \"Barack Obama 2008 presidential election victory speech\")\" (2008) \"[A New Birth of Freedom](https:\/\/en.wikipedia.org\/wiki\/First_inauguration_of_Barack_Obama#Ceremony:_\"A_New_Birth_of_Freedom\" \"First inauguration of Barack Obama\")\" (2009) [Congressional joint session address](https:\/\/en.wikipedia.org\/wiki\/2009_Barack_Obama_speech_to_a_joint_session_of_Congress \"2009 Barack Obama speech to a joint session of Congress\") (2009) \"[A New Beginning](https:\/\/en.wikipedia.org\/wiki\/A_New_Beginning_\$speech\$ \"A New Beginning (speech)\")\" (2009) [Congressional joint session address (health care reform)](https:\/\/en.wikipedia.org\/wiki\/September_2009_Barack_Obama_speech_to_a_joint_session_of_Congress \"September 2009 Barack Obama speech to a joint session of Congress\") (2009) [State of the Union Address](https:\/\/en.wikipedia.org\/wiki\/State_of_the_Union \"State of the Union\") [2010](https:\/\/en.wikipedia.org\/wiki\/2010_State_of_the_Union_Address \"2010 State of the Union Address\") [2011](https:\/\/en.wikipedia.org\/wiki\/2011_State_of_the_Union_Address \"2011 State of the Union Address\") [2012](https:\/\/en.wikipedia.org\/wiki\/2012_State_of_the_Union_Address \"2012 State of the Union Address\") [2013](https:\/\/en.wikipedia.org\/wiki\/2013_State_of_the_Union_Address \"2013 State of the Union Address\") [2014](https:\/\/en.wikipedia.org\/wiki\/2014_State_of_the_Union_Address \"2014 State of the Union Address\") [2015](https:\/\/en.wikipedia.org\/wiki\/2015_State_of_the_Union_Address \"2015 State of the Union Address\") [2016](https:\/\/en.wikipedia.org\/wiki\/2016_State_of_the_Union_Address \"2016 State of the Union Address\") [Tucson memorial speech](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Tucson_memorial_speech \"Barack Obama Tucson memorial speech\") (2011) [Congressional joint session address (jobs)](https:\/\/en.wikipedia.org\/wiki\/American_Jobs_Act \"American Jobs Act\") (2011) \"[You didn't build that](https:\/\/en.wikipedia.org\/wiki\/You_didn%27t_build_that \"You didn't build that\")\" (2012) [Selma 50th anniversary](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Selma_50th_anniversary_speech \"Barack Obama Selma 50th anniversary speech\") (2015) [Farewell address](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama%27s_farewell_address \"Barack Obama's farewell address\") (2017) |\n| [Elections](https:\/\/en.wikipedia.org\/wiki\/Electoral_history_of_Barack_Obama \"Electoral history of Barack Obama\") |   |\n|   |   |\n| Illinois | [State Senate](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate_elections_of_Barack_Obama \"Illinois Senate elections of Barack Obama\") [1996](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate_elections_of_Barack_Obama#First_state_Senate_election,_1996 \"Illinois Senate elections of Barack Obama\") [1998](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate_elections_of_Barack_Obama#Second_state_Senate_election,_1998 \"Illinois Senate elections of Barack Obama\") [2002](https:\/\/en.wikipedia.org\/wiki\/Illinois_Senate_elections_of_Barack_Obama#Third_state_Senate_election,_2002 \"Illinois Senate elections of Barack Obama\") U.S. House of Representatives [2000](https:\/\/en.wikipedia.org\/wiki\/2000_Illinois%27s_1st_congressional_district_election \"2000 Illinois's 1st congressional district election\") |\n| U.S. Senate | [2004](https:\/\/en.wikipedia.org\/wiki\/2004_United_States_Senate_election_in_Illinois \"2004 United States Senate election in Illinois\") |\n| Presidential | [2008 campaign](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_2008_presidential_campaign \"Barack Obama 2008 presidential campaign\") [endorsements](https:\/\/en.wikipedia.org\/wiki\/List_of_Barack_Obama_2008_presidential_campaign_endorsements \"List of Barack Obama 2008 presidential campaign endorsements\") [GOP\/conservative support](https:\/\/en.wikipedia.org\/wiki\/Republican_and_conservative_support_for_Barack_Obama_in_2008 \"Republican and conservative support for Barack Obama in 2008\") [staff members](https:\/\/en.wikipedia.org\/wiki\/List_of_Barack_Obama_2008_presidential_campaign_staff_members \"List of Barack Obama 2008 presidential campaign staff members\") [primaries](https:\/\/en.wikipedia.org\/wiki\/2008_Democratic_Party_presidential_primaries \"2008 Democratic Party presidential primaries\") [primary campaign](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_2008_presidential_primary_campaign \"Barack Obama 2008 presidential primary campaign\") [running mate selection](https:\/\/en.wikipedia.org\/wiki\/2008_Democratic_Party_vice_presidential_candidate_selection \"2008 Democratic Party vice presidential candidate selection\") [convention](https:\/\/en.wikipedia.org\/wiki\/2008_Democratic_National_Convention \"2008 Democratic National Convention\") [debates](https:\/\/en.wikipedia.org\/wiki\/2008_United_States_presidential_debates \"2008 United States presidential debates\") [election](https:\/\/en.wikipedia.org\/wiki\/2008_United_States_presidential_election \"2008 United States presidential election\") [2012 campaign](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_2012_presidential_campaign \"Barack Obama 2012 presidential campaign\") [endorsements](https:\/\/en.wikipedia.org\/wiki\/List_of_Barack_Obama_2012_presidential_campaign_endorsements \"List of Barack Obama 2012 presidential campaign endorsements\") [primaries](https:\/\/en.wikipedia.org\/wiki\/2012_Democratic_Party_presidential_primaries \"2012 Democratic Party presidential primaries\") [convention](https:\/\/en.wikipedia.org\/wiki\/2012_Democratic_National_Convention \"2012 Democratic National Convention\") [debates](https:\/\/en.wikipedia.org\/wiki\/2012_United_States_presidential_debates \"2012 United States presidential debates\") [election](https:\/\/en.wikipedia.org\/wiki\/2012_United_States_presidential_election \"2012 United States presidential election\") |\n| [Family](https:\/\/en.wikipedia.org\/wiki\/Family_of_Barack_Obama \"Family of Barack Obama\") | [Michelle Obama](https:\/\/en.wikipedia.org\/wiki\/Michelle_Obama \"Michelle Obama\") (wife) [Ann Dunham](https:\/\/en.wikipedia.org\/wiki\/Ann_Dunham \"Ann Dunham\") (mother) [Barack Obama Sr.](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Sr. \"Barack Obama Sr.\") (father) [Lolo Soetoro](https:\/\/en.wikipedia.org\/wiki\/Lolo_Soetoro \"Lolo Soetoro\") (stepfather) [Maya Soetoro-Ng](https:\/\/en.wikipedia.org\/wiki\/Maya_Soetoro-Ng \"Maya Soetoro-Ng\") (maternal half-sister) [Stanley Armour Dunham](https:\/\/en.wikipedia.org\/wiki\/Stanley_Armour_Dunham \"Stanley Armour Dunham\") (maternal grandfather) [Madelyn Dunham](https:\/\/en.wikipedia.org\/wiki\/Madelyn_Dunham \"Madelyn Dunham\") (maternal grandmother) [Auma Obama](https:\/\/en.wikipedia.org\/wiki\/Auma_Obama \"Auma Obama\") (paternal half-sister) [Malik Obama](https:\/\/en.wikipedia.org\/wiki\/Malik_Obama \"Malik Obama\") (paternal half-brother) [Marian Robinson](https:\/\/en.wikipedia.org\/wiki\/Marian_Robinson \"Marian Robinson\") (mother-in-law) [Craig Robinson](https:\/\/en.wikipedia.org\/wiki\/Craig_Robinson_\$basketball\$ \"Craig Robinson (basketball)\") (brother-in-law) [Bo](https:\/\/en.wikipedia.org\/wiki\/Bo_\$dog\$ \"Bo (dog)\") (family dog) [Sunny](https:\/\/en.wikipedia.org\/wiki\/Sunny_\$dog\$ \"Sunny (dog)\") (family dog) |\n| [Public image](https:\/\/en.wikipedia.org\/wiki\/Public_image_of_Barack_Obama \"Public image of Barack Obama\") |   |\n| News and   political events | [Oprah Winfrey's endorsement](https:\/\/en.wikipedia.org\/wiki\/Oprah_Winfrey%27s_endorsement_of_Barack_Obama \"Oprah Winfrey's endorsement of Barack Obama\") [Citizenship conspiracy theories](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_citizenship_conspiracy_theories \"Barack Obama citizenship conspiracy theories\") [litigation](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_presidential_eligibility_litigation \"Barack Obama presidential eligibility litigation\") [Religion conspiracy theories](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_religion_conspiracy_theories \"Barack Obama religion conspiracy theories\") [Bill Ayers controversy](https:\/\/en.wikipedia.org\/wiki\/Bill_Ayers_2008_presidential_election_controversy \"Bill Ayers 2008 presidential election controversy\") [Jeremiah Wright controversy](https:\/\/en.wikipedia.org\/wiki\/Jeremiah_Wright_controversy \"Jeremiah Wright controversy\") [Republican and conservative support (2008)](https:\/\/en.wikipedia.org\/wiki\/Republican_and_conservative_support_for_Barack_Obama_in_2008 \"Republican and conservative support for Barack Obama in 2008\") [Assassination threats](https:\/\/en.wikipedia.org\/wiki\/Security_incidents_involving_Barack_Obama \"Security incidents involving Barack Obama\") [2008 Denver](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_assassination_plot_in_Denver \"Barack Obama assassination plot in Denver\") [2008 Tennessee](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_assassination_plot_in_Tennessee \"Barack Obama assassination plot in Tennessee\") [First inauguration invitations](https:\/\/en.wikipedia.org\/wiki\/Invitations_to_the_first_inauguration_of_Barack_Obama \"Invitations to the first inauguration of Barack Obama\") [Inaugural Celebration at the Lincoln Memorial](https:\/\/en.wikipedia.org\/wiki\/We_Are_One:_The_Obama_Inaugural_Celebration_at_the_Lincoln_Memorial \"We Are One: The Obama Inaugural Celebration at the Lincoln Memorial\") *[Citizen's Briefing Book](https:\/\/en.wikipedia.org\/wiki\/Citizen%27s_Briefing_Book \"Citizen's Briefing Book\")* [Tea Party protests](https:\/\/en.wikipedia.org\/wiki\/Tea_Party_protests \"Tea Party protests\") [New Energy for America](https:\/\/en.wikipedia.org\/wiki\/New_Energy_for_America \"New Energy for America\") [Gates–Crowley Rose Garden meeting](https:\/\/en.wikipedia.org\/wiki\/Henry_Louis_Gates_arrest_controversy#Presidential_involvement \"Henry Louis Gates arrest controversy\") [Firing of Shirley Sherrod](https:\/\/en.wikipedia.org\/wiki\/Firing_of_Shirley_Sherrod \"Firing of Shirley Sherrod\") [Impeachment efforts](https:\/\/en.wikipedia.org\/wiki\/Efforts_to_impeach_Barack_Obama \"Efforts to impeach Barack Obama\") [Tan suit controversy](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_tan_suit_controversy \"Barack Obama tan suit controversy\") |\n| [Books about](https:\/\/en.wikipedia.org\/wiki\/Category:Books_about_Barack_Obama \"Category:Books about Barack Obama\") | [Bibliography](https:\/\/en.wikipedia.org\/wiki\/Bibliography_of_Barack_Obama \"Bibliography of Barack Obama\") *[Obama: From Promise to Power](https:\/\/en.wikipedia.org\/wiki\/Obama:_From_Promise_to_Power \"Obama: From Promise to Power\")* *[Barack Obama: Der schwarze Kennedy](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama:_Der_schwarze_Kennedy \"Barack Obama: Der schwarze Kennedy\")* *[Redemption Song](https:\/\/en.wikipedia.org\/wiki\/Redemption_Song_\$Stanage_book\$ \"Redemption Song (Stanage book)\")* *[The Case Against Barack Obama](https:\/\/en.wikipedia.org\/wiki\/The_Case_Against_Barack_Obama \"The Case Against Barack Obama\")* *[The Obama Nation](https:\/\/en.wikipedia.org\/wiki\/The_Obama_Nation \"The Obama Nation\")* *[Culture of Corruption](https:\/\/en.wikipedia.org\/wiki\/Culture_of_Corruption \"Culture of Corruption\")* *[Catastrophe](https:\/\/en.wikipedia.org\/wiki\/Catastrophe_\$Morris_and_McGann_book\$ \"Catastrophe (Morris and McGann book)\")* *[Barack and Michelle](https:\/\/en.wikipedia.org\/wiki\/Barack_and_Michelle \"Barack and Michelle\")* *[The Speech](https:\/\/en.wikipedia.org\/wiki\/The_Speech_\$Sharpley-Whiting_book\$ \"The Speech (Sharpley-Whiting book)\")* *[The Obama Story](https:\/\/en.wikipedia.org\/wiki\/The_Obama_Story \"The Obama Story\")* *[Between Barack and a Hard Place](https:\/\/en.wikipedia.org\/wiki\/Between_Barack_and_a_Hard_Place \"Between Barack and a Hard Place\")* *[Game Change](https:\/\/en.wikipedia.org\/wiki\/Game_Change \"Game Change\")* *[Obama Zombies](https:\/\/en.wikipedia.org\/wiki\/Obama_Zombies \"Obama Zombies\")* *[Conservative Victory](https:\/\/en.wikipedia.org\/wiki\/Conservative_Victory \"Conservative Victory\")* *[The Bridge](https:\/\/en.wikipedia.org\/wiki\/The_Bridge:_The_Life_and_Rise_of_Barack_Obama \"The Bridge: The Life and Rise of Barack Obama\")* *[The Obama Diaries](https:\/\/en.wikipedia.org\/wiki\/The_Obama_Diaries \"The Obama Diaries\")* *[The Obama Syndrome](https:\/\/en.wikipedia.org\/wiki\/The_Obama_Syndrome \"The Obama Syndrome\")* *[The Obama Identity](https:\/\/en.wikipedia.org\/wiki\/The_Obama_Identity \"The Obama Identity\")* *[O: A Presidential Novel](https:\/\/en.wikipedia.org\/wiki\/O:_A_Presidential_Novel \"O: A Presidential Novel\")* *[Where's the Birth Certificate?](https:\/\/en.wikipedia.org\/wiki\/Where%27s_the_Birth_Certificate%3F \"Where's the Birth Certificate?\")* *[Obama's Last Stand](https:\/\/en.wikipedia.org\/wiki\/Obama%27s_Last_Stand \"Obama's Last Stand\")* *[Barack Obama: The Story](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama:_The_Story \"Barack Obama: The Story\")* *[Game Change 2012](https:\/\/en.wikipedia.org\/wiki\/Double_Down:_Game_Change_2012 \"Double Down: Game Change 2012\")* *[Buyer's Remorse](https:\/\/en.wikipedia.org\/wiki\/Buyer%27s_Remorse_\$book\$ \"Buyer's Remorse (book)\")* *[Rising Star](https:\/\/en.wikipedia.org\/wiki\/Rising_Star_\$book\$ \"Rising Star (book)\")* *[Shade](https:\/\/en.wikipedia.org\/wiki\/Shade:_A_Tale_of_Two_Presidents \"Shade: A Tale of Two Presidents\")* *[The World as It Is](https:\/\/en.wikipedia.org\/wiki\/The_World_as_It_Is_\$book\$ \"The World as It Is (book)\")* |\n| Music | [Obama Girl](https:\/\/en.wikipedia.org\/wiki\/Amber_Lee_Ettinger \"Amber Lee Ettinger\") \"[I Got a Crush... on Obama](https:\/\/en.wikipedia.org\/wiki\/Crush_on_Obama \"Crush on Obama\")\" \"[Barack the Magic Negro](https:\/\/en.wikipedia.org\/wiki\/Magical_Negro#Barack_Obama \"Magical Negro\")\" [will.i.am](https:\/\/en.wikipedia.org\/wiki\/Will.i.am \"Will.i.am\") \"[Yes We Can](https:\/\/en.wikipedia.org\/wiki\/Yes_We_Can_\$will.i.am_song\$ \"Yes We Can (will.i.am song)\")\" \"[The President Sang Amazing Grace](https:\/\/en.wikipedia.org\/wiki\/The_President_Sang_Amazing_Grace \"The President Sang Amazing Grace\")\" \"[There's No One as Irish as Barack O'Bama](https:\/\/en.wikipedia.org\/wiki\/There%27s_No_One_as_Irish_as_Barack_O%27Bama \"There's No One as Irish as Barack O'Bama\")\" \"[Sí Se Puede Cambiar](https:\/\/en.wikipedia.org\/wiki\/S%C3%AD_Se_Puede_Cambiar \"Sí Se Puede Cambiar\")\" \"[My President](https:\/\/en.wikipedia.org\/wiki\/My_President \"My President\")\" \"[Deadheads for Obama](https:\/\/en.wikipedia.org\/wiki\/Deadheads_for_Obama \"Deadheads for Obama\")\" \"[Air and Simple Gifts](https:\/\/en.wikipedia.org\/wiki\/Air_and_Simple_Gifts \"Air and Simple Gifts\")\" *[Change Is Now](https:\/\/en.wikipedia.org\/wiki\/Change_Is_Now:_Renewing_America%27s_Promise \"Change Is Now: Renewing America's Promise\")* *[Hope! – Das Obama Musical](https:\/\/en.wikipedia.org\/wiki\/Hope!_%E2%80%93_Das_Obama_Musical \"Hope! – Das Obama Musical\")* \"[Barack Obama vs. Mitt Romney](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_vs._Mitt_Romney_\$video\$ \"Barack Obama vs. Mitt Romney (video)\")\" *[Barack's Dubs](https:\/\/en.wikipedia.org\/wiki\/Baracksdubs \"Baracksdubs\")* \"[Signed, Sealed, Delivered I'm Yours](https:\/\/en.wikipedia.org\/wiki\/Signed,_Sealed,_Delivered_I%27m_Yours#Political_significance \"Signed, Sealed, Delivered I'm Yours\")\" |\n| Film, TV,   and stage | *[By the People: The Election of Barack Obama](https:\/\/en.wikipedia.org\/wiki\/By_the_People:_The_Election_of_Barack_Obama \"By the People: The Election of Barack Obama\")* (2009) *[Change](https:\/\/en.wikipedia.org\/wiki\/Change_\$film\$ \"Change (film)\")* (2010) *[Little Obama](https:\/\/en.wikipedia.org\/wiki\/Little_Obama \"Little Obama\")* (2010) *[2016: Obama's America](https:\/\/en.wikipedia.org\/wiki\/2016:_Obama%27s_America \"2016: Obama's America\")* (2012) *[The Road We've Traveled](https:\/\/en.wikipedia.org\/wiki\/The_Road_We%27ve_Traveled \"The Road We've Traveled\")* (2012) *[Southside with You](https:\/\/en.wikipedia.org\/wiki\/Southside_with_You \"Southside with You\")* (2016) *[Hillary and Clinton](https:\/\/en.wikipedia.org\/wiki\/Hillary_and_Clinton \"Hillary and Clinton\")* (2016) *[Barry](https:\/\/en.wikipedia.org\/wiki\/Barry_\$2016_film\$ \"Barry (2016 film)\")* (2016) *[America's Great Divide: From Obama to Trump](https:\/\/en.wikipedia.org\/wiki\/America%27s_Great_Divide:_From_Obama_to_Trump \"America's Great Divide: From Obama to Trump\")* (2020) *[We the People](https:\/\/en.wikipedia.org\/wiki\/We_the_People_\$2021_TV_series\$ \"We the People (2021 TV series)\")* (2021) *[Renegades: Born in the USA](https:\/\/en.wikipedia.org\/wiki\/Renegades:_Born_in_the_USA \"Renegades: Born in the USA\")* (2021) *[Obama: In Pursuit of a More Perfect Union](https:\/\/en.wikipedia.org\/wiki\/Obama:_In_Pursuit_of_a_More_Perfect_Union \"Obama: In Pursuit of a More Perfect Union\")* (2021) *[The First Lady](https:\/\/en.wikipedia.org\/wiki\/The_First_Lady_\$American_TV_series\$ \"The First Lady (American TV series)\")* (2022) *[Picturing the Obamas](https:\/\/en.wikipedia.org\/wiki\/Picturing_the_Obamas \"Picturing the Obamas\")* (2022) |\n| [Other media](https:\/\/en.wikipedia.org\/wiki\/Category:Images_of_Barack_Obama \"Category:Images of Barack Obama\") | [Social media use](https:\/\/en.wikipedia.org\/wiki\/Social_media_use_by_Barack_Obama \"Social media use by Barack Obama\") [Artists for Obama](https:\/\/en.wikipedia.org\/wiki\/Artists_for_Obama \"Artists for Obama\") [\"Hope\" poster](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_%22Hope%22_poster \"Barack Obama \\\"Hope\\\" poster\") [\"Joker\" poster](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_%22Joker%22_poster \"Barack Obama \\\"Joker\\\" poster\") [*Hair Like Mine*](https:\/\/en.wikipedia.org\/wiki\/Hair_Like_Mine \"Hair Like Mine\") [*Situation Room*](https:\/\/en.wikipedia.org\/wiki\/Situation_Room_\$photograph\$ \"Situation Room (photograph)\") [Iman Crosson](https:\/\/en.wikipedia.org\/wiki\/Iman_Crosson \"Iman Crosson\") *[The Forgotten Man](https:\/\/en.wikipedia.org\/wiki\/The_Forgotten_Man_\$painting\$ \"The Forgotten Man (painting)\")* (2010 painting) *[Saraswati](https:\/\/en.wikipedia.org\/wiki\/Saraswati_\$sculpture\$ \"Saraswati (sculpture)\")* (2013 sculpture) *[President Barack Obama](https:\/\/en.wikipedia.org\/wiki\/President_Barack_Obama_\$painting\$ \"President Barack Obama (painting)\")* (2018 portrait) [Official White House portrait](https:\/\/en.wikipedia.org\/wiki\/Official_White_House_portraits_of_Michelle_and_Barack_Obama \"Official White House portraits of Michelle and Barack Obama\") (2022) [Obama logo](https:\/\/en.wikipedia.org\/wiki\/Obama_logo \"Obama logo\") [In comics](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_in_comics \"Barack Obama in comics\") \"[Spidey Meets the President\\!](https:\/\/en.wikipedia.org\/wiki\/Spidey_Meets_the_President! \"Spidey Meets the President!\")\" *[Bomb Queen: Time Bomb: Countdown To Armageddon](https:\/\/en.wikipedia.org\/w\/index.php?title=Bomb_Queen:_Time_Bomb:_Countdown_To_Armageddon&action=edit&redlink=1 \"Bomb Queen: Time Bomb: Countdown To Armageddon (page does not exist)\")* [Barack Obama's summer playlist](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama%27s_summer_playlist \"Barack Obama's summer playlist\") [Obama is a schmuck](https:\/\/en.wikipedia.org\/wiki\/Obama_is_a_schmuck \"Obama is a schmuck\") |\n| Related | [Barack Obama Day](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama_Day \"Barack Obama Day\") [Awards and honors](https:\/\/en.wikipedia.org\/wiki\/List_of_awards_and_honors_received_by_Barack_Obama \"List of awards and honors received by Barack Obama\") [Namesakes](https:\/\/en.wikipedia.org\/wiki\/List_of_things_named_after_Barack_Obama \"List of things named after Barack Obama\") [Higher Ground Productions](https:\/\/en.wikipedia.org\/wiki\/Higher_Ground_Productions \"Higher Ground Productions\") \"[One Last Time (44 Remix)](https:\/\/en.wikipedia.org\/wiki\/One_Last_Time_\$Hamilton_song\$#Remix \"One Last Time (Hamilton song)\")\" [Sunlight before signing](https:\/\/en.wikipedia.org\/wiki\/Sunlight_before_signing \"Sunlight before signing\") |\n| **[← George W. Bush](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush \"George W. Bush\")** **[Donald Trump →](https:\/\/en.wikipedia.org\/wiki\/Donald_Trump \"Donald Trump\")** **![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:Barack_Obama \"Category:Barack Obama\")** |   |\n\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Americas_topic \"Template:Americas topic\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Americas_topic \"Template talk:Americas topic\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Americas_topic \"Special:EditPage\/Template:Americas topic\")Great Recession in the [Americas](https:\/\/en.wikipedia.org\/wiki\/Americas \"Americas\") |   |\n|---|---|\n| [Sovereign states](https:\/\/en.wikipedia.org\/wiki\/List_of_sovereign_states_in_the_Americas \"List of sovereign states in the Americas\") | [Antigua and Barbuda](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Antigua_and_Barbuda&action=edit&redlink=1 \"Great Recession in Antigua and Barbuda (page does not exist)\") [Argentina](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Argentina&action=edit&redlink=1 \"Great Recession in Argentina (page does not exist)\") [Bahamas](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Bahamas&action=edit&redlink=1 \"Great Recession in the Bahamas (page does not exist)\") [Barbados](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Barbados&action=edit&redlink=1 \"Great Recession in Barbados (page does not exist)\") [Belize](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Belize&action=edit&redlink=1 \"Great Recession in Belize (page does not exist)\") [Bolivia](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Bolivia&action=edit&redlink=1 \"Great Recession in Bolivia (page does not exist)\") [Brazil](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Brazil&action=edit&redlink=1 \"Great Recession in Brazil (page does not exist)\") [Canada](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Canada&action=edit&redlink=1 \"Great Recession in Canada (page does not exist)\") [Chile](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Chile&action=edit&redlink=1 \"Great Recession in Chile (page does not exist)\") [Colombia](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Colombia&action=edit&redlink=1 \"Great Recession in Colombia (page does not exist)\") [Costa Rica](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Costa_Rica&action=edit&redlink=1 \"Great Recession in Costa Rica (page does not exist)\") [Cuba](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Cuba&action=edit&redlink=1 \"Great Recession in Cuba (page does not exist)\") [Dominica](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Dominica&action=edit&redlink=1 \"Great Recession in Dominica (page does not exist)\") [Dominican Republic](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Dominican_Republic&action=edit&redlink=1 \"Great Recession in the Dominican Republic (page does not exist)\") [Ecuador](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Ecuador&action=edit&redlink=1 \"Great Recession in Ecuador (page does not exist)\") [El Salvador](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_El_Salvador&action=edit&redlink=1 \"Great Recession in El Salvador (page does not exist)\") [Grenada](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Grenada&action=edit&redlink=1 \"Great Recession in Grenada (page does not exist)\") [Guatemala](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Guatemala&action=edit&redlink=1 \"Great Recession in Guatemala (page does not exist)\") [Guyana](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Guyana&action=edit&redlink=1 \"Great Recession in Guyana (page does not exist)\") [Haiti](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Haiti&action=edit&redlink=1 \"Great Recession in Haiti (page does not exist)\") [Honduras](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Honduras&action=edit&redlink=1 \"Great Recession in Honduras (page does not exist)\") [Jamaica](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Jamaica&action=edit&redlink=1 \"Great Recession in Jamaica (page does not exist)\") [Mexico](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Mexico&action=edit&redlink=1 \"Great Recession in Mexico (page does not exist)\") [Nicaragua](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Nicaragua&action=edit&redlink=1 \"Great Recession in Nicaragua (page does not exist)\") [Panama](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Panama&action=edit&redlink=1 \"Great Recession in Panama (page does not exist)\") [Paraguay](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Paraguay&action=edit&redlink=1 \"Great Recession in Paraguay (page does not exist)\") [Peru](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Peru&action=edit&redlink=1 \"Great Recession in Peru (page does not exist)\") [Saint Kitts and Nevis](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saint_Kitts_and_Nevis&action=edit&redlink=1 \"Great Recession in Saint Kitts and Nevis (page does not exist)\") [Saint Lucia](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saint_Lucia&action=edit&redlink=1 \"Great Recession in Saint Lucia (page does not exist)\") [Saint Vincent and the Grenadines](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saint_Vincent_and_the_Grenadines&action=edit&redlink=1 \"Great Recession in Saint Vincent and the Grenadines (page does not exist)\") [Suriname](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Suriname&action=edit&redlink=1 \"Great Recession in Suriname (page does not exist)\") [Trinidad and Tobago](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Trinidad_and_Tobago&action=edit&redlink=1 \"Great Recession in Trinidad and Tobago (page does not exist)\") [United States]() [Uruguay](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Uruguay&action=edit&redlink=1 \"Great Recession in Uruguay (page does not exist)\") [Venezuela](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Venezuela&action=edit&redlink=1 \"Great Recession in Venezuela (page does not exist)\") |\n| [Dependencies](https:\/\/en.wikipedia.org\/wiki\/Dependent_territory \"Dependent territory\") and [territories](https:\/\/en.wikipedia.org\/wiki\/Territory \"Territory\") | [Anguilla](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Anguilla&action=edit&redlink=1 \"Great Recession in Anguilla (page does not exist)\") [Aruba](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Aruba&action=edit&redlink=1 \"Great Recession in Aruba (page does not exist)\") [Bermuda](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Bermuda&action=edit&redlink=1 \"Great Recession in Bermuda (page does not exist)\") [Bonaire](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Bonaire&action=edit&redlink=1 \"Great Recession in Bonaire (page does not exist)\") [British Virgin Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_British_Virgin_Islands&action=edit&redlink=1 \"Great Recession in the British Virgin Islands (page does not exist)\") [Cayman Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Cayman_Islands&action=edit&redlink=1 \"Great Recession in the Cayman Islands (page does not exist)\") [Curaçao](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Cura%C3%A7ao&action=edit&redlink=1 \"Great Recession in Curaçao (page does not exist)\") [Falkland Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Falkland_Islands&action=edit&redlink=1 \"Great Recession in the Falkland Islands (page does not exist)\") [French Guiana](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_French_Guiana&action=edit&redlink=1 \"Great Recession in French Guiana (page does not exist)\") [Greenland](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Greenland&action=edit&redlink=1 \"Great Recession in Greenland (page does not exist)\") [Guadeloupe](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Guadeloupe&action=edit&redlink=1 \"Great Recession in Guadeloupe (page does not exist)\") [Martinique](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Martinique&action=edit&redlink=1 \"Great Recession in Martinique (page does not exist)\") [Montserrat](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Montserrat&action=edit&redlink=1 \"Great Recession in Montserrat (page does not exist)\") [Puerto Rico](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Puerto_Rico&action=edit&redlink=1 \"Great Recession in Puerto Rico (page does not exist)\") [Saba](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saba_\$island\$&action=edit&redlink=1 \"Great Recession in Saba (island) (page does not exist)\") [Saint Barthélemy](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saint_Barth%C3%A9lemy&action=edit&redlink=1 \"Great Recession in Saint Barthélemy (page does not exist)\") [Saint Martin](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Collectivity_of_Saint_Martin&action=edit&redlink=1 \"Great Recession in the Collectivity of Saint Martin (page does not exist)\") [Saint Pierre and Miquelon](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Saint_Pierre_and_Miquelon&action=edit&redlink=1 \"Great Recession in Saint Pierre and Miquelon (page does not exist)\") [Sint Eustatius](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Sint_Eustatius&action=edit&redlink=1 \"Great Recession in Sint Eustatius (page does not exist)\") [Sint Maarten](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Sint_Maarten&action=edit&redlink=1 \"Great Recession in Sint Maarten (page does not exist)\") [South Georgia and the South Sandwich Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_South_Georgia_and_the_South_Sandwich_Islands&action=edit&redlink=1 \"Great Recession in South Georgia and the South Sandwich Islands (page does not exist)\") [Turks and Caicos Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Turks_and_Caicos_Islands&action=edit&redlink=1 \"Great Recession in the Turks and Caicos Islands (page does not exist)\") [U.S. Virgin Islands](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States_Virgin_Islands&action=edit&redlink=1 \"Great Recession in the United States Virgin Islands (page does not exist)\") |\n| **[North America](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_North_America&action=edit&redlink=1 \"Great Recession in North America (page does not exist)\")** [Central America](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_Central_America&action=edit&redlink=1 \"Great Recession in Central America (page does not exist)\") [Caribbean](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_Caribbean&action=edit&redlink=1 \"Great Recession in the Caribbean (page does not exist)\") **[South America](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\")** |   |\n\n![](https:\/\/en.wikipedia.org\/wiki\/Special:CentralAutoLogin\/start?useformat=desktop&type=1x1&usesul3=1)\n\nRetrieved from \"<https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&oldid=1341820309>\"\n\n[Categories](https:\/\/en.wikipedia.org\/wiki\/Help:Category \"Help:Category\"):\n\n- [Great Recession in the United States](https:\/\/en.wikipedia.org\/wiki\/Category:Great_Recession_in_the_United_States \"Category:Great Recession in the United States\")\n- [2000s in economic history](https:\/\/en.wikipedia.org\/wiki\/Category:2000s_in_economic_history \"Category:2000s in economic history\")\n- [2010s in economic history](https:\/\/en.wikipedia.org\/wiki\/Category:2010s_in_economic_history \"Category:2010s in economic history\")\n- [Economic 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By using this site, you agree to the [Terms of Use](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Terms_of_Use \"foundation:Special:MyLanguage\/Policy:Terms of Use\") and [Privacy Policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy \"foundation:Special:MyLanguage\/Policy:Privacy policy\"). Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https:\/\/wikimediafoundation.org\/), a non-profit organization.\n\n- [Privacy policy](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Privacy_policy)\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About)\n- [Disclaimers](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:General_disclaimer)\n- [Contact Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us)\n- [Legal & safety contacts](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)\n- [Code of Conduct](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Universal_Code_of_Conduct)\n- [Developers](https:\/\/developer.wikimedia.org\/)\n- [Statistics](https:\/\/stats.wikimedia.org\/#\/en.wikipedia.org)\n- [Cookie statement](https:\/\/foundation.wikimedia.org\/wiki\/Special:MyLanguage\/Policy:Cookie_statement)\n- [Mobile view](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&mobileaction=toggle_view_mobile)\n\n- [![Wikimedia Foundation](https:\/\/en.wikipedia.org\/static\/images\/footer\/wikimedia.svg)](https:\/\/www.wikimedia.org\/)\n- [![Powered by MediaWiki](https:\/\/en.wikipedia.org\/w\/resources\/assets\/mediawiki_compact.svg)](https:\/\/www.mediawiki.org\/)\n\nSearch\n\nToggle the table of contents\n\nGreat Recession in the United States\n\n2 languages\n\n[Add topic](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States)","attrs_readable_markdown":"In the [United States](https:\/\/en.wikipedia.org\/wiki\/United_States \"United States\"), the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") was a severe [financial crisis](https:\/\/en.wikipedia.org\/wiki\/Financial_crisis \"Financial crisis\") combined with a deep [recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\"). While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of [employment](https:\/\/en.wikipedia.org\/wiki\/Unemployment_in_the_United_States \"Unemployment in the United States\") and [output](https:\/\/en.wikipedia.org\/wiki\/GDP \"GDP\"). This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-1) along with restrained government spending following initial stimulus efforts.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) It followed the bursting of the [housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\"), the [housing market correction](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_market_correction \"United States housing market correction\") and [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\").\n\nAccording to the [Department of Labor](https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_Labor \"United States Department of Labor\"), roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"). The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by \"a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales\").[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-4) Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-5) The total number of jobs did not return to November 2007 levels until May 2014.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-6) Some areas, such as jobs in public health, have not recovered as of 2023.[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Leider-7)\n\nHouseholds and non-profit organizations added approximately \\$8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-8) However, the [debt held by the public](https:\/\/en.wikipedia.org\/wiki\/United_States_national_debt \"United States national debt\") rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-9)[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-10) President [Barack Obama](https:\/\/en.wikipedia.org\/wiki\/Barack_Obama \"Barack Obama\") declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimes.com-11)\n\nAfter the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-12) and The Chandler Act (1938),[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-13) which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector.\n\nThere were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation.[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-auto-14) The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from \\$40k to \\$50k[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-auto-14) – a 25 percent salary increase - while the average salary in investment banking increased from \\$40k to \\$100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the [savings and loan crisis](https:\/\/en.wikipedia.org\/wiki\/Savings_and_loan_crisis \"Savings and loan crisis\"). By the end of the 1980s, many\\[*[quantify](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Manual_of_Style\/Dates_and_numbers \"Wikipedia:Manual of Style\/Dates and numbers\")*\\] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs.\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/e0\/Subprime_mortgage_originations%2C_1996-2008.GIF\/500px-Subprime_mortgage_originations%2C_1996-2008.GIF)](https:\/\/en.wikipedia.org\/wiki\/File:Subprime_mortgage_originations,_1996-2008.GIF)\n\nSubprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: [Financial Crisis Inquiry Commission Report](https:\/\/www.gpo.gov\/fdsys\/pkg\/GPO-FCIC\/pdf\/GPO-FCIC.pdf), p. 70 Figure 5.2).\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/e\/e2\/Foreclosure_Trend.png\/500px-Foreclosure_Trend.png)](https:\/\/en.wikipedia.org\/wiki\/File:Foreclosure_Trend.png)\n\nNumber of U.S. household properties subject to foreclosure actions by quarter\n\nIn the early months of 2008, many observers believed that a U.S. [recession](https:\/\/en.wikipedia.org\/wiki\/Recession \"Recession\") had begun.[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-15)[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-16)[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-17) The collapse of [Bear Stearns](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns \"Bear Stearns\") and the resulting financial market turbulence signaled that the crisis would not be mild and brief.\n\n[Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"), ex-[Chairman of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chairman_of_the_Federal_Reserve \"Chairman of the Federal Reserve\"), stated in March 2008 that the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") in the United States \"is likely to be judged in retrospect as the most wrenching since the end of [World War II](https:\/\/en.wikipedia.org\/wiki\/World_War_II \"World War II\")\".[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-greenspanft-18) A chief economist at [Standard & Poor's](https:\/\/en.wikipedia.org\/wiki\/Standard_%26_Poor%27s \"Standard & Poor's\") said in March 2008 he had projected a worst-case-scenario in which the country would endure a [double-dip recession](https:\/\/en.wikipedia.org\/wiki\/Double-dip_recession \"Double-dip recession\"), in which the economy would briefly recover in the summer 2008, before plunging again.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\]\n\nThe former head of the [National Bureau of Economic Research](https:\/\/en.wikipedia.org\/wiki\/National_Bureau_of_Economic_Research \"National Bureau of Economic Research\") said in March 2008 that he believed the country was then in a recession, and it could be a severe one.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the [economic stimulus checks](https:\/\/en.wikipedia.org\/wiki\/Economic_Stimulus_Act_of_2008 \"Economic Stimulus Act of 2008\") going to 130 million households started being spent. A chief economist at [Moody's](https:\/\/en.wikipedia.org\/wiki\/Moody%27s \"Moody's\") predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession.\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling.[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-19)\n\nAccording to numbers published by the [Bureau of Economic Analysis](https:\/\/en.wikipedia.org\/wiki\/Bureau_of_Economic_Analysis \"Bureau of Economic Analysis\") in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-20) However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-21) In a May 9, 2008 report, the chief North American economist for investment bank [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") wrote that despite the GDP growth reported for the first quarter of 2008, \"it is still reasonable to believe that the recession started some time between September and January\", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-22)\n\nNew York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor [David Paterson](https:\/\/en.wikipedia.org\/wiki\/David_Paterson \"David Paterson\") called an emergency economic session of the state legislature for August 19 to push a budget cut of \\$600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-23) An August 1 report, issued by [economists](https:\/\/en.wikipedia.org\/wiki\/Economists \"Economists\") with [Wachovia Bank](https:\/\/en.wikipedia.org\/wiki\/Wachovia_Bank \"Wachovia Bank\"), said Florida was officially in a recession.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-24)\n\nWhite House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-25) On the other hand, [Martin Feldstein](https:\/\/en.wikipedia.org\/wiki\/Martin_Feldstein \"Martin Feldstein\"), who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-26)\n\nIn a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-27)\n\nA study released by Moody's found two-thirds of the 381 largest [metropolitan areas](https:\/\/en.wikipedia.org\/wiki\/United_States_metropolitan_area \"United States metropolitan area\") in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-28)\n\nIn March 2008, financier [Warren Buffett](https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett \"Warren Buffett\") stated in a CNBC interview that by a \"common sense definition\", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-29)[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-30)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/9e\/Cost_of_housing_by_State.webp\/500px-Cost_of_housing_by_State.webp.png)](https:\/\/en.wikipedia.org\/wiki\/File:Cost_of_housing_by_State.webp)\n\nCost of housing by State\n\nFederal Reserve Chair [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") testified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the [shadow banking system](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking_system \"Shadow banking system\") that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the *private* sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https:\/\/en.wikipedia.org\/wiki\/Repurchase_agreements \"Repurchase agreements\") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the *public* sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed \"[Too big to fail](https:\/\/en.wikipedia.org\/wiki\/Too_big_to_fail \"Too big to fail\")\" institutions, monetary policy, and trade deficits.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-BernankeFCIC1-31)\n\nThe U.S. [Financial Crisis Inquiry Commission](https:\/\/en.wikipedia.org\/wiki\/Financial_Crisis_Inquiry_Commission \"Financial Crisis Inquiry Commission\") reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.\"[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-32)\n\nAmong the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the [2–28 loan](https:\/\/en.wikipedia.org\/wiki\/Subprime_lending \"Subprime lending\"), with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-The_downturn_in_facts_and_figures-33) On Wall Street and in the financial industry, [moral hazard](https:\/\/en.wikipedia.org\/wiki\/Moral_hazard \"Moral hazard\") lay at the core of many of the causes.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-brown1-34)\n\n### Government policies\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=4 \"Edit section: Government policies\")\\]\n\nA federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-35) Factors include:\n\n> \"Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view.\"\n\n- The [non-depository banking system](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking \"Shadow banking\") was not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately \\$4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting.[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-37)\n- Giving [Fannie Mae](https:\/\/en.wikipedia.org\/wiki\/Fannie_Mae \"Fannie Mae\") & [Freddie Mac](https:\/\/en.wikipedia.org\/wiki\/Freddie_Mac \"Freddie Mac\") GSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their [Alt-A](https:\/\/en.wikipedia.org\/wiki\/Alt-A \"Alt-A\") and [subprime](https:\/\/en.wikipedia.org\/wiki\/Subprime \"Subprime\") investments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the [Federal Housing Finance Agency](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Agency \"Federal Housing Finance Agency\") to conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the [Federal Housing Administration](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Administration \"Federal Housing Administration\").[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-38)[\\[39\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-39)\n\n### Role of Alan Greenspan\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=5 \"Edit section: Role of Alan Greenspan\")\\]\n\n> Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief.\n\n[Alan Greenspan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\") was the [Chairman of the Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Chairman_of_the_Federal_Reserve \"Chairman of the Federal Reserve\") of the United States from 1987 to 2006. He was appointed by President [Ronald Reagan](https:\/\/en.wikipedia.org\/wiki\/Ronald_Reagan \"Ronald Reagan\") in August 1987 and was reappointed by President [Bill Clinton](https:\/\/en.wikipedia.org\/wiki\/Bill_Clinton \"Bill Clinton\") in 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that \"I really didn't get it until very late in 2005 and 2006.\"[\\[41\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_admits_bubble_FT-41) Greenspan stated that the housing bubble was \"fundamentally engendered by the decline in real long-term interest rates\",[\\[42\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_interest_rates_FT-42) though he also claims that long-term interest rates are beyond the control of central banks because \"the market value of global long-term securities is approaching \\$100 trillion\" and thus these and other asset markets are large enough that they \"now swamp the resources of central banks\".[\\[43\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Greenspan_mortgage_crisis_roots_WSJ-43)\n\nGreenspan admitted to a congressional committee that he had been \"partially wrong\" in his hands-off approach towards the banking industry - \"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms,\" said Greenspan.[\\[44\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-44) That being said, the Federal Reserve did not have the power to wade into the banking sector at the time.\n\n## Recession declared by economists\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=6 \"Edit section: Recession declared by economists\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/b7\/GDP_Illustration.JPG\/250px-GDP_Illustration.JPG)](https:\/\/en.wikipedia.org\/wiki\/File:GDP_Illustration.JPG)\n\nU.S. [Real GDP](https:\/\/en.wikipedia.org\/wiki\/Real_GDP \"Real GDP\") in Billions of Current USD. Courtesy of www.bea.gov\n\nOn December 1, 2008, the [National Bureau of Economic Research](https:\/\/en.wikipedia.org\/wiki\/National_Bureau_of_Economic_Research \"National Bureau of Economic Research\") (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.[\\[45\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-45)[\\[46\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-BBC-46) The Dow Jones Industrial Average lost 679 points that same day.[\\[47\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-47) On January 4, 2009, [Nobel Memorial Prize](https:\/\/en.wikipedia.org\/wiki\/Nobel_Memorial_Prize_in_Economic_Sciences \"Nobel Memorial Prize in Economic Sciences\")–winning economist [Paul Krugman](https:\/\/en.wikipedia.org\/wiki\/Paul_Krugman \"Paul Krugman\") wrote, \"This looks an awful lot like the beginning of a second Great Depression.\"[\\[48\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-48)\n\n### Rise in unemployment\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=7 \"Edit section: Rise in unemployment\")\\]\n\nThe Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the [American Recovery and Reinvestment Act](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act \"American Recovery and Reinvestment Act\") (ARRA) in January 2009. Known as \"The Stimulus\", ARRA was a roughly \\$800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Many economists argued the stimulus was too small, while conservatives such as the [Tea Party](https:\/\/en.wikipedia.org\/wiki\/Tea_Party_movement \"Tea Party movement\") argued that deficit reduction was the priority.[\\[50\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-50)\n\nThe number of jobs (\"total non-farm payrolls\" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%.[\\[49\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Full-time employment did not regain its pre-crisis level until August 2015.[\\[51\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-51)\n\nThe unemployment rate (\"U-3\") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable [housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\"), which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%.[\\[52\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-52) The wider measure of unemployment (\"U-6\") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017.[\\[53\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-53)\n\n[Bloomberg](https:\/\/en.wikipedia.org\/wiki\/Bloomberg_News \"Bloomberg News\") maintains a \"dashboard\" of several labor-market variables that illustrates the state of recovery of the labor market.[\\[54\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-54)\n\nThe major investment banks at the core of the crisis obtained significant funding in overnight [repo](https:\/\/en.wikipedia.org\/wiki\/Repurchase_agreement \"Repurchase agreement\") markets, which were disrupted during the crisis. In effect, there was a [run](https:\/\/en.wikipedia.org\/wiki\/Bank_run \"Bank run\") on the essentially unregulated [shadow banking](https:\/\/en.wikipedia.org\/wiki\/Shadow_banking \"Shadow banking\") (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer [AIG](https:\/\/en.wikipedia.org\/wiki\/American_International_Group \"American International Group\"), which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called [credit default swaps](https:\/\/en.wikipedia.org\/wiki\/Credit_default_swaps \"Credit default swaps\"), also was bailed out and taken over by the government at an initial cost exceeding \\$100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations.[\\[55\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-55)\n\nA timeline of some of the significant events in the crisis from 2007 to 2008 includes:\n\n- From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost \\$800 billion.\n- In summer 2007, Countrywide Financial drew down an \\$11 billion line of credit and then secured an additional \\$12 billion bailout in September. This may be considered the start of the crisis.\n- In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business.\n- In mid-March 2008, Bear Stearns was bailed out by a gift of \\$29 billion non-recourse treasury bill debt assets.[\\[56\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-56)\n- In early July 2008, depositors at the Los Angeles offices of [IndyMac](https:\/\/en.wikipedia.org\/wiki\/IndyMac \"IndyMac\") Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a \\$32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would [attempt to save](https:\/\/en.wikipedia.org\/wiki\/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac \"Federal takeover of Fannie Mae and Freddie Mac\") mortgage lenders [Fannie Mae](https:\/\/en.wikipedia.org\/wiki\/Fannie_Mae \"Fannie Mae\") and [Freddie Mac](https:\/\/en.wikipedia.org\/wiki\/Freddie_Mac \"Freddie Mac\"). The two were placed into [conservatorship](https:\/\/en.wikipedia.org\/wiki\/Conservatorship \"Conservatorship\") on September 7, 2008.\n- During the weekend of September 13–14, 2008, [Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Lehman_Brothers \"Lehman Brothers\") declared [bankruptcy](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_Lehman_Brothers \"Bankruptcy of Lehman Brothers\") after failing to find a buyer; [Bank of America](https:\/\/en.wikipedia.org\/wiki\/Bank_of_America \"Bank of America\") agreed to purchase investment bank Merrill Lynch; the insurance giant [AIG](https:\/\/en.wikipedia.org\/wiki\/AIG \"AIG\") sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least \\$70 billion to deal with the effects of Lehman's closure,[\\[57\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-57) similar to the consortium put forth by J.P. Morgan during the stock market [panic of 1907](https:\/\/en.wikipedia.org\/wiki\/Panic_of_1907 \"Panic of 1907\") and the [crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Crash_of_1929 \"Crash of 1929\").\\[*[citation needed](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Citation_needed \"Wikipedia:Citation needed\")*\\] Stocks on [Wall Street](https:\/\/en.wikipedia.org\/wiki\/Wall_Street \"Wall Street\") tumbled on Monday, September 15.[\\[58\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-58)\n- On September 16, 2008, news emerged that the [Federal Reserve](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve \"Federal Reserve\") might give AIG an \\$85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when [JP Morgan Chase](https:\/\/en.wikipedia.org\/wiki\/JP_Morgan_Chase \"JP Morgan Chase\") agreed to purchase the banking assets of [Washington Mutual](https:\/\/en.wikipedia.org\/wiki\/Washington_Mutual \"Washington Mutual\").[\\[59\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-59)\n\nThe year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—\\$691 billion (~\\$986 billion in 2024) in assets—alone surpassing all past annual totals.[\\[60\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-60) The year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank.[\\[61\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-61)\n\n*The Wall Street Journal* stated that [venture capital](https:\/\/en.wikipedia.org\/wiki\/Venture_capital \"Venture capital\") funding slowed down, which in the past had led to unemployment and slowed new job creation.[\\[62\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-62) The Federal Reserve took steps to feed economic expansion by lowering the [prime rate](https:\/\/en.wikipedia.org\/wiki\/U.S._prime_rate \"U.S. prime rate\") repeatedly during 2008.\n\n| [Date](https:\/\/en.wikipedia.org\/wiki\/Calendar_date \"Calendar date\") | Primary [discount rate](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\") | Secondary [discount rate](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\") | [Fed funds rate](https:\/\/en.wikipedia.org\/wiki\/Fed_funds_rate \"Fed funds rate\") |\n|---|---|---|---|\n| Apr 30, 2008 | 2\\.25% | 2\\.75% | 2\\.00% |\n| Mar 18, 2008 | 2\\.50% | 3\\.00% | 2\\.25% |\n| Mar 16, 2008 | 3\\.25% | 3\\.75% | 2\\.25% |\n| Jan 30, 2008 | 3\\.50% | 4\\.00% | 3\\.00% |\n| Jan 22, 2008 | 4\\.00% | 4\\.50% | 3\\.50% |\n\n### Bailout of U.S. financial system\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=9 \"Edit section: Bailout of U.S. financial system\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/be\/Middle_class_net_worth.png\/500px-Middle_class_net_worth.png)](https:\/\/en.wikipedia.org\/wiki\/File:Middle_class_net_worth.png)\n\nU.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64)\n\nOn September 17, 2008, Federal Reserve chairman [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") advised Secretary of the Treasury [Henry Paulson](https:\/\/en.wikipedia.org\/wiki\/Henry_Paulson \"Henry Paulson\") that a large amount of public money would be needed to stabilize the financial system.[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) [Short selling](https:\/\/en.wikipedia.org\/wiki\/Short_\$finance\$ \"Short (finance)\") on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) The Treasury Secretary also indicated that [money funds](https:\/\/en.wikipedia.org\/wiki\/Money_fund \"Money fund\") would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.[\\[66\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) Initial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of \\$700 billion[\\[67\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-67) to \\$1 trillion [U.S. dollars](https:\/\/en.wikipedia.org\/wiki\/United_States_dollar \"United States dollar\").[\\[68\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-68) President [George W. Bush](https:\/\/en.wikipedia.org\/wiki\/George_W._Bush \"George W. Bush\") asked [Congress](https:\/\/en.wikipedia.org\/wiki\/United_States_Congress \"United States Congress\") on September 20, 2008 for the authority to spend as much as \\$700 billion (~\\$998 billion in 2024) to purchase troubled mortgage assets and contain the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\").[\\[69\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-69)[\\[65\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) The crisis continued when the United States House of Representatives rejected the bill and the [Dow Jones](https:\/\/en.wikipedia.org\/wiki\/Dow_Jones_Industrial_Average \"Dow Jones Industrial Average\") took a 777-point plunge.[\\[70\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-70) A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.[\\[71\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-71)[\\[72\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-72) The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.[\\[73\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-73)\n\nAs of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\"), totalled over \\$5 trillion: \\$1 trillion in loans by the Fed to broker-dealers through the emergency [discount window](https:\/\/en.wikipedia.org\/wiki\/Discount_window \"Discount window\"), \\$1.8 trillion in loans by the Fed through the [Term Auction Facility](https:\/\/en.wikipedia.org\/wiki\/Term_Auction_Facility \"Term Auction Facility\"), \\$700 billion to be raised by the Treasury for the [Troubled Assets Relief Program](https:\/\/en.wikipedia.org\/wiki\/Troubled_Assets_Relief_Program \"Troubled Assets Relief Program\"), \\$200 billion insurance for the [GSEs](https:\/\/en.wikipedia.org\/wiki\/Government_sponsored_enterprise \"Government sponsored enterprise\") by the Treasury, and \\$1.5 trillion insurance for unsecured bank debt by FDIC.[\\[74\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-74)\n\n[ProPublica](https:\/\/en.wikipedia.org\/wiki\/ProPublica \"ProPublica\") maintains a \"bailout tracker\" that indicated about \\$626 billion was \"spent, invested or loaned\" in bailouts of the financial system due to the crisis as of March 2018, while \\$713 billion had been repaid to the government (\\$390 billion in principal repayments and \\$323 billion in interest) indicating the bailouts generated \\$87 billion in profit.[\\[75\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-75)\n\n## United States policy responses\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Great_Recession_in_the_United_States&action=edit&section=10 \"Edit section: United States policy responses\")\\]\n\nThe Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new \\$50,000,000,000 (\\$50 billion) program to ensure the investments, similar to the [Federal Deposit Insurance Corporation](https:\/\/en.wikipedia.org\/wiki\/Federal_Deposit_Insurance_Corporation \"Federal Deposit Insurance Corporation\") (FDIC) program.[\\[76\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-76) Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the [Federal Reserve Board](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Board \"Federal Reserve Board\").[\\[77\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-77) The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against [naked short selling](https:\/\/en.wikipedia.org\/wiki\/Naked_short_selling \"Naked short selling\"), as part of its reaction to the mortgage crisis.[\\[78\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-78)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/d\/df\/Change_in_household_debt_-_v1.png\/500px-Change_in_household_debt_-_v1.png)](https:\/\/en.wikipedia.org\/wiki\/File:Change_in_household_debt_-_v1.png)\n\nU.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012.[\\[79\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-79)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/23\/U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png\/500px-U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)\n\nU.S. federal government spending was held relatively level around \\$3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/1\/11\/U.S._economic_recovery_scorecard.png\/500px-U.S._economic_recovery_scorecard.png)](https:\/\/en.wikipedia.org\/wiki\/File:U.S._economic_recovery_scorecard.png)\n\nSeveral major U.S. economic variables had recovered from the 2007-2009 [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") and [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") by the 2013-2014 time period.\n\nThe recession officially ended in the second quarter of 2009,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) but the nation's economy continued to be described as in an \"[economic malaise](https:\/\/en.wikipedia.org\/wiki\/Economic_stagnation \"Economic stagnation\")\" during the second quarter of 2011.[\\[80\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-NYT-80) Some economists described the post-recession years as the weakest [recovery](https:\/\/en.wikipedia.org\/wiki\/Economic_recovery \"Economic recovery\") since the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\") and [World War II](https:\/\/en.wikipedia.org\/wiki\/World_War_II \"World War II\").[\\[81\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-81)[\\[82\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-82) The weak recovery led one commentator to call it a \"Zombie Economy\", so-called because it was neither dead nor alive. [Household incomes](https:\/\/en.wikipedia.org\/wiki\/Household_income_in_the_United_States \"Household income in the United States\"), as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level.[\\[83\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-83) Additionally as of September 2012, the [long-term unemployment](https:\/\/en.wikipedia.org\/wiki\/Long-term_unemployment \"Long-term unemployment\") is the highest it had been since World War II,[\\[84\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-84) and the [unemployment rate](https:\/\/en.wikipedia.org\/wiki\/Unemployment_rate \"Unemployment rate\") peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).[\\[85\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-85)[\\[86\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-86) The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again.\n\nHowever, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth.[\\[87\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-87) Economist [Carmen Reinhart](https:\/\/en.wikipedia.org\/wiki\/Carmen_Reinhart \"Carmen Reinhart\") stated in August 2011: \"Debt de-leveraging \\[reduction\\] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before.\"[\\[88\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-88)\n\nThen-Fed Chair [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") explained during November 2012 several of the economic headwinds that slowed the recovery:\n\n- The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.\n- Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.\n- Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\nFor example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014.[\\[89\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-89) Both households and government practicing austerity at the same time was a recipe for a slow recovery.[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2)\n\nSeveral key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession.[\\[90\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-90)[\\[91\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-91)[\\[92\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-92)[\\[93\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-93) Real median household income fell to a trough of \\$53,331 in 2012, but recovered to an all-time high of \\$59,039 by 2016.[\\[94\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-94) However, the gains during the recovery were very unevenly distributed. Economist [Emmanuel Saez](https:\/\/en.wikipedia.org\/wiki\/Emmanuel_Saez \"Emmanuel Saez\") wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners.[\\[95\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-95) According to the Federal Reserve, median family net worth had peaked at about \\$140,000 in 2007, fell to a low point of \\$84,000 in 2013, and only partially recovered to \\$97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst.[\\[64\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64)\n\nHealthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays.[\\[96\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-96)\n\nPresident Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \\$626B was invested, loaned, or granted due to various bailout measures, while \\$390B had been returned to the Treasury. The Treasury had earned another \\$323B in interest on bailout loans, resulting in an \\$87B profit.[\\[97\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-97)\n\nThe vast majority of economic historians believe the Great Recession was the second worst [contraction](https:\/\/en.wikipedia.org\/wiki\/Contraction_\$economics\$ \"Contraction (economics)\") in US history, after the [Great Depression](https:\/\/en.wikipedia.org\/wiki\/Great_Depression \"Great Depression\"). Some economists, including [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\"), have argued that the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") was arguably more severe than the financial crisis that preceded the Great Depression, and that a depression was only avoided due to decisive policy actions taken by the Federal Reserve and federal government.[\\[98\\]](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_note-98)\n\n- [Timeline of the Great Recession](https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_Great_Recession \"Timeline of the Great Recession\")\n- [Causes of the Great Recession](https:\/\/en.wikipedia.org\/wiki\/Causes_of_the_Great_Recession \"Causes of the Great Recession\")\n- [New Deal](https:\/\/en.wikipedia.org\/wiki\/New_Deal \"New Deal\")\n- [1991 Indian economic crisis](https:\/\/en.wikipedia.org\/wiki\/1991_Indian_economic_crisis \"1991 Indian economic crisis\")\n- [Stock market crashes in India](https:\/\/en.wikipedia.org\/wiki\/Stock_market_crashes_in_India \"Stock market crashes in India\")\n- [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\")\n- [2008–2011 bank failures in the United States](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932011_bank_failures_in_the_United_States \"2008–2011 bank failures in the United States\")\n- [2008–2009 Keynesian resurgence](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Keynesian_resurgence \"2008–2009 Keynesian resurgence\")\n- [2010 United States foreclosure crisis](https:\/\/en.wikipedia.org\/wiki\/2010_United_States_foreclosure_crisis \"2010 United States foreclosure crisis\")\n- [2011 United States debt-ceiling crisis](https:\/\/en.wikipedia.org\/wiki\/2011_United_States_debt-ceiling_crisis \"2011 United States debt-ceiling crisis\")\n- [List of economic crises](https:\/\/en.wikipedia.org\/wiki\/List_of_economic_crises \"List of economic crises\")\n- *[The Big Short](https:\/\/en.wikipedia.org\/wiki\/The_Big_Short_\$film\$ \"The Big Short (film)\")*\n- [List of stock market crashes and bear markets](https:\/\/en.wikipedia.org\/wiki\/List_of_stock_market_crashes_and_bear_markets \"List of stock market crashes and bear markets\")\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-1)**\n   [\"Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011\"](https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html). *[The Washington Post](https:\/\/en.wikipedia.org\/wiki\/The_Washington_Post \"The Washington Post\")*. [Archived](https:\/\/web.archive.org\/web\/20210103231738\/https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html) from the original on January 3, 2021. Retrieved March 22, 2018.\n2. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-1) [***c***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-2) [***d***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-3)\n   [\"Federal Reserve-Ben Bernanke-The Economic Recovery and Economic Policy-November 20, 2012\"](https:\/\/www.federalreserve.gov\/newsevents\/speech\/bernanke20121120a.htm). [Archived](https:\/\/web.archive.org\/web\/20210815020828\/https:\/\/www.federalreserve.gov\/newsevents\/speech\/bernanke20121120a.htm) from the original on August 15, 2021. Retrieved March 24, 2018.\n3. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-1)\n   [\"Business Cycle Dating Committee, National Bureau of Economic Research\"](https:\/\/www.nber.org\/cycles\/sept2010.html). 20 September 2010. [Archived](https:\/\/web.archive.org\/web\/20210302041430\/http:\/\/www2.nber.org\/cycles\/sept2010.html) from the original on 2021-03-02. Retrieved 2018-03-09.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-4)**\n   [\"FRED-Real GDP-Retrieved March 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/GDPC1). [Archived](https:\/\/web.archive.org\/web\/20160705161801\/https:\/\/fred.stlouisfed.org\/series\/GDPC1) from the original on July 5, 2016. Retrieved March 22, 2018.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-5)**\n   [\"Civilian Unemployment Rate\"](https:\/\/research.stlouisfed.org\/fred2\/series\/UNRATE). January 1948. [Archived](https:\/\/web.archive.org\/web\/20160528164133\/https:\/\/research.stlouisfed.org\/fred2\/series\/UNRATE\/) from the original on 2016-05-28. Retrieved 2015-10-05.\n6. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-6)**\n   [\"FRED-All Employees Total Non-Farm-Retrieved March 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/PAYEMS). [Archived](https:\/\/web.archive.org\/web\/20190512113401\/https:\/\/fred.stlouisfed.org\/series\/PAYEMS) from the original on May 12, 2019. 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Retrieved 4 September 2012.\n86. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-86)**\n    [\"THE RACE: After convention speeches end and balloons drop, nation faces cold realism on jobs\"](https:\/\/web.archive.org\/web\/20120911173015\/http:\/\/www.washingtonpost.com\/politics\/the-race-after-convention-speeches-end-and-balloons-drop-nation-faces-cold-realism-on-jobs\/2012\/09\/04\/2b3f6a50-f6ba-11e1-a93b-7185e3f88849_story.html). *Washington Post*. Associated Press. 4 September 2012. Archived from [the original](https:\/\/www.washingtonpost.com\/politics\/the-race-after-convention-speeches-end-and-balloons-drop-nation-faces-cold-realism-on-jobs\/2012\/09\/04\/2b3f6a50-f6ba-11e1-a93b-7185e3f88849_story.html) on 11 September 2012. Retrieved 4 September 2012.\n87. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-87)**\n    [\"Sorry, U.S. Recoveries Really Aren't Different\"](https:\/\/www.bloomberg.com\/view\/articles\/2012-10-15\/sorry-u-s-recoveries-really-aren-t-different). *Bloomberg.com*. 15 October 2012. [Archived](https:\/\/web.archive.org\/web\/20180608230844\/https:\/\/www.bloomberg.com\/view\/articles\/2012-10-15\/sorry-u-s-recoveries-really-aren-t-different) from the original on 8 June 2018. Retrieved 5 October 2017 – via www.bloomberg.com.\n88. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-88)**\n    [\"Double Dip, or just one big economic dive?\"](https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html). *Washington Post*. 30 April 2012. [Archived](https:\/\/web.archive.org\/web\/20210103231738\/https:\/\/www.washingtonpost.com\/business\/economy\/double-dip-or-just-one-big-economic-dive\/2011\/08\/05\/gIQANKAIxI_story.html) from the original on 3 January 2021. Retrieved 5 October 2017.\n89. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-89)**\n    [\"CBO Historical Tables-Retrieved March 24, 2018\"](https:\/\/www.cbo.gov\/about\/products\/budget-economic-data#2). [Archived](https:\/\/web.archive.org\/web\/20130208082112\/http:\/\/www.cbo.gov\/publication\/43904#2) from the original on February 8, 2013. Retrieved March 24, 2018.\n90. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-90)**\n    [\"FRED-All Employees Total Non-Farm-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/PAYEMS). [Archived](https:\/\/web.archive.org\/web\/20190512113401\/https:\/\/fred.stlouisfed.org\/series\/PAYEMS) from the original on May 12, 2019. Retrieved January 23, 2018.\n91. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-91)**\n    [\"FRED-Real GDP per Capita-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/A939RX0Q048SBEA). [Archived](https:\/\/web.archive.org\/web\/20180117131241\/https:\/\/fred.stlouisfed.org\/series\/A939RX0Q048SBEA) from the original on January 17, 2018. Retrieved January 23, 2018.\n92. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-92)**\n    [\"FRED-Household and Non-Profit Net Worth-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/TNWBSHNO). [Archived](https:\/\/web.archive.org\/web\/20160616225414\/https:\/\/research.stlouisfed.org\/fred2\/series\/TNWBSHNO) from the original on June 16, 2016. Retrieved January 23, 2018.\n93. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-93)**\n    [\"FRED-Federal Surplus or Deficit as Percent GDP-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/FYFSGDA188S). [Archived](https:\/\/web.archive.org\/web\/20180404144811\/https:\/\/fred.stlouisfed.org\/series\/FYFSGDA188S) from the original on April 4, 2018. Retrieved January 23, 2018.\n94. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-94)**\n    [\"Federal Reserve Economic Data-Real Median Household Income-Retrieved January 22, 2018\"](https:\/\/fred.stlouisfed.org\/series\/MEHOINUSA672N). [Archived](https:\/\/web.archive.org\/web\/20210102112130\/https:\/\/fred.stlouisfed.org\/series\/MEHOINUSA672N) from the original on January 2, 2021. Retrieved January 23, 2018.\n95. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-95)**\n    [\"Emmanuel Saez-Striking it richer: The evolution of top incomes in the U.S.-June 30,2016\"](https:\/\/eml.berkeley.edu\/~saez\/saez-UStopincomes-2015.pdf) (PDF). [Archived](https:\/\/web.archive.org\/web\/20200412005736\/https:\/\/eml.berkeley.edu\/~saez\/saez-UStopincomes-2015.pdf) (PDF) from the original on 2020-04-12. Retrieved 2018-01-23.\n96. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-96)**\n    Moore B, Levit K and Elixhauser A (October 2014). [\"Costs for Hospital Stays in the United States, 2012\"](https:\/\/www.hcup-us.ahrq.gov\/reports\/statbriefs\/sb181-Hospital-Costs-United-States-2012.jsp). *HCUP Statistical Brief* (181). Rockville, MD: Agency for Healthcare Research and Quality. [PMID](https:\/\/en.wikipedia.org\/wiki\/PMID_\$identifier\$ \"PMID (identifier)\") [25521003](https:\/\/pubmed.ncbi.nlm.nih.gov\/25521003). [Archived](https:\/\/web.archive.org\/web\/20141129104404\/https:\/\/www.hcup-us.ahrq.gov\/reports\/statbriefs\/sb181-Hospital-Costs-United-States-2012.jsp) from the original on 2014-11-29. Retrieved 2014-11-26.\n97. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-97)**\n    [\"ProPublica-The Bailout Scorecard-As of January 22, 2018\"](https:\/\/projects.propublica.org\/bailout\/). 18 August 2022. [Archived](https:\/\/web.archive.org\/web\/20180106130455\/https:\/\/projects.propublica.org\/bailout\/) from the original on January 6, 2018. Retrieved February 3, 2018.\n98. **[^](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States#cite_ref-98)**\n    Egan, Matt (August 27, 2014). [\"2008: Worse than the Great Depression?\"](https:\/\/money.cnn.com\/2014\/08\/27\/news\/economy\/ben-bernanke-great-depression\/index.html). *CNN.com*. [Archived](https:\/\/web.archive.org\/web\/20190806005522\/https:\/\/money.cnn.com\/2014\/08\/27\/news\/economy\/ben-bernanke-great-depression\/index.html) from the original on August 6, 2019. Retrieved August 21, 2019.\n\n- [Bernanke, Ben S.](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") (2015). *The Courage to Act: A Memoir of a Crisis and Its Aftermath*. New York: [W. W. Norton & Company](https:\/\/en.wikipedia.org\/wiki\/W._W._Norton_%26_Company \"W. W. Norton & Company\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0393247213](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0393247213 \"Special:BookSources\/978-0393247213\")\n  \n  .\n- [Greenspan, Alan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\") (2008) \\[2007\\]. [*The Age of Turbulence: Adventures in a New World*](https:\/\/en.wikipedia.org\/wiki\/The_Age_of_Turbulence \"The Age of Turbulence\"). New York: [Penguin Books](https:\/\/en.wikipedia.org\/wiki\/Penguin_Books \"Penguin Books\"). pp. 507–532\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0143114161](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0143114161 \"Special:BookSources\/978-0143114161\")\n  \n  .\n- [Greenspan, Alan](https:\/\/en.wikipedia.org\/wiki\/Alan_Greenspan \"Alan Greenspan\"); [Wooldridge, Adrian](https:\/\/en.wikipedia.org\/wiki\/Adrian_Wooldridge \"Adrian Wooldridge\") (2018). *Capitalism in America: A History*. New York: [Penguin Press](https:\/\/en.wikipedia.org\/wiki\/Penguin_Press \"Penguin Press\"). pp. 368–388\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0735222441](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0735222441 \"Special:BookSources\/978-0735222441\")\n  \n  .\n- [Meltzer, Allan H.](https:\/\/en.wikipedia.org\/wiki\/Allan_H._Meltzer \"Allan H. Meltzer\") (2009). *A History of the Federal Reserve – Volume 2, Book 2: 1970–1986*. Chicago: [University of Chicago Press](https:\/\/en.wikipedia.org\/wiki\/University_of_Chicago_Press \"University of Chicago Press\"). pp. 1243–1256\\. [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0226213514](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0226213514 \"Special:BookSources\/978-0226213514\")\n  \n  .\n- [Sumner, Scott B.](https:\/\/en.wikipedia.org\/wiki\/Scott_Sumner \"Scott Sumner\") (2021). *The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy*. Chicago: [University of Chicago Press](https:\/\/en.wikipedia.org\/wiki\/University_of_Chicago_Press \"University of Chicago Press\"). [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n  \n  [978-0226773681](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-0226773681 \"Special:BookSources\/978-0226773681\")\n  \n  .","meta_canonical":null}

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Boilerpipe Text	In the United States , the Great Recession was a severe financial crisis combined with a deep recession . While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output . This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis [ 1 ] along with restrained government spending following initial stimulus efforts. [ 2 ] It followed the bursting of the housing bubble , the housing market correction and subprime mortgage crisis . According to the Department of Labor , roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression . The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales"). [ 3 ] Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011. [ 4 ] Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016. [ 5 ] The total number of jobs did not return to November 2007 levels until May 2014. [ 6 ] Some areas, such as jobs in public health, have not recovered as of 2023. [ 7 ] Households and non-profit organizations added approximately $8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s. [ 8 ] However, the debt held by the public rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade. [ 9 ] [ 10 ] President Barack Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014. [ 11 ] After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934) [ 12 ] and The Chandler Act (1938), [ 13 ] which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector. There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation. [ 14 ] The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from $40k to $50k [ 14 ] – a 25 percent salary increase - while the average salary in investment banking increased from $40k to $100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the savings and loan crisis . By the end of the 1980s, many [ quantify ] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs. Subprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: Financial Crisis Inquiry Commission Report , p. 70 Figure 5.2). Number of U.S. household properties subject to foreclosure actions by quarter In the early months of 2008, many observers believed that a U.S. recession had begun. [ 15 ] [ 16 ] [ 17 ] The collapse of Bear Stearns and the resulting financial market turbulence signaled that the crisis would not be mild and brief. Alan Greenspan , ex- Chairman of the Federal Reserve , stated in March 2008 that the 2008 financial crisis in the United States "is likely to be judged in retrospect as the most wrenching since the end of World War II ". [ 18 ] A chief economist at Standard & Poor's said in March 2008 he had projected a worst-case-scenario in which the country would endure a double-dip recession , in which the economy would briefly recover in the summer 2008, before plunging again. [ citation needed ] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period. [ citation needed ] The former head of the National Bureau of Economic Research said in March 2008 that he believed the country was then in a recession, and it could be a severe one. [ citation needed ] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the economic stimulus checks going to 130 million households started being spent. A chief economist at Moody's predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession. [ citation needed ] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling. [ 19 ] According to numbers published by the Bureau of Economic Analysis in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time. [ 20 ] However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession. [ 21 ] In a May 9, 2008 report, the chief North American economist for investment bank Merrill Lynch wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period. [ 22 ] New York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor David Paterson called an emergency economic session of the state legislature for August 19 to push a budget cut of $600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor. [ 23 ] An August 1 report, issued by economists with Wachovia Bank , said Florida was officially in a recession. [ 24 ] White House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent. [ 25 ] On the other hand, Martin Feldstein , who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it. [ 26 ] In a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown. [ 27 ] A study released by Moody's found two-thirds of the 381 largest metropolitan areas in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data. [ 28 ] In March 2008, financier Warren Buffett stated in a CNBC interview that by a "common sense definition", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth. [ 29 ] [ 30 ] Cost of housing by State Federal Reserve Chair Ben Bernanke testified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. [ 31 ] The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels." [ 32 ] Among the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the 2–28 loan , with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers. [ 33 ] On Wall Street and in the financial industry, moral hazard lay at the core of many of the causes. [ 34 ] Government policies [ edit ] A federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment. [ 35 ] Factors include: "Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view." The non-depository banking system was not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately $4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting. [ 37 ] Giving Fannie Mae & Freddie Mac GSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their Alt-A and subprime investments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the Federal Housing Finance Agency to conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the Federal Housing Administration . [ 38 ] [ 39 ] Role of Alan Greenspan [ edit ] Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief. Alan Greenspan was the Chairman of the Federal Reserve of the United States from 1987 to 2006. He was appointed by President Ronald Reagan in August 1987 and was reappointed by President Bill Clinton in 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that "I really didn't get it until very late in 2005 and 2006." [ 41 ] Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates", [ 42 ] though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching $100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks". [ 43 ] Greenspan admitted to a congressional committee that he had been "partially wrong" in his hands-off approach towards the banking industry - "I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan. [ 44 ] That being said, the Federal Reserve did not have the power to wade into the banking sector at the time. Recession declared by economists [ edit ] U.S. Real GDP in Billions of Current USD. Courtesy of www.bea.gov On December 1, 2008, the National Bureau of Economic Research (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP. [ 45 ] [ 46 ] The Dow Jones Industrial Average lost 679 points that same day. [ 47 ] On January 4, 2009, Nobel Memorial Prize –winning economist Paul Krugman wrote, "This looks an awful lot like the beginning of a second Great Depression." [ 48 ] Rise in unemployment [ edit ] The Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the American Recovery and Reinvestment Act (ARRA) in January 2009. Known as "The Stimulus", ARRA was a roughly $800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years. [ 49 ] Many economists argued the stimulus was too small, while conservatives such as the Tea Party argued that deficit reduction was the priority. [ 50 ] The number of jobs ("total non-farm payrolls" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. [ 49 ] Full-time employment did not regain its pre-crisis level until August 2015. [ 51 ] The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable housing bubble , which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%. [ 52 ] The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017. [ 53 ] Bloomberg maintains a "dashboard" of several labor-market variables that illustrates the state of recovery of the labor market. [ 54 ] The major investment banks at the core of the crisis obtained significant funding in overnight repo markets, which were disrupted during the crisis. In effect, there was a run on the essentially unregulated shadow banking (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer AIG , which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called credit default swaps , also was bailed out and taken over by the government at an initial cost exceeding $100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations. [ 55 ] A timeline of some of the significant events in the crisis from 2007 to 2008 includes: From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost $800 billion. In summer 2007, Countrywide Financial drew down an $11 billion line of credit and then secured an additional $12 billion bailout in September. This may be considered the start of the crisis. In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business. In mid-March 2008, Bear Stearns was bailed out by a gift of $29 billion non-recourse treasury bill debt assets. [ 56 ] In early July 2008, depositors at the Los Angeles offices of IndyMac Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a $32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would attempt to save mortgage lenders Fannie Mae and Freddie Mac . The two were placed into conservatorship on September 7, 2008. During the weekend of September 13–14, 2008, Lehman Brothers declared bankruptcy after failing to find a buyer; Bank of America agreed to purchase investment bank Merrill Lynch; the insurance giant AIG sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least $70 billion to deal with the effects of Lehman's closure, [ 57 ] similar to the consortium put forth by J.P. Morgan during the stock market panic of 1907 and the crash of 1929 . [ citation needed ] Stocks on Wall Street tumbled on Monday, September 15. [ 58 ] On September 16, 2008, news emerged that the Federal Reserve might give AIG an $85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when JP Morgan Chase agreed to purchase the banking assets of Washington Mutual . [ 59 ] The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$691 billion (~$986 billion in 2024) in assets—alone surpassing all past annual totals. [ 60 ] The year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank. [ 61 ] The Wall Street Journal stated that venture capital funding slowed down, which in the past had led to unemployment and slowed new job creation. [ 62 ] The Federal Reserve took steps to feed economic expansion by lowering the prime rate repeatedly during 2008. Federal reserve rates changes [ 63 ] Date Primary discount rate Secondary discount rate Fed funds rate Apr 30, 2008 2.25% 2.75% 2.00% Mar 18, 2008 2.50% 3.00% 2.25% Mar 16, 2008 3.25% 3.75% 2.25% Jan 30, 2008 3.50% 4.00% 3.00% Jan 22, 2008 4.00% 4.50% 3.50% Bailout of U.S. financial system [ edit ] U.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions. [ 64 ] On September 17, 2008, Federal Reserve chairman Ben Bernanke advised Secretary of the Treasury Henry Paulson that a large amount of public money would be needed to stabilize the financial system. [ 65 ] Short selling on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions. [ 66 ] The Treasury Secretary also indicated that money funds would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses. [ 66 ] Initial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of $700 billion [ 67 ] to $1 trillion U.S. dollars . [ 68 ] President George W. Bush asked Congress on September 20, 2008 for the authority to spend as much as $700 billion (~$998 billion in 2024) to purchase troubled mortgage assets and contain the 2008 financial crisis . [ 69 ] [ 65 ] The crisis continued when the United States House of Representatives rejected the bill and the Dow Jones took a 777-point plunge. [ 70 ] A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless. [ 71 ] [ 72 ] The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock. [ 73 ] As of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the 2008 financial crisis , totalled over $5 trillion: $1 trillion in loans by the Fed to broker-dealers through the emergency discount window , $1.8 trillion in loans by the Fed through the Term Auction Facility , $700 billion to be raised by the Treasury for the Troubled Assets Relief Program , $200 billion insurance for the GSEs by the Treasury, and $1.5 trillion insurance for unsecured bank debt by FDIC. [ 74 ] ProPublica maintains a "bailout tracker" that indicated about $626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while $713 billion had been repaid to the government ($390 billion in principal repayments and $323 billion in interest) indicating the bailouts generated $87 billion in profit. [ 75 ] United States policy responses [ edit ] The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50,000,000,000 ($50 billion) program to ensure the investments, similar to the Federal Deposit Insurance Corporation (FDIC) program. [ 76 ] Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the Federal Reserve Board . [ 77 ] The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against naked short selling , as part of its reaction to the mortgage crisis. [ 78 ] U.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012. [ 79 ] U.S. federal government spending was held relatively level around $3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014. [ 2 ] Several major U.S. economic variables had recovered from the 2007-2009 Subprime mortgage crisis and Great Recession by the 2013-2014 time period. The recession officially ended in the second quarter of 2009, [ 3 ] but the nation's economy continued to be described as in an " economic malaise " during the second quarter of 2011. [ 80 ] Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II . [ 81 ] [ 82 ] The weak recovery led one commentator to call it a "Zombie Economy", so-called because it was neither dead nor alive. Household incomes , as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level. [ 83 ] Additionally as of September 2012, the long-term unemployment is the highest it had been since World War II, [ 84 ] and the unemployment rate peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%). [ 85 ] [ 86 ] The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again. However, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth. [ 87 ] Economist Carmen Reinhart stated in August 2011: "Debt de-leveraging [reduction] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before." [ 88 ] Then-Fed Chair Ben Bernanke explained during November 2012 several of the economic headwinds that slowed the recovery: The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes. Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts. Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses. [ 2 ] For example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014. [ 89 ] Both households and government practicing austerity at the same time was a recipe for a slow recovery. [ 2 ] Several key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession. [ 90 ] [ 91 ] [ 92 ] [ 93 ] Real median household income fell to a trough of $53,331 in 2012, but recovered to an all-time high of $59,039 by 2016. [ 94 ] However, the gains during the recovery were very unevenly distributed. Economist Emmanuel Saez wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners. [ 95 ] According to the Federal Reserve, median family net worth had peaked at about $140,000 in 2007, fell to a low point of $84,000 in 2013, and only partially recovered to $97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst. [ 64 ] Healthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays. [ 96 ] President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014. [ 11 ] As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $626B was invested, loaned, or granted due to various bailout measures, while $390B had been returned to the Treasury. The Treasury had earned another $323B in interest on bailout loans, resulting in an $87B profit. [ 97 ] The vast majority of economic historians believe the Great Recession was the second worst contraction in US history, after the Great Depression . 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The Courage to Act: A Memoir of a Crisis and Its Aftermath . New York: W. W. Norton & Company . ISBN 978-0393247213 . Greenspan, Alan (2008) [2007]. The Age of Turbulence: Adventures in a New World . New York: Penguin Books . pp. 507– 532. ISBN 978-0143114161 . Greenspan, Alan ; Wooldridge, Adrian (2018). Capitalism in America: A History . New York: Penguin Press . pp. 368– 388. ISBN 978-0735222441 . Meltzer, Allan H. (2009). A History of the Federal Reserve – Volume 2, Book 2: 1970–1986 . Chicago: University of Chicago Press . pp. 1243– 1256. ISBN 978-0226213514 . Sumner, Scott B. (2021). The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy . Chicago: University of Chicago Press . ISBN 978-0226773681 .
Markdown	[Jump to content](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#bodyContent) Main menu Main menu move to sidebar hide Navigation - [Main page](https://en.wikipedia.org/wiki/Main_Page "Visit the main page [z]") - [Contents](https://en.wikipedia.org/wiki/Wikipedia:Contents "Guides to browsing Wikipedia") - [Current events](https://en.wikipedia.org/wiki/Portal:Current_events "Articles related to current events") - [Random article](https://en.wikipedia.org/wiki/Special:Random "Visit a randomly selected article [x]") - [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About "Learn about Wikipedia and how it works") - [Contact us](https://en.wikipedia.org/wiki/Wikipedia:Contact_us "How to contact Wikipedia") Contribute - [Help](https://en.wikipedia.org/wiki/Help:Contents "Guidance on how to use and edit Wikipedia") - [Learn to edit](https://en.wikipedia.org/wiki/Help:Introduction "Learn how to edit Wikipedia") - [Community portal](https://en.wikipedia.org/wiki/Wikipedia:Community_portal "The hub for editors") - [Recent changes](https://en.wikipedia.org/wiki/Special:RecentChanges "A list of recent changes to Wikipedia [r]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_upload_wizard "Add images or other media for use on Wikipedia") - [Special pages](https://en.wikipedia.org/wiki/Special:SpecialPages "A list of all special pages [q]") [![](https://en.wikipedia.org/static/images/icons/enwiki-25.svg) ![Wikipedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https://en.wikipedia.org/static/images/mobile/copyright/wikipedia-tagline-en-25.svg)](https://en.wikipedia.org/wiki/Main_Page) [Search](https://en.wikipedia.org/wiki/Special:Search "Search Wikipedia [f]") Appearance - [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en) - [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Great+Recession+in+the+United+States "You are encouraged to create an account and log in; however, it is not mandatory") - [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Great+Recession+in+the+United+States "You're encouraged to log in; however, it's not mandatory. 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[o]") ## Contents move to sidebar hide - [(Top)](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States) - [1 Background](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Background) - [2 Early suggestions](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Early_suggestions) - [3 Causes](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Causes) Toggle Causes subsection - [3\.1 Government policies](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Government_policies) - [3\.2 Role of Alan Greenspan](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Role_of_Alan_Greenspan) - [4 Recession declared by economists](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Recession_declared_by_economists) Toggle Recession declared by economists subsection - [4\.1 Rise in unemployment](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Rise_in_unemployment) - [4\.2 Liquidity crisis](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Liquidity_crisis) - [4\.3 Bailout of U.S. financial system](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Bailout_of_U.S._financial_system) - [5 United States policy responses](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#United_States_policy_responses) - [6 Recovery](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Recovery) - [7 Severity](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Severity) - [8 See also](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#See_also) - [9 References](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#References) - [10 Further reading](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#Further_reading) Toggle the table of contents # Great Recession in the United States 2 languages - [العربية](https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%B1%D9%83%D9%88%D8%AF_%D8%A7%D9%84%D9%83%D8%A8%D9%8A%D8%B1_%D9%81%D9%8A_%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA_%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9 "الركود الكبير في الولايات المتحدة – Arabic") - [Türkçe](https://tr.wikipedia.org/wiki/Amerika_Birle%C5%9Fik_Devletleri%27nde_B%C3%BCy%C3%BCk_Durgunluk "Amerika Birleşik Devletleri'nde Büyük Durgunluk – Turkish") [Edit links](https://www.wikidata.org/wiki/Special:EntityPage/Q4610355#sitelinks-wikipedia "Edit interlanguage links") - [Article](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "View the content page [c]") - [Talk](https://en.wikipedia.org/wiki/Talk:Great_Recession_in_the_United_States "Discuss improvements to the content page [t]") English - [Read](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States) - [Edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit "Edit this page [e]") - [View history](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=history "Past revisions of this page [h]") Tools Tools move to sidebar hide Actions - [Read](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States) - [Edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit "Edit this page [e]") - [View history](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=history) General - [What links here](https://en.wikipedia.org/wiki/Special:WhatLinksHere/Great_Recession_in_the_United_States "List of all English Wikipedia pages containing links to this page [j]") - [Related changes](https://en.wikipedia.org/wiki/Special:RecentChangesLinked/Great_Recession_in_the_United_States "Recent changes in pages linked from this page [k]") - [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_Upload_Wizard "Upload files [u]") - [Permanent 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"Printable version of this page [p]") In other projects - [Wikimedia Commons](https://commons.wikimedia.org/wiki/Category:Great_Recession_in_the_United_States) - [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q4610355 "Structured data on this page hosted by Wikidata [g]") Appearance move to sidebar hide From Wikipedia, the free encyclopedia Major economic downturn in the United States \| \| \|---\| \| Part of a series on the \| \| [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") \| \| Major aspects [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") [2000s United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") [2000s United States housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [2008–2010 automotive industry crisis](https://en.wikipedia.org/wiki/2008%E2%80%932010_automotive_industry_crisis "2008–2010 automotive industry crisis") [Dodd–Frank Wall Street Reform and Consumer Protection Act](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act "Dodd–Frank Wall Street Reform and Consumer Protection Act") [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") \| \| [Causes](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession") [Causes of the European debt crisis](https://en.wikipedia.org/wiki/Causes_of_the_European_debt_crisis "Causes of the European debt crisis") [Causes of the 2000s United States housing bubble](https://en.wikipedia.org/wiki/Causes_of_the_2000s_United_States_housing_bubble "Causes of the 2000s United States housing bubble") [Credit rating agencies and the subprime crisis](https://en.wikipedia.org/wiki/Credit_rating_agencies_and_the_subprime_crisis "Credit rating agencies and the subprime crisis") [Government policies and the subprime mortgage crisis](https://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis "Government policies and the subprime mortgage crisis") \| \| [Summit meetings](https://en.wikipedia.org/wiki/Summit_meetings "Summit meetings") [34th G8 summit](https://en.wikipedia.org/wiki/34th_G8_summit "34th G8 summit") (July 2008) [G-20 Washington summit](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit") (November 2008) [APEC Peru](https://en.wikipedia.org/wiki/APEC_Peru_2008 "APEC Peru 2008") (November 2008) [China–Japan–South Korea trilateral summit](https://en.wikipedia.org/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit "China–Japan–South Korea trilateral summit") (December 2008) [G-20 London Summit](https://en.wikipedia.org/wiki/2009_G-20_London_Summit "2009 G-20 London Summit") (April 2009) \| \| Government response and policy proposals [2008 European Union stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Banking (Special Provisions) Act 2008](https://en.wikipedia.org/wiki/Banking_$Special_Provisions$_Act_2008 "Banking (Special Provisions) Act 2008") [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program") [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") [Federal Reserve responses to the subprime crisis](https://en.wikipedia.org/wiki/Federal_Reserve_responses_to_the_subprime_crisis "Federal Reserve responses to the subprime crisis") [Government intervention during the subprime mortgage crisis](https://en.wikipedia.org/wiki/Government_intervention_during_the_subprime_mortgage_crisis "Government intervention during the subprime mortgage crisis") [Green New Deal](https://en.wikipedia.org/wiki/Green_New_Deal "Green New Deal") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [National fiscal policy response to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_response_to_the_Great_Recession "National fiscal policy response to the Great Recession") [Regulatory responses to the subprime crisis](https://en.wikipedia.org/wiki/Regulatory_responses_to_the_subprime_crisis "Regulatory responses to the subprime crisis") [Subprime mortgage crisis solutions debate](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis_solutions_debate "Subprime mortgage crisis solutions debate") [Term Asset-Backed Securities Loan Facility](https://en.wikipedia.org/wiki/Term_Asset-Backed_Securities_Loan_Facility "Term Asset-Backed Securities Loan Facility") [Troubled Asset Relief Program](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") \| \| [Business failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession "List of banks acquired or bankrupted during the Great Recession") [American International Group](https://en.wikipedia.org/wiki/American_International_Group "American International Group") [Chrysler](https://en.wikipedia.org/wiki/Chrysler "Chrysler") [Citigroup](https://en.wikipedia.org/wiki/Citigroup "Citigroup") [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac") [General Motors](https://en.wikipedia.org/wiki/General_Motors "General Motors") [Lehman Brothers](https://en.wikipedia.org/wiki/Collapse_of_Lehman_Brothers "Collapse of Lehman Brothers") [Royal Bank of Scotland Group](https://en.wikipedia.org/wiki/NatWest_Group "NatWest Group") [UBS](https://en.wikipedia.org/wiki/UBS "UBS") \| \| Regions [Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [Americas](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [United States]() [Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe") [Oceania](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") \| \| [Timeline](https://en.wikipedia.org/wiki/Timeline_of_the_Great_Recession "Timeline of the Great Recession") \| \| [v](https://en.wikipedia.org/wiki/Template:Great_Recession_series "Template:Great Recession series") [t](https://en.wikipedia.org/wiki/Template_talk:Great_Recession_series "Template talk:Great Recession series") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Great_Recession_series "Special:EditPage/Template:Great Recession series") \| \| \| \| \|---\|---\| \| This article is part of a series on the \| \| \| [History of the United States](https://en.wikipedia.org/wiki/History_of_the_United_States "History of the United States") \| \| \| [![](https://upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Greater_coat_of_arms_of_the_United_States.svg/250px-Greater_coat_of_arms_of_the_United_States.svg.png)](https://en.wikipedia.org/wiki/File:Greater_coat_of_arms_of_the_United_States.svg) \| \| \| \| \| \| [Prehistoric](https://en.wikipedia.org/wiki/Geological_history_of_North_America "Geological history of North America") and [Pre-Columbian Era](https://en.wikipedia.org/wiki/Pre-Columbian_era "Pre-Columbian era") \| until 1607 \| \| [Colonial Era](https://en.wikipedia.org/wiki/Colonial_history_of_the_United_States "Colonial history of the United States") \| 1607–1765 \| \| [1776–1789](https://en.wikipedia.org/wiki/History_of_the_United_States_$1776%E2%80%931789$ "History of the United States (1776–1789)") \| \| \| [American Revolution](https://en.wikipedia.org/wiki/American_Revolution "American Revolution") \| 1765–1783 \| \| [Confederation period](https://en.wikipedia.org/wiki/Confederation_of_United_States_of_America "Confederation of United States of America") \| 1783–1788 \| \| [1789–1815](https://en.wikipedia.org/wiki/History_of_the_United_States_$1789%E2%80%931815$ "History of the United States (1789–1815)") \| \| \| [Federalist Era](https://en.wikipedia.org/wiki/Federalist_Era "Federalist Era") \| 1788–1801 \| \| [Jeffersonian Era](https://en.wikipedia.org/wiki/Jeffersonian_democracy "Jeffersonian democracy") \| 1801–1817 \| \| [1815–1849](https://en.wikipedia.org/wiki/History_of_the_United_States_$1815%E2%80%931849$ "History of the United States (1815–1849)") \| \| \| [Era of Good Feelings](https://en.wikipedia.org/wiki/Era_of_Good_Feelings "Era of Good Feelings") \| 1817–1825 \| \| [Jacksonian Era](https://en.wikipedia.org/wiki/Jacksonian_democracy "Jacksonian democracy") \| 1825–1849 \| \| [1849–1865](https://en.wikipedia.org/wiki/History_of_the_United_States_$1849%E2%80%931865$ "History of the United States (1849–1865)") \| \| \| [Civil War Era](https://en.wikipedia.org/wiki/American_Civil_War "American Civil War") \| 1849–1865 \| \| [Greater Reconstruction](https://en.wikipedia.org/wiki/Greater_Reconstruction "Greater Reconstruction") \| 1846–1898 \| \| [1865–1917](https://en.wikipedia.org/wiki/History_of_the_United_States_$1865%E2%80%931917$ "History of the United States (1865–1917)") \| \| \| [Reconstruction Era](https://en.wikipedia.org/wiki/Reconstruction_era "Reconstruction era") \| 1865–1877 \| \| [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age") \| 1877–1896 \| \| [Progressive Era](https://en.wikipedia.org/wiki/Progressive_Era "Progressive Era") \| 1896–1917 \| \| [1917–1945](https://en.wikipedia.org/wiki/History_of_the_United_States_$1917%E2%80%931945$ "History of the United States (1917–1945)") \| \| \| [World War I](https://en.wikipedia.org/wiki/United_States_in_World_War_I "United States in World War I") \| 1917–1918 \| \| [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") \| 1918–1929 \| \| [Great Depression](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") \| 1929–1941 \| \| [World War II](https://en.wikipedia.org/wiki/Military_history_of_the_United_States_during_World_War_II "Military history of the United States during World War II") \| 1941–1945 \| \| [1945–1964](https://en.wikipedia.org/wiki/History_of_the_United_States_$1945%E2%80%931964$ "History of the United States (1945–1964)") \| \| \| [Post-World War II Era](https://en.wikipedia.org/wiki/Aftermath_of_World_War_II "Aftermath of World War II") \| 1945–1964 \| \| [Civil Rights Era](https://en.wikipedia.org/wiki/Civil_rights_movement "Civil rights movement") \| 1954–1968 \| \| [1964–1980](https://en.wikipedia.org/wiki/History_of_the_United_States_$1964%E2%80%931980$ "History of the United States (1964–1980)") \| \| \| [Civil Rights Era](https://en.wikipedia.org/wiki/Civil_rights_movement "Civil rights movement") \| 1954–1968 \| \| [Vietnam War](https://en.wikipedia.org/wiki/United_States_in_the_Vietnam_War "United States in the Vietnam War") \| 1964–1975 \| \| [1980–1991](https://en.wikipedia.org/wiki/History_of_the_United_States_$1980%E2%80%931991$ "History of the United States (1980–1991)") \| \| \| [Reagan Era](https://en.wikipedia.org/wiki/Reagan_Era "Reagan Era") \| 1981–1991 \| \| [1991–2016](https://en.wikipedia.org/wiki/History_of_the_United_States_$1991%E2%80%932016$ "History of the United States (1991–2016)") \| \| \| [Post-Cold War Era](https://en.wikipedia.org/wiki/Post%E2%80%93Cold_War_era "Post–Cold War era") \| 1991–present \| \| [2016–present](https://en.wikipedia.org/wiki/History_of_the_United_States_$2016%E2%80%93present$ "History of the United States (2016–present)") \| 2016–present \| \| Topics [American Century](https://en.wikipedia.org/wiki/American_Century "American Century") [Antisemitism](https://en.wikipedia.org/wiki/History_of_antisemitism_in_the_United_States "History of antisemitism in the United States") [Civil unrest](https://en.wikipedia.org/wiki/List_of_incidents_of_civil_unrest_in_the_United_States "List of incidents of civil unrest in the United States") [Racial violence](https://en.wikipedia.org/wiki/Mass_racial_violence_in_the_United_States "Mass racial violence in the United States") [Cultural](https://en.wikipedia.org/wiki/Cultural_history_of_the_United_States "Cultural history of the United States") [Cinema](https://en.wikipedia.org/wiki/History_of_cinema_in_the_United_States "History of cinema in the United States") [Music](https://en.wikipedia.org/wiki/Music_history_of_the_United_States "Music history of the United States") [Newspapers](https://en.wikipedia.org/wiki/History_of_American_newspapers "History of American newspapers") [Sports](https://en.wikipedia.org/wiki/History_of_sports_in_the_United_States "History of sports in the United States") [Demography](https://en.wikipedia.org/wiki/Demographic_history_of_the_United_States "Demographic history of the United States") [Immigration](https://en.wikipedia.org/wiki/History_of_immigration_to_the_United_States "History of immigration to the United States") [Economy](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [Banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States") [Education](https://en.wikipedia.org/wiki/History_of_education_in_the_United_States "History of education in the United States") [Higher education](https://en.wikipedia.org/wiki/History_of_higher_education_in_the_United_States "History of higher education in the United States") [Flag](https://en.wikipedia.org/wiki/History_of_the_flags_of_the_United_States "History of the flags of the United States") [Government](https://en.wikipedia.org/wiki/History_of_the_United_States_government "History of the United States government") [Abortion](https://en.wikipedia.org/wiki/History_of_abortion_in_the_United_States "History of abortion in the United States") [Capital punishment](https://en.wikipedia.org/wiki/History_of_capital_punishment_in_the_United_States "History of capital punishment in the United States") [Civil rights](https://en.wikipedia.org/wiki/History_of_civil_rights_in_the_United_States "History of civil rights in the United States") [Corruption](https://en.wikipedia.org/wiki/History_of_corruption_in_the_United_States "History of corruption in the United States") [The Constitution](https://en.wikipedia.org/wiki/History_of_the_United_States_Constitution "History of the United States Constitution") [Debt ceiling](https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling "History of the United States debt ceiling") [Direct democracy](https://en.wikipedia.org/wiki/History_of_direct_democracy_in_the_United_States "History of direct democracy in the United States") [Foreign policy](https://en.wikipedia.org/wiki/History_of_United_States_foreign_policy "History of United States foreign policy") [Law enforcement](https://en.wikipedia.org/wiki/History_of_law_enforcement_in_the_United_States "History of law enforcement in the United States") [Postal service](https://en.wikipedia.org/wiki/Postage_stamps_and_postal_history_of_the_United_States "Postage stamps and postal history of the United States") [Taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [Voting rights](https://en.wikipedia.org/wiki/Voting_rights_in_the_United_States "Voting rights in the United States") [Journalism](https://en.wikipedia.org/wiki/History_of_American_journalism "History of American journalism") [Maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States "Maritime history of the United States") [Military](https://en.wikipedia.org/wiki/Military_history_of_the_United_States "Military history of the United States") [Army](https://en.wikipedia.org/wiki/History_of_the_United_States_Army "History of the United States Army") [Marine Corps](https://en.wikipedia.org/wiki/History_of_the_United_States_Marine_Corps "History of the United States Marine Corps") [Navy](https://en.wikipedia.org/wiki/History_of_the_United_States_Navy "History of the United States Navy") [Air Force](https://en.wikipedia.org/wiki/History_of_the_United_States_Air_Force "History of the United States Air Force") [Space Force](https://en.wikipedia.org/wiki/History_of_the_United_States_Space_Force "History of the United States Space Force") [Coast Guard](https://en.wikipedia.org/wiki/History_of_the_United_States_Coast_Guard "History of the United States Coast Guard") [Party Systems](https://en.wikipedia.org/wiki/Political_eras_of_the_United_States "Political eras of the United States") [First](https://en.wikipedia.org/wiki/First_Party_System "First Party System") [Second](https://en.wikipedia.org/wiki/Second_Party_System "Second Party System") [Third](https://en.wikipedia.org/wiki/Third_Party_System "Third Party System") [Fourth](https://en.wikipedia.org/wiki/Fourth_Party_System "Fourth Party System") [Fifth](https://en.wikipedia.org/wiki/Fifth_Party_System "Fifth Party System") [Sixth](https://en.wikipedia.org/wiki/Sixth_Party_System "Sixth Party System") [Religion](https://en.wikipedia.org/wiki/History_of_religion_in_the_United_States "History of religion in the United States") [Social class](https://en.wikipedia.org/wiki/Social_class_in_American_history "Social class in American history") [Slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States") [Sexual slavery](https://en.wikipedia.org/wiki/History_of_sexual_slavery_in_the_United_States "History of sexual slavery in the United States") [Technology and industry](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [Agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [Labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [Lumber](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [Medicine](https://en.wikipedia.org/wiki/History_of_medicine_in_the_United_States "History of medicine in the United States") [Railway](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") \| \| \| Groups [African Americans](https://en.wikipedia.org/wiki/African_American_history "African American history") [Asian Americans](https://en.wikipedia.org/wiki/History_of_Asian_Americans "History of Asian Americans") [Chinese Americans](https://en.wikipedia.org/wiki/History_of_Chinese_Americans "History of Chinese Americans") [Filipino Americans](https://en.wikipedia.org/wiki/History_of_Filipino_Americans "History of Filipino Americans") [Indian Americans](https://en.wikipedia.org/wiki/History_of_Indian_Americans "History of Indian Americans") [Japanese Americans](https://en.wikipedia.org/wiki/History_of_Japanese_Americans "History of Japanese Americans") [Korean Americans](https://en.wikipedia.org/wiki/History_of_Korean_Americans "History of Korean Americans") [Thai Americans](https://en.wikipedia.org/wiki/History_of_Thai_Americans "History of Thai Americans") [Vietnamese Americans](https://en.wikipedia.org/wiki/History_of_Vietnamese_Americans "History of Vietnamese Americans") [European Americans](https://en.wikipedia.org/wiki/European_Americans#History "European Americans") [Albanian Americans](https://en.wikipedia.org/wiki/History_of_Albanian_Americans "History of Albanian Americans") [English Americans](https://en.wikipedia.org/wiki/History_of_English_Americans "History of English Americans") [Estonian Americans](https://en.wikipedia.org/wiki/History_of_Estonian_Americans "History of Estonian Americans") [Finnish Americans](https://en.wikipedia.org/wiki/History_of_Finnish_Americans "History of Finnish Americans") [German Americans](https://en.wikipedia.org/wiki/German_Americans#History "German Americans") [Irish Americans](https://en.wikipedia.org/wiki/Irish_Americans#History "Irish Americans") [Italian Americans](https://en.wikipedia.org/wiki/Italian_Americans#History "Italian Americans") [Lithuanian Americans](https://en.wikipedia.org/wiki/History_of_Lithuanian_Americans "History of Lithuanian Americans") [Polish Americans](https://en.wikipedia.org/wiki/History_of_Poles_in_the_United_States "History of Poles in the United States") [Serbian Americans](https://en.wikipedia.org/wiki/History_of_Serbian_Americans "History of Serbian Americans") [Hispanic and Latino Americans](https://en.wikipedia.org/wiki/History_of_Hispanic_and_Latino_Americans "History of Hispanic and Latino Americans") [Mexican Americans](https://en.wikipedia.org/wiki/History_of_Mexican_Americans "History of Mexican Americans") [Jewish Americans](https://en.wikipedia.org/wiki/History_of_the_Jews_in_the_United_States "History of the Jews in the United States") [Middle Eastern Americans](https://en.wikipedia.org/wiki/History_of_Middle_Eastern_Americans "History of Middle Eastern Americans") [Egyptian Americans](https://en.wikipedia.org/wiki/History_of_Egyptian_Americans "History of Egyptian Americans") [Iranian Americans](https://en.wikipedia.org/wiki/History_of_Iranian_Americans "History of Iranian Americans") [Iraqi Americans](https://en.wikipedia.org/wiki/History_of_Iraqi_Americans "History of Iraqi Americans") [Lebanese Americans](https://en.wikipedia.org/wiki/History_of_Lebanese_Americans "History of Lebanese Americans") [Palestinian Americans](https://en.wikipedia.org/wiki/History_of_Palestinian_Americans "History of Palestinian Americans") [Saudi Americans](https://en.wikipedia.org/wiki/History_of_Saudi_Americans "History of Saudi Americans") [Native Americans](https://en.wikipedia.org/wiki/History_of_Native_Americans_in_the_United_States "History of Native Americans in the United States") [Cherokee](https://en.wikipedia.org/wiki/Cherokee_history "Cherokee history") [Comanche](https://en.wikipedia.org/wiki/Comanche_history "Comanche history") [Pacific Islander Americans](https://en.wikipedia.org/wiki/Pacific_Islander_Americans#History "Pacific Islander Americans") [Chamorros](https://en.wikipedia.org/wiki/Chamorro_people#History "Chamorro people") [Hawaiians](https://en.wikipedia.org/wiki/Native_Hawaiians#History "Native Hawaiians") [Women](https://en.wikipedia.org/wiki/History_of_women_in_the_United_States "History of women in the United States") [LGBTQ](https://en.wikipedia.org/wiki/LGBTQ_history_in_the_United_States "LGBTQ history in the United States") [Gay men](https://en.wikipedia.org/wiki/History_of_gay_men_in_the_United_States "History of gay men in the United States") [Lesbians](https://en.wikipedia.org/wiki/History_of_lesbianism_in_the_United_States "History of lesbianism in the United States") [Transgender people](https://en.wikipedia.org/wiki/History_of_transgender_people_in_the_United_States "History of transgender people in the United States") \| \| \| [Territorial evolution](https://en.wikipedia.org/wiki/Territorial_evolution_of_the_United_States "Territorial evolution of the United States") \| \| \| [Admission to the Union](https://en.wikipedia.org/wiki/List_of_U.S._states_by_date_of_admission_to_the_Union "List of U.S. states by date of admission to the Union") [Historic regions](https://en.wikipedia.org/wiki/Historic_regions_of_the_United_States "Historic regions of the United States") [American frontier](https://en.wikipedia.org/wiki/American_frontier "American frontier") [Manifest destiny](https://en.wikipedia.org/wiki/Manifest_destiny "Manifest destiny") [Indian removal](https://en.wikipedia.org/wiki/Indian_removal "Indian removal") \| \| \| Regions \| \| \| [New England](https://en.wikipedia.org/wiki/History_of_New_England "History of New England") [The South](https://en.wikipedia.org/wiki/History_of_the_Southern_United_States "History of the Southern United States") [The West Coast](https://en.wikipedia.org/wiki/History_of_the_west_coast_of_North_America "History of the west coast of North America") \| \| \| States \| \| \| [AL](https://en.wikipedia.org/wiki/History_of_Alabama "History of Alabama") [AK](https://en.wikipedia.org/wiki/History_of_Alaska "History of Alaska") [AZ](https://en.wikipedia.org/wiki/History_of_Arizona "History of Arizona") [AR](https://en.wikipedia.org/wiki/History_of_Arkansas "History of Arkansas") [CA](https://en.wikipedia.org/wiki/History_of_California "History of California") [CO](https://en.wikipedia.org/wiki/History_of_Colorado "History of Colorado") [CT](https://en.wikipedia.org/wiki/History_of_Connecticut "History of Connecticut") [DE](https://en.wikipedia.org/wiki/History_of_Delaware "History of Delaware") [FL](https://en.wikipedia.org/wiki/History_of_Florida "History of Florida") [GA](https://en.wikipedia.org/wiki/History_of_Georgia_$U.S._state$ "History of Georgia (U.S. state)") [HI](https://en.wikipedia.org/wiki/History_of_Hawaii "History of Hawaii") [ID](https://en.wikipedia.org/wiki/History_of_Idaho "History of Idaho") [IL](https://en.wikipedia.org/wiki/History_of_Illinois "History of Illinois") [IN](https://en.wikipedia.org/wiki/History_of_Indiana "History of Indiana") [IA](https://en.wikipedia.org/wiki/History_of_Iowa "History of Iowa") [KS](https://en.wikipedia.org/wiki/History_of_Kansas "History of Kansas") [KY](https://en.wikipedia.org/wiki/History_of_Kentucky "History of Kentucky") [LA](https://en.wikipedia.org/wiki/History_of_Louisiana "History of Louisiana") [ME](https://en.wikipedia.org/wiki/History_of_Maine "History of Maine") [MD](https://en.wikipedia.org/wiki/History_of_Maryland "History of Maryland") [MA](https://en.wikipedia.org/wiki/History_of_Massachusetts "History of Massachusetts") [MI](https://en.wikipedia.org/wiki/History_of_Michigan "History of Michigan") [MN](https://en.wikipedia.org/wiki/History_of_Minnesota "History of Minnesota") [MS](https://en.wikipedia.org/wiki/History_of_Mississippi "History of Mississippi") [MO](https://en.wikipedia.org/wiki/History_of_Missouri "History of Missouri") [MT](https://en.wikipedia.org/wiki/History_of_Montana "History of Montana") [NE](https://en.wikipedia.org/wiki/History_of_Nebraska "History of Nebraska") [NV](https://en.wikipedia.org/wiki/History_of_Nevada "History of Nevada") [NH](https://en.wikipedia.org/wiki/History_of_New_Hampshire "History of New Hampshire") [NJ](https://en.wikipedia.org/wiki/History_of_New_Jersey "History of New Jersey") [NM](https://en.wikipedia.org/wiki/History_of_New_Mexico "History of New Mexico") [NY](https://en.wikipedia.org/wiki/History_of_New_York_$state$ "History of New York (state)") [NC](https://en.wikipedia.org/wiki/History_of_North_Carolina "History of North Carolina") [ND](https://en.wikipedia.org/wiki/History_of_North_Dakota "History of North Dakota") [OH](https://en.wikipedia.org/wiki/History_of_Ohio "History of Ohio") [OK](https://en.wikipedia.org/wiki/History_of_Oklahoma "History of Oklahoma") [OR](https://en.wikipedia.org/wiki/History_of_Oregon "History of Oregon") [PA](https://en.wikipedia.org/wiki/History_of_Pennsylvania "History of Pennsylvania") [RI](https://en.wikipedia.org/wiki/History_of_Rhode_Island "History of Rhode Island") [SC](https://en.wikipedia.org/wiki/History_of_South_Carolina "History of South Carolina") [SD](https://en.wikipedia.org/wiki/History_of_South_Dakota "History of South Dakota") [TN](https://en.wikipedia.org/wiki/History_of_Tennessee "History of Tennessee") [TX](https://en.wikipedia.org/wiki/History_of_Texas "History of Texas") [UT](https://en.wikipedia.org/wiki/History_of_Utah "History of Utah") [VT](https://en.wikipedia.org/wiki/History_of_Vermont "History of Vermont") [VA](https://en.wikipedia.org/wiki/History_of_Virginia "History of Virginia") [WA](https://en.wikipedia.org/wiki/History_of_Washington_$state$ "History of Washington (state)") [WV](https://en.wikipedia.org/wiki/History_of_West_Virginia "History of West Virginia") [WI](https://en.wikipedia.org/wiki/History_of_Wisconsin "History of Wisconsin") [WY](https://en.wikipedia.org/wiki/History_of_Wyoming "History of Wyoming") \| \| \| Territories \| \| \| [DC](https://en.wikipedia.org/wiki/History_of_Washington,_D.C. "History of Washington, D.C.") [AS](https://en.wikipedia.org/wiki/History_of_American_Samoa "History of American Samoa") [GU](https://en.wikipedia.org/wiki/History_of_Guam "History of Guam") [MP](https://en.wikipedia.org/wiki/History_of_the_Northern_Mariana_Islands "History of the Northern Mariana Islands") [PR](https://en.wikipedia.org/wiki/History_of_Puerto_Rico "History of Puerto Rico") [VI](https://en.wikipedia.org/wiki/History_of_the_United_States_Virgin_Islands "History of the United States Virgin Islands") \| \| \| Cities \| \| \| [Urban history](https://en.wikipedia.org/wiki/American_urban_history "American urban history") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Cities](https://en.wikipedia.org/wiki/Category:Histories_of_cities_in_the_United_States "Category:Histories of cities in the United States") \| \| \| [Outline](https://en.wikipedia.org/wiki/Outline_of_the_history_of_the_United_States "Outline of the history of the United States") [List of years](https://en.wikipedia.org/wiki/List_of_years_in_the_United_States "List of years in the United States") [Historiography](https://en.wikipedia.org/wiki/Historiography_of_the_United_States "Historiography of the United States") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:History_of_the_United_States "Category:History of the United States") [![](https://upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/20px-Symbol_portal_class.svg.png)](https://en.wikipedia.org/wiki/File:Symbol_portal_class.svg "Portal") [Portal](https://en.wikipedia.org/wiki/Portal:United_States "Portal:United States") \| \| \| [v](https://en.wikipedia.org/wiki/Template:History_of_the_United_States_sidebar "Template:History of the United States sidebar") [t](https://en.wikipedia.org/wiki/Template_talk:History_of_the_United_States_sidebar "Template talk:History of the United States sidebar") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:History_of_the_United_States_sidebar "Special:EditPage/Template:History of the United States sidebar") \| \| In the [United States](https://en.wikipedia.org/wiki/United_States "United States"), the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") was a severe [financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") combined with a deep [recession](https://en.wikipedia.org/wiki/Recession "Recession"). While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of [employment](https://en.wikipedia.org/wiki/Unemployment_in_the_United_States "Unemployment in the United States") and [output](https://en.wikipedia.org/wiki/GDP "GDP"). This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[\[1\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-1) along with restrained government spending following initial stimulus efforts.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) It followed the bursting of the [housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), the [housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") and [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). According to the [Department of Labor](https://en.wikipedia.org/wiki/United_States_Department_of_Labor "United States Department of Labor"), roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"). The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales").[\[3\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-4) Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.[\[5\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-5) The total number of jobs did not return to November 2007 levels until May 2014.[\[6\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-6) Some areas, such as jobs in public health, have not recovered as of 2023.[\[7\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Leider-7) Households and non-profit organizations added approximately \$8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.[\[8\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-8) However, the [debt held by the public](https://en.wikipedia.org/wiki/United_States_national_debt "United States national debt") rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.[\[9\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-10) President [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\[11\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) ## Background \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=1 "Edit section: Background")\] After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934)[\[12\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-12) and The Chandler Act (1938),[\[13\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-13) which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector. There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation.[\[14\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-auto-14) The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from \$40k to \$50k[\[14\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-auto-14) – a 25 percent salary increase - while the average salary in investment banking increased from \$40k to \$100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the [savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis"). By the end of the 1980s, many\[[quantify](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers "Wikipedia:Manual of Style/Dates and numbers")\] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs. ## Early suggestions \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=2 "Edit section: Early suggestions")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/e0/Subprime_mortgage_originations%2C_1996-2008.GIF/500px-Subprime_mortgage_originations%2C_1996-2008.GIF)](https://en.wikipedia.org/wiki/File:Subprime_mortgage_originations,_1996-2008.GIF) Subprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: [Financial Crisis Inquiry Commission Report](https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf), p. 70 Figure 5.2). [![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/e2/Foreclosure_Trend.png/500px-Foreclosure_Trend.png)](https://en.wikipedia.org/wiki/File:Foreclosure_Trend.png) Number of U.S. household properties subject to foreclosure actions by quarter In the early months of 2008, many observers believed that a U.S. [recession](https://en.wikipedia.org/wiki/Recession "Recession") had begun.[\[15\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-15)[\[16\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-16)[\[17\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-17) The collapse of [Bear Stearns](https://en.wikipedia.org/wiki/Bear_Stearns "Bear Stearns") and the resulting financial market turbulence signaled that the crisis would not be mild and brief. [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), ex-[Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve"), stated in March 2008 that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") in the United States "is likely to be judged in retrospect as the most wrenching since the end of [World War II](https://en.wikipedia.org/wiki/World_War_II "World War II")".[\[18\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-greenspanft-18) A chief economist at [Standard & Poor's](https://en.wikipedia.org/wiki/Standard_%26_Poor%27s "Standard & Poor's") said in March 2008 he had projected a worst-case-scenario in which the country would endure a [double-dip recession](https://en.wikipedia.org/wiki/Double-dip_recession "Double-dip recession"), in which the economy would briefly recover in the summer 2008, before plunging again.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] The former head of the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") said in March 2008 that he believed the country was then in a recession, and it could be a severe one.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the [economic stimulus checks](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") going to 130 million households started being spent. A chief economist at [Moody's](https://en.wikipedia.org/wiki/Moody%27s "Moody's") predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling.[\[19\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-19) According to numbers published by the [Bureau of Economic Analysis](https://en.wikipedia.org/wiki/Bureau_of_Economic_Analysis "Bureau of Economic Analysis") in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.[\[20\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-20) However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-21) In a May 9, 2008 report, the chief North American economist for investment bank [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.[\[22\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-22) New York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor [David Paterson](https://en.wikipedia.org/wiki/David_Paterson "David Paterson") called an emergency economic session of the state legislature for August 19 to push a budget cut of \$600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.[\[23\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-23) An August 1 report, issued by [economists](https://en.wikipedia.org/wiki/Economists "Economists") with [Wachovia Bank](https://en.wikipedia.org/wiki/Wachovia_Bank "Wachovia Bank"), said Florida was officially in a recession.[\[24\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-24) White House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.[\[25\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-25) On the other hand, [Martin Feldstein](https://en.wikipedia.org/wiki/Martin_Feldstein "Martin Feldstein"), who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.[\[26\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-26) In a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[\[27\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-27) A study released by Moody's found two-thirds of the 381 largest [metropolitan areas](https://en.wikipedia.org/wiki/United_States_metropolitan_area "United States metropolitan area") in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.[\[28\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-28) In March 2008, financier [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") stated in a CNBC interview that by a "common sense definition", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.[\[29\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-29)[\[30\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-30) ## Causes \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=3 "Edit section: Causes")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/9e/Cost_of_housing_by_State.webp/500px-Cost_of_housing_by_State.webp.png)](https://en.wikipedia.org/wiki/File:Cost_of_housing_by_State.webp) Cost of housing by State Main articles: [Causes of the Great Recession](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession") and [Inverted yield curve](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") See also: [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") Federal Reserve Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") testified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https://en.wikipedia.org/wiki/Repurchase_agreements "Repurchase agreements") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed "[Too big to fail](https://en.wikipedia.org/wiki/Too_big_to_fail "Too big to fail")" institutions, monetary policy, and trade deficits.[\[31\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-BernankeFCIC1-31) The U.S. [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission") reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[\[32\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-32) Among the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the [2–28 loan](https://en.wikipedia.org/wiki/Subprime_lending "Subprime lending"), with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-The_downturn_in_facts_and_figures-33) On Wall Street and in the financial industry, [moral hazard](https://en.wikipedia.org/wiki/Moral_hazard "Moral hazard") lay at the core of many of the causes.[\[34\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-brown1-34) ### Government policies \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=4 "Edit section: Government policies")\] A federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment.[\[35\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-35) Factors include: > "Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view." [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz")[\[36\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-36) - The [non-depository banking system](https://en.wikipedia.org/wiki/Shadow_banking "Shadow banking") was not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately \$4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting.[\[37\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-37) - Giving [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") & [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac") GSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their [Alt-A](https://en.wikipedia.org/wiki/Alt-A "Alt-A") and [subprime](https://en.wikipedia.org/wiki/Subprime "Subprime") investments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the [Federal Housing Finance Agency](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency "Federal Housing Finance Agency") to conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the [Federal Housing Administration](https://en.wikipedia.org/wiki/Federal_Housing_Administration "Federal Housing Administration").[\[38\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-38)[\[39\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-39) ### Role of Alan Greenspan \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=5 "Edit section: Role of Alan Greenspan")\] > Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief. [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan")[\[40\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_2008-40) [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") was the [Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve") of the United States from 1987 to 2006. He was appointed by President [Ronald Reagan](https://en.wikipedia.org/wiki/Ronald_Reagan "Ronald Reagan") in August 1987 and was reappointed by President [Bill Clinton](https://en.wikipedia.org/wiki/Bill_Clinton "Bill Clinton") in 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that "I really didn't get it until very late in 2005 and 2006."[\[41\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_admits_bubble_FT-41) Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates",[\[42\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_interest_rates_FT-42) though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching \$100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks".[\[43\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_mortgage_crisis_roots_WSJ-43) Greenspan admitted to a congressional committee that he had been "partially wrong" in his hands-off approach towards the banking industry - "I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan.[\[44\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-44) That being said, the Federal Reserve did not have the power to wade into the banking sector at the time. ## Recession declared by economists \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=6 "Edit section: Recession declared by economists")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/b7/GDP_Illustration.JPG/250px-GDP_Illustration.JPG)](https://en.wikipedia.org/wiki/File:GDP_Illustration.JPG) U.S. [Real GDP](https://en.wikipedia.org/wiki/Real_GDP "Real GDP") in Billions of Current USD. Courtesy of www.bea.gov On December 1, 2008, the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.[\[45\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-BBC-46) The Dow Jones Industrial Average lost 679 points that same day.[\[47\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-47) On January 4, 2009, [Nobel Memorial Prize](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences")–winning economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") wrote, "This looks an awful lot like the beginning of a second Great Depression."[\[48\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-48) ### Rise in unemployment \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=7 "Edit section: Rise in unemployment")\] Further information: [Unemployment in the United States](https://en.wikipedia.org/wiki/Unemployment_in_the_United_States "Unemployment in the United States") The Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the [American Recovery and Reinvestment Act](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act "American Recovery and Reinvestment Act") (ARRA) in January 2009. Known as "The Stimulus", ARRA was a roughly \$800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years.[\[49\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Many economists argued the stimulus was too small, while conservatives such as the [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement") argued that deficit reduction was the priority.[\[50\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-50) The number of jobs ("total non-farm payrolls" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%.[\[49\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Full-time employment did not regain its pre-crisis level until August 2015.[\[51\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-51) The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable [housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%.[\[52\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-52) The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017.[\[53\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-53) [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") maintains a "dashboard" of several labor-market variables that illustrates the state of recovery of the labor market.[\[54\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-54) ### Liquidity crisis \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=8 "Edit section: Liquidity crisis")\] Main article: [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") The major investment banks at the core of the crisis obtained significant funding in overnight [repo](https://en.wikipedia.org/wiki/Repurchase_agreement "Repurchase agreement") markets, which were disrupted during the crisis. In effect, there was a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the essentially unregulated [shadow banking](https://en.wikipedia.org/wiki/Shadow_banking "Shadow banking") (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer [AIG](https://en.wikipedia.org/wiki/American_International_Group "American International Group"), which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called [credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swaps "Credit default swaps"), also was bailed out and taken over by the government at an initial cost exceeding \$100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations.[\[55\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-55) A timeline of some of the significant events in the crisis from 2007 to 2008 includes: - From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost \$800 billion. - In summer 2007, Countrywide Financial drew down an \$11 billion line of credit and then secured an additional \$12 billion bailout in September. This may be considered the start of the crisis. - In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business. - In mid-March 2008, Bear Stearns was bailed out by a gift of \$29 billion non-recourse treasury bill debt assets.[\[56\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-56) - In early July 2008, depositors at the Los Angeles offices of [IndyMac](https://en.wikipedia.org/wiki/IndyMac "IndyMac") Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a \$32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would [attempt to save](https://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac "Federal takeover of Fannie Mae and Freddie Mac") mortgage lenders [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") and [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac"). The two were placed into [conservatorship](https://en.wikipedia.org/wiki/Conservatorship "Conservatorship") on September 7, 2008. - During the weekend of September 13–14, 2008, [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers") declared [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers "Bankruptcy of Lehman Brothers") after failing to find a buyer; [Bank of America](https://en.wikipedia.org/wiki/Bank_of_America "Bank of America") agreed to purchase investment bank Merrill Lynch; the insurance giant [AIG](https://en.wikipedia.org/wiki/AIG "AIG") sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least \$70 billion to deal with the effects of Lehman's closure,[\[57\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-57) similar to the consortium put forth by J.P. Morgan during the stock market [panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") and the [crash of 1929](https://en.wikipedia.org/wiki/Crash_of_1929 "Crash of 1929").\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] Stocks on [Wall Street](https://en.wikipedia.org/wiki/Wall_Street "Wall Street") tumbled on Monday, September 15.[\[58\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-58) - On September 16, 2008, news emerged that the [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve "Federal Reserve") might give AIG an \$85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when [JP Morgan Chase](https://en.wikipedia.org/wiki/JP_Morgan_Chase "JP Morgan Chase") agreed to purchase the banking assets of [Washington Mutual](https://en.wikipedia.org/wiki/Washington_Mutual "Washington Mutual").[\[59\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-59) The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—\$691 billion (~\$986 billion in 2024) in assets—alone surpassing all past annual totals.[\[60\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-60) The year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank.[\[61\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-61) The Wall Street Journal stated that [venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") funding slowed down, which in the past had led to unemployment and slowed new job creation.[\[62\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-62) The Federal Reserve took steps to feed economic expansion by lowering the [prime rate](https://en.wikipedia.org/wiki/U.S._prime_rate "U.S. prime rate") repeatedly during 2008. \| [Date](https://en.wikipedia.org/wiki/Calendar_date "Calendar date") \| Primary [discount rate](https://en.wikipedia.org/wiki/Discount_window "Discount window") \| Secondary [discount rate](https://en.wikipedia.org/wiki/Discount_window "Discount window") \| [Fed funds rate](https://en.wikipedia.org/wiki/Fed_funds_rate "Fed funds rate") \| \|---\|---\|---\|---\| \| Apr 30, 2008 \| 2\.25% \| 2\.75% \| 2\.00% \| \| Mar 18, 2008 \| 2\.50% \| 3\.00% \| 2\.25% \| \| Mar 16, 2008 \| 3\.25% \| 3\.75% \| 2\.25% \| \| Jan 30, 2008 \| 3\.50% \| 4\.00% \| 3\.00% \| \| Jan 22, 2008 \| 4\.00% \| 4\.50% \| 3\.50% \| ### Bailout of U.S. financial system \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=9 "Edit section: Bailout of U.S. financial system")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/be/Middle_class_net_worth.png/500px-Middle_class_net_worth.png)](https://en.wikipedia.org/wiki/File:Middle_class_net_worth.png) U.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions.[\[64\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64) Main article: [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") On September 17, 2008, Federal Reserve chairman [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") advised Secretary of the Treasury [Henry Paulson](https://en.wikipedia.org/wiki/Henry_Paulson "Henry Paulson") that a large amount of public money would be needed to stabilize the financial system.[\[65\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) [Short selling](https://en.wikipedia.org/wiki/Short_$finance$ "Short (finance)") on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[\[66\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) The Treasury Secretary also indicated that [money funds](https://en.wikipedia.org/wiki/Money_fund "Money fund") would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.[\[66\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) Initial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of \$700 billion[\[67\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-67) to \$1 trillion [U.S. dollars](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar").[\[68\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-68) President [George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") asked [Congress](https://en.wikipedia.org/wiki/United_States_Congress "United States Congress") on September 20, 2008 for the authority to spend as much as \$700 billion (~\$998 billion in 2024) to purchase troubled mortgage assets and contain the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[69\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-69)[\[65\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) The crisis continued when the United States House of Representatives rejected the bill and the [Dow Jones](https://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average "Dow Jones Industrial Average") took a 777-point plunge.[\[70\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-70) A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.[\[71\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-71)[\[72\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-72) The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.[\[73\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-73) As of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), totalled over \$5 trillion: \$1 trillion in loans by the Fed to broker-dealers through the emergency [discount window](https://en.wikipedia.org/wiki/Discount_window "Discount window"), \$1.8 trillion in loans by the Fed through the [Term Auction Facility](https://en.wikipedia.org/wiki/Term_Auction_Facility "Term Auction Facility"), \$700 billion to be raised by the Treasury for the [Troubled Assets Relief Program](https://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program "Troubled Assets Relief Program"), \$200 billion insurance for the [GSEs](https://en.wikipedia.org/wiki/Government_sponsored_enterprise "Government sponsored enterprise") by the Treasury, and \$1.5 trillion insurance for unsecured bank debt by FDIC.[\[74\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-74) [ProPublica](https://en.wikipedia.org/wiki/ProPublica "ProPublica") maintains a "bailout tracker" that indicated about \$626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while \$713 billion had been repaid to the government (\$390 billion in principal repayments and \$323 billion in interest) indicating the bailouts generated \$87 billion in profit.[\[75\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-75) ## United States policy responses \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=10 "Edit section: United States policy responses")\] Main article: [United States policy responses to the Great Recession](https://en.wikipedia.org/wiki/United_States_policy_responses_to_the_Great_Recession "United States policy responses to the Great Recession") The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new \$50,000,000,000 (\$50 billion) program to ensure the investments, similar to the [Federal Deposit Insurance Corporation](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") (FDIC) program.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-76) Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the [Federal Reserve Board](https://en.wikipedia.org/wiki/Federal_Reserve_Board "Federal Reserve Board").[\[77\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-77) The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against [naked short selling](https://en.wikipedia.org/wiki/Naked_short_selling "Naked short selling"), as part of its reaction to the mortgage crisis.[\[78\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-78) ## Recovery \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=11 "Edit section: Recovery")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Change_in_household_debt_-_v1.png/500px-Change_in_household_debt_-_v1.png)](https://en.wikipedia.org/wiki/File:Change_in_household_debt_-_v1.png) U.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012.[\[79\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-79) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png/500px-U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)](https://en.wikipedia.org/wiki/File:U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png) U.S. federal government spending was held relatively level around \$3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/1/11/U.S._economic_recovery_scorecard.png/500px-U.S._economic_recovery_scorecard.png)](https://en.wikipedia.org/wiki/File:U.S._economic_recovery_scorecard.png) Several major U.S. economic variables had recovered from the 2007-2009 [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") and [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") by the 2013-2014 time period. The recession officially ended in the second quarter of 2009,[\[3\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) but the nation's economy continued to be described as in an "[economic malaise](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation")" during the second quarter of 2011.[\[80\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NYT-80) Some economists described the post-recession years as the weakest [recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") and [World War II](https://en.wikipedia.org/wiki/World_War_II "World War II").[\[81\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-81)[\[82\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-82) The weak recovery led one commentator to call it a "Zombie Economy", so-called because it was neither dead nor alive. [Household incomes](https://en.wikipedia.org/wiki/Household_income_in_the_United_States "Household income in the United States"), as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level.[\[83\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-83) Additionally as of September 2012, the [long-term unemployment](https://en.wikipedia.org/wiki/Long-term_unemployment "Long-term unemployment") is the highest it had been since World War II,[\[84\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-84) and the [unemployment rate](https://en.wikipedia.org/wiki/Unemployment_rate "Unemployment rate") peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).[\[85\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-85)[\[86\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-86) The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again. However, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth.[\[87\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-87) Economist [Carmen Reinhart](https://en.wikipedia.org/wiki/Carmen_Reinhart "Carmen Reinhart") stated in August 2011: "Debt de-leveraging \[reduction\] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before."[\[88\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-88) Then-Fed Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") explained during November 2012 several of the economic headwinds that slowed the recovery: - The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes. - Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts. - Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) For example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014.[\[89\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-89) Both households and government practicing austerity at the same time was a recipe for a slow recovery.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) Several key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession.[\[90\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-91)[\[92\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-92)[\[93\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-93) Real median household income fell to a trough of \$53,331 in 2012, but recovered to an all-time high of \$59,039 by 2016.[\[94\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-94) However, the gains during the recovery were very unevenly distributed. Economist [Emmanuel Saez](https://en.wikipedia.org/wiki/Emmanuel_Saez "Emmanuel Saez") wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners.[\[95\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-95) According to the Federal Reserve, median family net worth had peaked at about \$140,000 in 2007, fell to a low point of \$84,000 in 2013, and only partially recovered to \$97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst.[\[64\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64) Healthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays.[\[96\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-96) President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\[11\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \$626B was invested, loaned, or granted due to various bailout measures, while \$390B had been returned to the Treasury. The Treasury had earned another \$323B in interest on bailout loans, resulting in an \$87B profit.[\[97\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-97) ## Severity \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=12 "Edit section: Severity")\] The vast majority of economic historians believe the Great Recession was the second worst [contraction](https://en.wikipedia.org/wiki/Contraction_$economics$ "Contraction (economics)") in US history, after the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"). Some economists, including [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke"), have argued that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") was arguably more severe than the financial crisis that preceded the Great Depression, and that a depression was only avoided due to decisive policy actions taken by the Federal Reserve and federal government.[\[98\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-98) ## See also \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=13 "Edit section: See also")\] - [Timeline of the Great Recession](https://en.wikipedia.org/wiki/Timeline_of_the_Great_Recession "Timeline of the Great Recession") - [Causes of the Great Recession](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession") - [New Deal](https://en.wikipedia.org/wiki/New_Deal "New Deal") - [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") - [Stock market crashes in India](https://en.wikipedia.org/wiki/Stock_market_crashes_in_India "Stock market crashes in India") - [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") - [2008–2011 bank failures in the United States](https://en.wikipedia.org/wiki/2008%E2%80%932011_bank_failures_in_the_United_States "2008–2011 bank failures in the United States") - [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") - [2010 United States foreclosure crisis](https://en.wikipedia.org/wiki/2010_United_States_foreclosure_crisis "2010 United States foreclosure crisis") - [2011 United States debt-ceiling crisis](https://en.wikipedia.org/wiki/2011_United_States_debt-ceiling_crisis "2011 United States debt-ceiling crisis") - [List of economic crises](https://en.wikipedia.org/wiki/List_of_economic_crises "List of economic crises") - [The Big Short](https://en.wikipedia.org/wiki/The_Big_Short_$film$ "The Big Short (film)") - [List of stock market crashes and bear markets](https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets "List of stock market crashes and bear markets") ## References \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=14 "Edit section: References")\] 1. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-1) ["Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011"](https://www.washingtonpost.com/business/economy/double-dip-or-just-one-big-economic-dive/2011/08/05/gIQANKAIxI_story.html). [The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post"). [Archived](https://web.archive.org/web/20210103231738/https://www.washingtonpost.com/business/economy/double-dip-or-just-one-big-economic-dive/2011/08/05/gIQANKAIxI_story.html) from the original on January 3, 2021. Retrieved March 22, 2018. 2. ^ [*a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-1) [c](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-2) [d](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-3) ["Federal Reserve-Ben Bernanke-The Economic Recovery and Economic Policy-November 20, 2012"](https://www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm). [Archived](https://web.archive.org/web/20210815020828/https://www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm) from the original on August 15, 2021. Retrieved March 24, 2018. 3. ^ [a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-1) ["Business Cycle Dating Committee, National Bureau of Economic Research"](https://www.nber.org/cycles/sept2010.html). 20 September 2010. [Archived](https://web.archive.org/web/20210302041430/http://www2.nber.org/cycles/sept2010.html) from the original on 2021-03-02. Retrieved 2018-03-09. 4. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-4)* ["FRED-Real GDP-Retrieved March 22, 2018"](https://fred.stlouisfed.org/series/GDPC1). [Archived](https://web.archive.org/web/20160705161801/https://fred.stlouisfed.org/series/GDPC1) from the original on July 5, 2016. Retrieved March 22, 2018. 5. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-5) ["Civilian Unemployment Rate"](https://research.stlouisfed.org/fred2/series/UNRATE). January 1948. [Archived](https://web.archive.org/web/20160528164133/https://research.stlouisfed.org/fred2/series/UNRATE/) from the original on 2016-05-28. Retrieved 2015-10-05. 6. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-6) ["FRED-All Employees Total Non-Farm-Retrieved March 22, 2018"](https://fred.stlouisfed.org/series/PAYEMS). [Archived](https://web.archive.org/web/20190512113401/https://fred.stlouisfed.org/series/PAYEMS) from the original on May 12, 2019. Retrieved January 23, 2018. 7. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Leider_7-0) Leider, Jonathon P.; Yeager, Valerie A.; Kirkland, Chelsey; Krasna, Heather; Hare Bork, Rachel; Resnick, Beth (1 April 2023). 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[Archived](https://web.archive.org/web/20190806005522/https://money.cnn.com/2014/08/27/news/economy/ben-bernanke-great-depression/index.html) from the original on August 6, 2019. Retrieved August 21, 2019. ## Further reading \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=15 "Edit section: Further reading")\] - [Bernanke, Ben S.](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") (2015). The Courage to Act: A Memoir of a Crisis and Its Aftermath. New York: [W. W. Norton & Company](https://en.wikipedia.org/wiki/W._W._Norton_%26_Company "W. W. Norton & Company"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0393247213](https://en.wikipedia.org/wiki/Special:BookSources/978-0393247213 "Special:BookSources/978-0393247213") . - [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") (2008) \[2007\]. [The Age of Turbulence: Adventures in a New World](https://en.wikipedia.org/wiki/The_Age_of_Turbulence "The Age of Turbulence"). New York: [Penguin Books](https://en.wikipedia.org/wiki/Penguin_Books "Penguin Books"). pp. 507–532\. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0143114161](https://en.wikipedia.org/wiki/Special:BookSources/978-0143114161 "Special:BookSources/978-0143114161") . - [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"); [Wooldridge, Adrian](https://en.wikipedia.org/wiki/Adrian_Wooldridge "Adrian Wooldridge") (2018). Capitalism in America: A History. New York: [Penguin Press](https://en.wikipedia.org/wiki/Penguin_Press "Penguin Press"). pp. 368–388\. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0735222441](https://en.wikipedia.org/wiki/Special:BookSources/978-0735222441 "Special:BookSources/978-0735222441") . - [Meltzer, Allan H.](https://en.wikipedia.org/wiki/Allan_H._Meltzer "Allan H. Meltzer") (2009). A History of the Federal Reserve – Volume 2, Book 2: 1970–1986. Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). pp. 1243–1256\. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0226213514](https://en.wikipedia.org/wiki/Special:BookSources/978-0226213514 "Special:BookSources/978-0226213514") . - [Sumner, Scott B.](https://en.wikipedia.org/wiki/Scott_Sumner "Scott Sumner") (2021). The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy. Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0226773681](https://en.wikipedia.org/wiki/Special:BookSources/978-0226773681 "Special:BookSources/978-0226773681") . \| [v](https://en.wikipedia.org/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template:United States – Commonwealth of Nations recessions") [t](https://en.wikipedia.org/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template talk:United States – Commonwealth of Nations recessions") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Special:EditPage/Template:United States – Commonwealth of Nations recessions")[Economic history of the United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") and Commonwealth of Nations countries \| \| \|---\|---\| \| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) \| [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [Great Slump](https://en.wikipedia.org/wiki/Great_Slump_$15th_century$ "Great Slump (15th century)") (1430–1490) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Financial Revolution](https://en.wikipedia.org/wiki/Financial_Revolution "Financial Revolution") (1690–1800) [Slump of 1706](https://en.wikipedia.org/wiki/War_of_the_Spanish_Succession "War of the Spanish Succession") [Great Frost of 1709](https://en.wikipedia.org/wiki/Great_Frost_of_1709 "Great Frost of 1709") [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1713–1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1717–1720) [Economic impact of the Seven Years' War](https://en.wikipedia.org/wiki/Financial_costs_of_the_Seven_Years%27_War "Financial costs of the Seven Years' War") (1754–1763) \| \| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution")/ [Market Revolution](https://en.wikipedia.org/wiki/Market_Revolution "Market Revolution") (1760–1870) \| Industrial Revolution [Scotland](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Scotland "Industrial Revolution in Scotland") [United States](https://en.wikipedia.org/wiki/Industrial_Revolution_in_the_United_States "Industrial Revolution in the United States") [Wales](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Wales "Industrial Revolution in Wales") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [American Revolutionary War inflation](https://en.wikipedia.org/wiki/Financial_costs_of_the_American_Revolutionary_War "Financial costs of the American Revolutionary War") (1775–1783) [Panic of 1785](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1785–1788) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789")/[Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") (1789–1793) [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") (1796–1799) [1802–1804 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [Depression of 1807](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") (1807–1810) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Alabama Fever](https://en.wikipedia.org/wiki/Alabama_Fever "Alabama Fever") [1812 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Post-Napoleonic Depression](https://en.wikipedia.org/wiki/Post-Napoleonic_Depression "Post-Napoleonic Depression") (1815–1821) [1822–23 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1826](https://en.wikipedia.org/wiki/Panic_of_1826 "Panic of 1826") [1828–29 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [1833–34 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_$1785%E2%80%931836$ "List of recessions in the United States") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https://en.wikipedia.org/wiki/U.S._state_defaults_in_the_1840s "U.S. state defaults in the 1840s") [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [Plank Road Boom](https://en.wikipedia.org/wiki/Plank_Road_Boom "Plank Road Boom") (1844–c. 1855) [1845–46 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") (1847–1848) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [British Columbia gold rushes](https://en.wikipedia.org/wiki/British_Columbia_gold_rushes "British Columbia gold rushes") [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush"), 1851 [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush"), 1858 [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush"), 1859 [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush"), 1860 [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush"), 1861 [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush"), 1861–1867 [Wild Horse Creek Gold Rush](https://en.wikipedia.org/wiki/Fisherville,_British_Columbia "Fisherville, British Columbia"), 1863–1870 [Leechtown Gold Rush](https://en.wikipedia.org/wiki/Leechtown,_British_Columbia "Leechtown, British Columbia"), 1864–1865 [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush"), c. 1865 [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush"), 1869 [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [1853–54 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") (1857–1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [1860–61 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [U.S. Civil War economy](https://en.wikipedia.org/wiki/Economic_history_of_the_American_Civil_War "Economic history of the American Civil War") (1861–1865) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") (1865–1867) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_$1869$ "Black Friday (1869)") (1869–1870) \| \| [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age")/ [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) \| [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") 1873–1879; [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Depression of 1882–1885](https://en.wikipedia.org/wiki/Depression_of_1882%E2%80%931885 "Depression of 1882–1885") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [1887–88 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890–1891) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") (1893–1897) [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1894$ "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [1899–1900 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–c. 1950) [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") (1902–1904) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–c. 1930) [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") (1907–1908) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–c. 1960) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") (1910–1912) [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") (1913–14) \| \| World War home fronts/ [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1914–1945) \| [World War I economy](https://en.wikipedia.org/wiki/Economic_history_of_World_War_I "Economic history of World War I") and [home fronts](https://en.wikipedia.org/wiki/Home_front_during_World_War_I "Home front during World War I") [Australia](https://en.wikipedia.org/wiki/Australia_in_World_War_I#Home_front "Australia in World War I") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_I#Home_Front "Canada in World War I") [United Kingdom](https://en.wikipedia.org/wiki/History_of_the_United_Kingdom_during_the_First_World_War "History of the United Kingdom during the First World War") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_I "United States home front during World War I") [Post–World War I recession](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_I_recession "Post–World War I recession") (1918–1919) [Recession of 1920–1921](https://en.wikipedia.org/wiki/Recession_of_1920%E2%80%931921 "Recession of 1920–1921") [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [1923–1924 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [1926–1927 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_$1836%E2%80%931929$ "List of recessions in the United States") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") 1929–1939; [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Great Contraction](https://en.wikipedia.org/wiki/Great_Contraction "Great Contraction"), 1929–1933 [Recession of 1937–1938](https://en.wikipedia.org/wiki/Recession_of_1937%E2%80%931938 "Recession of 1937–1938") [Australia](https://en.wikipedia.org/wiki/Great_Depression_in_Australia "Great Depression in Australia") [Canada](https://en.wikipedia.org/wiki/Great_Depression_in_Canada "Great Depression in Canada") [India](https://en.wikipedia.org/wiki/Great_Depression_in_India "Great Depression in India") [South Africa](https://en.wikipedia.org/wiki/Great_Depression_in_South_Africa "Great Depression in South Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_Kingdom "Great Depression in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) [World War II home front](https://en.wikipedia.org/wiki/Home_front_during_World_War_II "Home front during World War II") [Australia](https://en.wikipedia.org/wiki/Australian_home_front_during_World_War_II "Australian home front during World War II") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_II#Home_front "Canada in World War II") [United Kingdom](https://en.wikipedia.org/wiki/British_home_front_during_World_War_II "British home front during World War II") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") \| \| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion")/ [1970s stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1945–1982) \| [Great Compression](https://en.wikipedia.org/wiki/Great_Compression "Great Compression") [1945 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Great_Depression_onward_$1929%E2%80%93present$ "List of recessions in the United States") [Recession of 1949](https://en.wikipedia.org/wiki/Recession_of_1949 "Recession of 1949") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https://en.wikipedia.org/wiki/Four_Asian_Tigers "Four Asian Tigers") (1950–1990) [1951 Canada recession](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [Recession of 1953](https://en.wikipedia.org/wiki/Recession_of_1953 "Recession of 1953") (1953–1954) [Recession of 1958](https://en.wikipedia.org/wiki/Recession_of_1958 "Recession of 1958") (1957–1958) [Recession of 1960–1961](https://en.wikipedia.org/wiki/Recession_of_1960%E2%80%931961 "Recession of 1960–1961") [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) [Recession of 1969–1970](https://en.wikipedia.org/wiki/Recession_of_1969%E2%80%931970 "Recession of 1969–1970") [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [1973–1975 recession](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession "1973–1975 recession") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") 1973–1980; [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [Early 1980s recession](https://en.wikipedia.org/wiki/Early_1980s_recession "Early 1980s recession") 1980–1982; [United States](https://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States "Early 1980s recession in the United States") \| \| [Computer Age](https://en.wikipedia.org/wiki/Information_Age "Information Age")/ [Second Gilded Age](https://en.wikipedia.org/wiki/Second_Gilded_Age "Second Gilded Age") (1982–present) \| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation") (1982–2007) [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [Black Saturday](https://en.wikipedia.org/wiki/Black_Saturday_$1983$ "Black Saturday (1983)") (1983) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1985–) [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$1987$ "Black Monday (1987)") (1987) [Friday the 13th mini-crash](https://en.wikipedia.org/wiki/Friday_the_13th_mini-crash "Friday the 13th mini-crash") (1989) [Early 1990s recession](https://en.wikipedia.org/wiki/Early_1990s_recession "Early 1990s recession") 1990–1991; [Australia](https://en.wikipedia.org/wiki/Early_1990s_recession_in_Australia "Early 1990s recession in Australia") [United States](https://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States "Early 1990s recession in the United States") [1990 oil price shock](https://en.wikipedia.org/wiki/1990_oil_price_shock "1990 oil price shock") [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") (1991–2001) [1990s India economic boom](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India "Economic liberalisation in India") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (1991–present) [Black Wednesday](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") (1992) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") 1995–2004; [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") 2001; [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2014) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [North Dakota oil boom](https://en.wikipedia.org/wiki/North_Dakota_oil_boom "North Dakota oil boom") (2006–2015) [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") 2007–2009; [Australia and New Zealand](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [British West Indies](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Canada](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Recession_in_Europe#United_Kingdom "Great Recession in Europe") [United States]() [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2007–2010 U.S. bank failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis "List of banks acquired or bankrupted in the United States during the 2008 financial crisis") [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [2010 flash crash](https://en.wikipedia.org/wiki/2010_flash_crash "2010 flash crash") [Malaysia Tiger Cub expansion](https://en.wikipedia.org/wiki/Tiger_Cub_Economies "Tiger Cub Economies") (2010s) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_$2011$ "Black Monday (2011)") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Sri Lankan economic crisis](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_$2019%E2%80%932024$ "Sri Lankan economic crisis (2019–2024)") (2019–2024) [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") 2020–2022; [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [sectoral impacts](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [shortages](https://en.wikipedia.org/wiki/Shortages_related_to_the_COVID-19_pandemic "Shortages related to the COVID-19 pandemic") [Canada](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada "Economic impact of the COVID-19 pandemic in Canada") [India](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India "Economic impact of the COVID-19 pandemic in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia "Economic impact of the COVID-19 pandemic in Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand "Economic impact of the COVID-19 pandemic in New Zealand") [United Kingdom](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom "Economic impact of the COVID-19 pandemic in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States "Economic impact of the COVID-19 pandemic in the United States") [2020s commodities boom](https://en.wikipedia.org/wiki/2020s_commodities_boom "2020s commodities boom") [Global energy crisis](https://en.wikipedia.org/wiki/Global_energy_crisis_$2021%E2%80%932023$ "Global energy crisis (2021–2023)") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https://en.wikipedia.org/wiki/2021_United_Kingdom_natural_gas_supplier_crisis "2021 United Kingdom natural gas supplier crisis") [regional effects](https://en.wikipedia.org/wiki/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis "Regional effects of the 2021–2023 global energy crisis") [2021–2023 global supply chain crisis](https://en.wikipedia.org/wiki/2021%E2%80%932023_global_supply_chain_crisis "2021–2023 global supply chain crisis") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [Pakistani economic crisis](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_$2021%E2%80%932024$ "Pakistani economic crisis (2021–2024)") (2021–2024) [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [2022–2023 global food crises](https://en.wikipedia.org/wiki/2022%E2%80%932023_global_food_crises "2022–2023 global food crises") [2023 United Kingdom recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") \| \| Countries and sectors \| [Australia](https://en.wikipedia.org/wiki/Economic_history_of_Australia "Economic history of Australia") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Australia "History of rail transport in Australia") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Australia "Slavery in Australia") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Australia "Whaling in Australia")/[Western Australia](https://en.wikipedia.org/wiki/Whaling_in_Western_Australia "Whaling in Western Australia") [Canada](https://en.wikipedia.org/wiki/Economic_history_of_Canada "Economic history of Canada") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Canada "History of agriculture in Canada") [currencies](https://en.wikipedia.org/wiki/History_of_Canadian_currencies "History of Canadian currencies") [early banking system](https://en.wikipedia.org/wiki/Early_Canadian_banking_system "Early Canadian banking system") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_Canada "History of the petroleum industry in Canada") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Canada "History of rail transport in Canada") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Canada "Slavery in Canada") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_Canada "Technological and industrial history of Canada") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Canada "Whaling in Canada")/[Pacific Northwest](https://en.wikipedia.org/wiki/Whaling_on_the_Pacific_Northwest_Coast "Whaling on the Pacific Northwest Coast") [Ghana](https://en.wikipedia.org/wiki/Economic_history_of_Ghana "Economic history of Ghana") [India](https://en.wikipedia.org/wiki/Economic_history_of_India "Economic history of India") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_Indian_subcontinent "History of agriculture in the Indian subcontinent") [Company rule](https://en.wikipedia.org/wiki/Economy_of_India_under_Company_rule "Economy of India under Company rule") [maritime](https://en.wikipedia.org/wiki/Indian_maritime_history "Indian maritime history") [British Raj](https://en.wikipedia.org/wiki/Economy_of_India_under_the_British_Raj "Economy of India under the British Raj") [Deindustrialisation](https://en.wikipedia.org/wiki/De-industrialisation_of_India "De-industrialisation of India") [salt tax](https://en.wikipedia.org/wiki/History_of_the_salt_tax_in_British_India "History of the salt tax in British India") [slavery](https://en.wikipedia.org/wiki/Slavery_in_India "Slavery in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_history_of_Malaysia "Economic history of Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_history_of_New_Zealand "Economic history of New Zealand") [whaling](https://en.wikipedia.org/wiki/Whaling_in_New_Zealand "Whaling in New Zealand") [Nigeria](https://en.wikipedia.org/wiki/Economic_history_of_Nigeria "Economic history of Nigeria") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Nigeria "Slavery in Nigeria") [Pakistan](https://en.wikipedia.org/wiki/Economic_history_of_Pakistan "Economic history of Pakistan") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_Pakistan "Maritime history of Pakistan") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Pakistan "History of rail transport in Pakistan") [South Africa](https://en.wikipedia.org/wiki/Economic_history_of_South_Africa "Economic history of South Africa") [slavery](https://en.wikipedia.org/wiki/Slavery_in_South_Africa "Slavery in South Africa") [whaling](https://en.wikipedia.org/wiki/Whaling_in_South_Africa "Whaling in South Africa") [Uganda](https://en.wikipedia.org/wiki/Economic_history_of_Uganda "Economic history of Uganda") [United Kingdom](https://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom "Economic history of the United Kingdom") [Agricultural Revolution](https://en.wikipedia.org/wiki/British_Agricultural_Revolution "British Agricultural Revolution") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_Kingdom "History of banking in the United Kingdom") [British Empire](https://en.wikipedia.org/wiki/Economy_of_the_British_Empire "Economy of the British Empire") [English fiscal system](https://en.wikipedia.org/wiki/History_of_the_English_fiscal_system "History of the English fiscal system") [Interwar unemployment and poverty](https://en.wikipedia.org/wiki/Interwar_unemployment_and_poverty_in_the_United_Kingdom "Interwar unemployment and poverty in the United Kingdom") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_Kingdom "Maritime history of the United Kingdom")/[England](https://en.wikipedia.org/wiki/Maritime_history_of_England "Maritime history of England")/[Scotland](https://en.wikipedia.org/wiki/Maritime_history_of_Scotland "Maritime history of Scotland") [Middle Ages England](https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages "Economy of England in the Middle Ages")/[agriculture](https://en.wikipedia.org/wiki/Economics_of_English_agriculture_in_the_Middle_Ages "Economics of English agriculture in the Middle Ages") [national debt](https://en.wikipedia.org/wiki/History_of_the_British_national_debt "History of the British national debt") [Scotland](https://en.wikipedia.org/wiki/Economic_history_of_Scotland "Economic history of Scotland")/[agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Scotland "History of agriculture in Scotland")/[Middle Ages](https://en.wikipedia.org/wiki/Economy_of_Scotland_in_the_Middle_Ages "Economy of Scotland in the Middle Ages") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain "History of rail transport in Great Britain")/[pre–1830](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_to_1830 "History of rail transport in Great Britain to 1830")/[1830–1922](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 "History of rail transport in Great Britain 1830–1922")/[1923–1947](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 "History of rail transport in Great Britain 1923–1947")/[1948–1994](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 "History of rail transport in Great Britain 1948–1994")/[1995–present](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1995_to_date "History of rail transport in Great Britain 1995 to date") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Britain "Slavery in Britain") [trade unions](https://en.wikipedia.org/wiki/History_of_trade_unions_in_the_United_Kingdom "History of trade unions in the United Kingdom") [Victorian era](https://en.wikipedia.org/wiki/Economy,_industry,_and_trade_of_the_Victorian_era "Economy, industry, and trade of the Victorian era") [Wales](https://en.wikipedia.org/wiki/Economic_history_of_Wales "Economic history of Wales") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_Kingdom "Whaling in the United Kingdom")/[Scotland](https://en.wikipedia.org/wiki/Whaling_in_Scotland "Whaling in Scotland") [United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States")/[colonial-era credit](https://en.wikipedia.org/wiki/Credit_in_the_Thirteen_Colonies "Credit in the Thirteen Colonies")/[cooperatives](https://en.wikipedia.org/wiki/History_of_cooperatives_in_the_United_States "History of cooperatives in the United States")/[investment banking](https://en.wikipedia.org/wiki/History_of_investment_banking_in_the_United_States "History of investment banking in the United States")/[wildcat banking](https://en.wikipedia.org/wiki/Wildcat_banking "Wildcat banking") [business](https://en.wikipedia.org/wiki/American_business_history "American business history") [central banking](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States "History of central banking in the United States") [coal mining](https://en.wikipedia.org/wiki/History_of_coal_mining_in_the_United_States "History of coal mining in the United States") [indentured servitude](https://en.wikipedia.org/wiki/Indentured_servitude_in_British_America "Indentured servitude in British America") [iron and steel industry](https://en.wikipedia.org/wiki/History_of_the_iron_and_steel_industry_in_the_United_States "History of the iron and steel industry in the United States") [labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [list of economic expansions](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States "List of economic expansions in the United States") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States "List of recessions in the United States") [lumber industry](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [maritime](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine")/[colonial-era](https://en.wikipedia.org/wiki/Maritime_history_of_Colonial_America "Maritime history of Colonial America")/[1776–1799](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1776%E2%80%931799$ "Maritime history of the United States (1776–1799)")/[1800–1899](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1800%E2%80%931899$ "Maritime history of the United States (1800–1899)")/[1900–1999](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$1900%E2%80%931999$ "Maritime history of the United States (1900–1999)")/[2000–present](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_$2000%E2%80%93present$ "Maritime history of the United States (2000–present)") [monetary policy](https://en.wikipedia.org/wiki/History_of_monetary_policy_in_the_United_States "History of monetary policy in the United States") [poverty](https://en.wikipedia.org/wiki/History_of_poverty_in_the_United_States "History of poverty in the United States") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_the_United_States "History of the petroleum industry in the United States")/[oil shale](https://en.wikipedia.org/wiki/History_of_the_oil_shale_industry_in_the_United_States "History of the oil shale industry in the United States") [public debt](https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt "History of the United States public debt") [rail transportation](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") [slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States")/[colonial-era slavery](https://en.wikipedia.org/wiki/Slavery_in_the_colonial_history_of_the_United_States "Slavery in the colonial history of the United States")/[forced labor](https://en.wikipedia.org/wiki/History_of_forced_labor_in_the_United_States "History of forced labor in the United States")/[slave trade](https://en.wikipedia.org/wiki/Slave_trade_in_the_United_States "Slave trade in the United States")/[slave markets](https://en.wikipedia.org/wiki/Slave_markets_and_slave_jails_in_the_United_States "Slave markets and slave jails in the United States") [tariffs](https://en.wikipedia.org/wiki/History_of_tariffs_in_the_United_States "History of tariffs in the United States") [taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [United States dollar](https://en.wikipedia.org/wiki/History_of_the_United_States_dollar "History of the United States dollar") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_States "Whaling in the United States") [Zimbabwe](https://en.wikipedia.org/wiki/Economic_history_of_Zimbabwe "Economic history of Zimbabwe") \| \| [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") topics \| [Aggregate demand](https://en.wikipedia.org/wiki/Aggregate_demand "Aggregate demand")/[Supply](https://en.wikipedia.org/wiki/Aggregate_supply "Aggregate supply") [Effective demand](https://en.wikipedia.org/wiki/Effective_demand "Effective demand") [General glut](https://en.wikipedia.org/wiki/General_glut "General glut") [Model](https://en.wikipedia.org/wiki/AD%E2%80%93AS_model "AD–AS model") [Overproduction](https://en.wikipedia.org/wiki/Overproduction "Overproduction") [Paradox of thrift](https://en.wikipedia.org/wiki/Paradox_of_thrift "Paradox of thrift") [Price-and-wage stickiness](https://en.wikipedia.org/wiki/Nominal_rigidity "Nominal rigidity") [Underconsumption](https://en.wikipedia.org/wiki/Underconsumption "Underconsumption") [Inflation](https://en.wikipedia.org/wiki/Inflation "Inflation") and [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") [Chronic](https://en.wikipedia.org/wiki/Chronic_inflation "Chronic inflation") [Classical dichotomy](https://en.wikipedia.org/wiki/Classical_dichotomy "Classical dichotomy") [Debasement](https://en.wikipedia.org/wiki/Debasement "Debasement") [Debt monetization](https://en.wikipedia.org/wiki/Debt_monetization "Debt monetization") [Demand-pull](https://en.wikipedia.org/wiki/Demand-pull_inflation "Demand-pull inflation")/[cost-push](https://en.wikipedia.org/wiki/Cost-push_inflation "Cost-push inflation")/[built-in inflation](https://en.wikipedia.org/wiki/Inertial_inflation "Inertial inflation") [Deflation](https://en.wikipedia.org/wiki/Deflation "Deflation") [Disinflation](https://en.wikipedia.org/wiki/Disinflation "Disinflation") [Full employment](https://en.wikipedia.org/wiki/Full_employment "Full employment") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Money supply](https://en.wikipedia.org/wiki/Money_supply "Money supply")/[demand](https://en.wikipedia.org/wiki/Demand_for_money "Demand for money") [NAIRU](https://en.wikipedia.org/wiki/NAIRU "NAIRU") [Natural rate of unemployment](https://en.wikipedia.org/wiki/Natural_rate_of_unemployment "Natural rate of unemployment") [Neutrality of money](https://en.wikipedia.org/wiki/Neutrality_of_money "Neutrality of money") [Phillips curve](https://en.wikipedia.org/wiki/Phillips_curve "Phillips curve") [Price level](https://en.wikipedia.org/wiki/Price_level "Price level") [Real and nominal value](https://en.wikipedia.org/wiki/Real_and_nominal_value "Real and nominal value") [Sahm rule](https://en.wikipedia.org/wiki/Sahm_rule "Sahm rule") [Velocity of money](https://en.wikipedia.org/wiki/Velocity_of_money "Velocity of money") [Expansion](https://en.wikipedia.org/wiki/Economic_expansion "Economic expansion") [Miracle](https://en.wikipedia.org/wiki/Economic_miracle "Economic miracle") [Recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") [Stagnation](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation") [Interest rate](https://en.wikipedia.org/wiki/Interest_rate "Interest rate") [Nominal interest rate](https://en.wikipedia.org/wiki/Nominal_interest_rate "Nominal interest rate") [Real interest rate](https://en.wikipedia.org/wiki/Real_interest_rate "Real interest rate") [Yield curve](https://en.wikipedia.org/wiki/Yield_curve "Yield curve")/[Inverted](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Balance sheet](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") [Depression](https://en.wikipedia.org/wiki/Economic_depression "Economic depression") [Global](https://en.wikipedia.org/wiki/Global_recession "Global recession") [Rolling](https://en.wikipedia.org/wiki/Rolling_recession "Rolling recession") [Shapes](https://en.wikipedia.org/wiki/Recession_shapes "Recession shapes") [Stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") [Shock](https://en.wikipedia.org/wiki/Shock_$economics$ "Shock (economics)") [Demand](https://en.wikipedia.org/wiki/Demand_shock "Demand shock") [Supply](https://en.wikipedia.org/wiki/Supply_shock "Supply shock") \| \| [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") topics \| [Financial bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") [Commodity booms](https://en.wikipedia.org/wiki/List_of_commodity_booms "List of commodity booms")/[diamond rush](https://en.wikipedia.org/wiki/Diamond_rush "Diamond rush")/[gold rush](https://en.wikipedia.org/wiki/Gold_rush "Gold rush")/[oil boom](https://en.wikipedia.org/wiki/Oil_boom "Oil boom") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble")/[housing bubble](https://en.wikipedia.org/wiki/Housing_bubble "Housing bubble")/[boomtown](https://en.wikipedia.org/wiki/Boomtown "Boomtown")/[ghost town](https://en.wikipedia.org/wiki/Ghost_town "Ghost town") [Speculation](https://en.wikipedia.org/wiki/Speculation "Speculation") [Stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") [Financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run")/[bank failure](https://en.wikipedia.org/wiki/Bank_failure "Bank failure") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis")/[accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity")/[capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital")/[funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity")/[market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment")/[leverage cycle](https://en.wikipedia.org/wiki/Leverage_cycle "Leverage cycle") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")/[Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") Proposed bubbles [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble")/[AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom")/[Fourth Industrial Revolution](https://en.wikipedia.org/wiki/Fourth_Industrial_Revolution "Fourth Industrial Revolution")/[Imagination Age](https://en.wikipedia.org/wiki/Imagination_Age "Imagination Age") [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble")/[Age of Oil](https://en.wikipedia.org/wiki/Age_of_Oil "Age of Oil")/[Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil") [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") \| \| [v](https://en.wikipedia.org/wiki/Template:History_of_the_United_States_navbox "Template:History of the United States navbox") [t](https://en.wikipedia.org/wiki/Template_talk:History_of_the_United_States_navbox "Template talk:History of the United States navbox") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:History_of_the_United_States_navbox "Special:EditPage/Template:History of the United States navbox")[History of the United States](https://en.wikipedia.org/wiki/History_of_the_United_States "History of the United States") \| \| \|---\|---\| \| [Timeline](https://en.wikipedia.org/wiki/Timeline_of_United_States_history "Timeline of United States history") [Outline](https://en.wikipedia.org/wiki/Outline_of_United_States_history "Outline of United States history") \| \| \| Events \| \| \| \| \| \| Pre-Colonial \| [Geological](https://en.wikipedia.org/wiki/Geological_history_of_North_America "Geological history of North America") [Pre-Columbian era](https://en.wikipedia.org/wiki/Pre-Columbian_era "Pre-Columbian era") \| \| [Colonial](https://en.wikipedia.org/wiki/Colonial_history_of_the_United_States "Colonial history of the United States") \| [Exploration of North America](https://en.wikipedia.org/wiki/Exploration_of_North_America "Exploration of North America") [European colonization](https://en.wikipedia.org/wiki/European_colonization_of_the_Americas "European colonization of the Americas") [Native American epidemics](https://en.wikipedia.org/wiki/Native_American_disease_and_epidemics "Native American disease and epidemics") [Settlement of Jamestown](https://en.wikipedia.org/wiki/History_of_Jamestown,_Virginia_$1607%E2%80%931699$ "History of Jamestown, Virginia (1607–1699)") [Thirteen Colonies](https://en.wikipedia.org/wiki/Thirteen_Colonies "Thirteen Colonies") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [King William's War](https://en.wikipedia.org/wiki/King_William%27s_War "King William's War") [Queen Anne's War](https://en.wikipedia.org/wiki/Queen_Anne%27s_War "Queen Anne's War") [Dummer's War](https://en.wikipedia.org/wiki/Dummer%27s_War "Dummer's War") [First Great Awakening](https://en.wikipedia.org/wiki/First_Great_Awakening "First Great Awakening") [War of Jenkins' Ear](https://en.wikipedia.org/wiki/War_of_Jenkins%27_Ear "War of Jenkins' Ear") [King George's War](https://en.wikipedia.org/wiki/King_George%27s_War "King George's War") [Prelude to Revolution](https://en.wikipedia.org/wiki/American_Revolution#Origin "American Revolution") [American Enlightenment](https://en.wikipedia.org/wiki/American_Enlightenment "American Enlightenment") [French and Indian War](https://en.wikipedia.org/wiki/French_and_Indian_War "French and Indian War") [Proclamation of 1763](https://en.wikipedia.org/wiki/Royal_Proclamation_of_1763 "Royal Proclamation of 1763") [Sugar Act](https://en.wikipedia.org/wiki/Sugar_Act "Sugar Act") [Stamp Act Congress](https://en.wikipedia.org/wiki/Stamp_Act_Congress "Stamp Act Congress") [Sons of Liberty](https://en.wikipedia.org/wiki/Sons_of_Liberty "Sons of Liberty") [Virginia Association](https://en.wikipedia.org/wiki/Virginia_Association "Virginia Association") [Boston Massacre](https://en.wikipedia.org/wiki/Boston_Massacre "Boston Massacre") [Boston Tea Party](https://en.wikipedia.org/wiki/Boston_Tea_Party "Boston Tea Party") [Intolerable Acts](https://en.wikipedia.org/wiki/Intolerable_Acts "Intolerable Acts") [First Continental Congress](https://en.wikipedia.org/wiki/First_Continental_Congress "First Continental Congress") [Continental Association](https://en.wikipedia.org/wiki/Continental_Association "Continental Association") \| \| [1776–1789](https://en.wikipedia.org/wiki/History_of_the_United_States_$1776%E2%80%931789$ "History of the United States (1776–1789)") \| [American Revolution](https://en.wikipedia.org/wiki/American_Revolution "American Revolution") [War](https://en.wikipedia.org/wiki/American_Revolutionary_War "American Revolutionary War") [Second Continental Congress](https://en.wikipedia.org/wiki/Second_Continental_Congress "Second Continental Congress") [Virginia Declaration of Rights](https://en.wikipedia.org/wiki/Virginia_Declaration_of_Rights "Virginia Declaration of Rights") [Lee Resolution](https://en.wikipedia.org/wiki/Lee_Resolution "Lee Resolution") [Declaration of Independence](https://en.wikipedia.org/wiki/United_States_Declaration_of_Independence "United States Declaration of Independence") [Treaty of Paris](https://en.wikipedia.org/wiki/Treaty_of_Paris_$1783$ "Treaty of Paris (1783)") [Confederation period](https://en.wikipedia.org/wiki/Confederation_of_United_States_of_America "Confederation of United States of America") [Articles of Confederation](https://en.wikipedia.org/wiki/Articles_of_Confederation "Articles of Confederation") [and Perpetual Union](https://en.wikipedia.org/wiki/Perpetual_Union "Perpetual Union") [Pennsylvania Mutiny](https://en.wikipedia.org/wiki/Pennsylvania_Mutiny_of_1783 "Pennsylvania Mutiny of 1783") [Shays' Rebellion](https://en.wikipedia.org/wiki/Shays%27_Rebellion "Shays' Rebellion") [Northwest Ordinance](https://en.wikipedia.org/wiki/Northwest_Ordinance "Northwest Ordinance") [Constitutional Convention](https://en.wikipedia.org/wiki/Constitutional_Convention_$United_States$ "Constitutional Convention (United States)") [Drafting and ratification of the Constitution](https://en.wikipedia.org/wiki/History_of_the_United_States_Constitution "History of the United States Constitution") \| \| [1789–1815](https://en.wikipedia.org/wiki/History_of_the_United_States_$1789%E2%80%931815$ "History of the United States (1789–1815)") \| [Bill of Rights](https://en.wikipedia.org/wiki/United_States_Bill_of_Rights "United States Bill of Rights") [Federalist Era](https://en.wikipedia.org/wiki/Federalist_Era "Federalist Era") [Whiskey Rebellion](https://en.wikipedia.org/wiki/Whiskey_Rebellion "Whiskey Rebellion") [Quasi-War](https://en.wikipedia.org/wiki/Quasi-War "Quasi-War") [Jeffersonian era](https://en.wikipedia.org/wiki/Jeffersonian_democracy "Jeffersonian democracy") [Louisiana Purchase](https://en.wikipedia.org/wiki/Louisiana_Purchase "Louisiana Purchase") [War of 1812](https://en.wikipedia.org/wiki/War_of_1812 "War of 1812") \| \| [1815–1849](https://en.wikipedia.org/wiki/History_of_the_United_States_$1815%E2%80%931849$ "History of the United States (1815–1849)") \| [Era of Good Feelings](https://en.wikipedia.org/wiki/Era_of_Good_Feelings "Era of Good Feelings") [Missouri Compromise](https://en.wikipedia.org/wiki/Missouri_Compromise "Missouri Compromise") [Monroe Doctrine](https://en.wikipedia.org/wiki/Monroe_Doctrine "Monroe Doctrine") [Jacksonian era](https://en.wikipedia.org/wiki/Jacksonian_democracy "Jacksonian democracy") [Trail of Tears](https://en.wikipedia.org/wiki/Trail_of_Tears "Trail of Tears") [Nat Turner's slave rebellion](https://en.wikipedia.org/wiki/Nat_Turner%27s_slave_rebellion "Nat Turner's slave rebellion") [Nullification crisis](https://en.wikipedia.org/wiki/Nullification_crisis "Nullification crisis") [Westward expansion](https://en.wikipedia.org/wiki/Manifest_destiny "Manifest destiny") [Mexican–American War](https://en.wikipedia.org/wiki/Mexican%E2%80%93American_War "Mexican–American War") [Seneca Falls Convention](https://en.wikipedia.org/wiki/Seneca_Falls_Convention "Seneca Falls Convention") [First Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution#United_States "Industrial Revolution") [Second Great Awakening](https://en.wikipedia.org/wiki/Second_Great_Awakening "Second Great Awakening") \| \| [1849–1865](https://en.wikipedia.org/wiki/History_of_the_United_States_$1849%E2%80%931865$ "History of the United States (1849–1865)") \| [Antebellum Era](https://en.wikipedia.org/wiki/Antebellum_South "Antebellum South") [California Gold Rush](https://en.wikipedia.org/wiki/California_Gold_Rush "California Gold Rush") [Greater Reconstruction](https://en.wikipedia.org/wiki/Greater_Reconstruction "Greater Reconstruction") [Prelude to War](https://en.wikipedia.org/wiki/Origins_of_the_American_Civil_War "Origins of the American Civil War") [Compromise of 1850](https://en.wikipedia.org/wiki/Compromise_of_1850 "Compromise of 1850") [Fugitive Slave Act](https://en.wikipedia.org/wiki/Fugitive_Slave_Act_of_1850 "Fugitive Slave Act of 1850") [Kansas–Nebraska Act](https://en.wikipedia.org/wiki/Kansas%E2%80%93Nebraska_Act "Kansas–Nebraska Act") [Bleeding Kansas](https://en.wikipedia.org/wiki/Bleeding_Kansas "Bleeding Kansas") [Dred Scott decision](https://en.wikipedia.org/wiki/Dred_Scott_v._Sandford "Dred Scott v. Sandford") [Election of Lincoln](https://en.wikipedia.org/wiki/1860_United_States_presidential_election "1860 United States presidential election") [Secession](https://en.wikipedia.org/wiki/Confederate_States_of_America#Secession "Confederate States of America") [Civil War](https://en.wikipedia.org/wiki/American_Civil_War "American Civil War") [Emancipation Proclamation](https://en.wikipedia.org/wiki/Emancipation_Proclamation "Emancipation Proclamation") [Assassination of Abraham Lincoln](https://en.wikipedia.org/wiki/Assassination_of_Abraham_Lincoln "Assassination of Abraham Lincoln") \| \| [1865–1917](https://en.wikipedia.org/wiki/History_of_the_United_States_$1865%E2%80%931917$ "History of the United States (1865–1917)") \| [Reconstruction era](https://en.wikipedia.org/wiki/Reconstruction_era "Reconstruction era") [Amendments](https://en.wikipedia.org/wiki/Reconstruction_Amendments "Reconstruction Amendments") [First transcontinental railroad](https://en.wikipedia.org/wiki/First_transcontinental_railroad "First transcontinental railroad") [Ku Klux Klan](https://en.wikipedia.org/wiki/Ku_Klux_Klan "Ku Klux Klan") [Enforcement Acts](https://en.wikipedia.org/wiki/Enforcement_Acts "Enforcement Acts") [Compromise of 1877](https://en.wikipedia.org/wiki/Compromise_of_1877 "Compromise of 1877") [End](https://en.wikipedia.org/wiki/End_of_Reconstruction "End of Reconstruction") [Second Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution#United_States "Second Industrial Revolution") [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age") [The Gospel of Wealth](https://en.wikipedia.org/wiki/The_Gospel_of_Wealth "The Gospel of Wealth") [Assassination of James A. Garfield](https://en.wikipedia.org/wiki/Assassination_of_James_A._Garfield "Assassination of James A. Garfield") [Chinese Exclusion Act](https://en.wikipedia.org/wiki/Chinese_Exclusion_Act "Chinese Exclusion Act") [Pendleton Civil Service Reform Act](https://en.wikipedia.org/wiki/Pendleton_Civil_Service_Reform_Act "Pendleton Civil Service Reform Act") [Haymarket affair](https://en.wikipedia.org/wiki/Haymarket_affair "Haymarket affair") [Sherman Antitrust Act](https://en.wikipedia.org/wiki/Sherman_Antitrust_Act "Sherman Antitrust Act") [Progressive Era](https://en.wikipedia.org/wiki/Progressive_Era "Progressive Era") [Spanish–American War](https://en.wikipedia.org/wiki/Spanish%E2%80%93American_War "Spanish–American War") [Imperialism](https://en.wikipedia.org/wiki/American_imperialism "American imperialism") [Assassination of William McKinley](https://en.wikipedia.org/wiki/Assassination_of_William_McKinley "Assassination of William McKinley") [Square Deal](https://en.wikipedia.org/wiki/Square_Deal "Square Deal") [Nadir of American race relations](https://en.wikipedia.org/wiki/Nadir_of_American_race_relations "Nadir of American race relations") \| \| [1917–1945](https://en.wikipedia.org/wiki/History_of_the_United_States_$1917%E2%80%931945$ "History of the United States (1917–1945)") \| [World War I](https://en.wikipedia.org/wiki/United_States_in_World_War_I "United States in World War I") [Paris Peace Conference](https://en.wikipedia.org/wiki/Paris_Peace_Conference_$1919%E2%80%931920$#American_approach "Paris Peace Conference (1919–1920)") [First Red Scare](https://en.wikipedia.org/wiki/First_Red_Scare "First Red Scare") [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [Prohibition](https://en.wikipedia.org/wiki/Prohibition_in_the_United_States "Prohibition in the United States") [Women's suffrage](https://en.wikipedia.org/wiki/Women%27s_suffrage_in_the_United_States "Women's suffrage in the United States") [Tulsa race massacre](https://en.wikipedia.org/wiki/Tulsa_race_massacre "Tulsa race massacre") [Second Klan](https://en.wikipedia.org/wiki/Ku_Klux_Klan#Second_Klan:_1915%E2%80%931944 "Ku Klux Klan") [Bath School disaster](https://en.wikipedia.org/wiki/Bath_School_disaster "Bath School disaster") [Harlem Renaissance](https://en.wikipedia.org/wiki/Harlem_Renaissance "Harlem Renaissance") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Dust Bowl](https://en.wikipedia.org/wiki/Dust_Bowl "Dust Bowl") [New Deal](https://en.wikipedia.org/wiki/New_Deal "New Deal") [World War II](https://en.wikipedia.org/wiki/Military_history_of_the_United_States_during_World_War_II "Military history of the United States during World War II") [Pearl Harbor](https://en.wikipedia.org/wiki/Attack_on_Pearl_Harbor "Attack on Pearl Harbor") [home front](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") [Manhattan Project](https://en.wikipedia.org/wiki/Manhattan_Project "Manhattan Project") [Atomic bombings of Hiroshima and Nagasaki](https://en.wikipedia.org/wiki/Atomic_bombings_of_Hiroshima_and_Nagasaki "Atomic bombings of Hiroshima and Nagasaki") \| \| [1945–1964](https://en.wikipedia.org/wiki/History_of_the_United_States_$1945%E2%80%931964$ "History of the United States (1945–1964)") \| [Strike wave of 1945–1946](https://en.wikipedia.org/wiki/United_States_strike_wave_of_1945%E2%80%931946 "United States strike wave of 1945–1946") [Start of Cold War](https://en.wikipedia.org/wiki/Cold_War_$1947%E2%80%931948$ "Cold War (1947–1948)") [Truman Doctrine](https://en.wikipedia.org/wiki/Truman_Doctrine "Truman Doctrine") [Early Cold War](https://en.wikipedia.org/wiki/Cold_War_$1948%E2%80%931953$ "Cold War (1948–1953)") [North Atlantic Treaty](https://en.wikipedia.org/wiki/North_Atlantic_Treaty "North Atlantic Treaty") [Korean War](https://en.wikipedia.org/wiki/Korean_War "Korean War") [Ivy Mike](https://en.wikipedia.org/wiki/Ivy_Mike "Ivy Mike") [McCarthyism](https://en.wikipedia.org/wiki/McCarthyism "McCarthyism") [Post-war boom](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") [Project Mercury](https://en.wikipedia.org/wiki/Project_Mercury "Project Mercury") [Civil Rights Movement](https://en.wikipedia.org/wiki/Civil_rights_movement "Civil rights movement") [Early–mid Cold War](https://en.wikipedia.org/wiki/Cold_War_$1953%E2%80%931962$ "Cold War (1953–1962)") [Cuban Missile Crisis](https://en.wikipedia.org/wiki/Cuban_Missile_Crisis "Cuban Missile Crisis") [Assassination of John F. Kennedy](https://en.wikipedia.org/wiki/Assassination_of_John_F._Kennedy "Assassination of John F. Kennedy") \| \| [1964–1980](https://en.wikipedia.org/wiki/History_of_the_United_States_$1964%E2%80%931980$ "History of the United States (1964–1980)") \| [Great Society](https://en.wikipedia.org/wiki/Great_Society "Great Society") [Space Race](https://en.wikipedia.org/wiki/Space_Race "Space Race") [Project Gemini](https://en.wikipedia.org/wiki/Project_Gemini "Project Gemini") [Apollo program](https://en.wikipedia.org/wiki/Apollo_program "Apollo program") [Mid Cold War](https://en.wikipedia.org/wiki/Cold_War_$1962%E2%80%931979$ "Cold War (1962–1979)") [Détente](https://en.wikipedia.org/wiki/D%C3%A9tente "Détente") [Vietnam War](https://en.wikipedia.org/wiki/Vietnam_War "Vietnam War") [Fall of Saigon](https://en.wikipedia.org/wiki/Fall_of_Saigon "Fall of Saigon") [Assassination of Malcolm X](https://en.wikipedia.org/wiki/Assassination_of_Malcolm_X "Assassination of Malcolm X") [Assassination of Martin Luther King Jr.](https://en.wikipedia.org/wiki/Assassination_of_Martin_Luther_King_Jr. "Assassination of Martin Luther King Jr.") [Assassination of Robert F. Kennedy](https://en.wikipedia.org/wiki/Assassination_of_Robert_F._Kennedy "Assassination of Robert F. Kennedy") [Counterculture](https://en.wikipedia.org/wiki/Counterculture_of_the_1960s "Counterculture of the 1960s") [Second-wave feminism](https://en.wikipedia.org/wiki/Second-wave_feminism "Second-wave feminism") [Gay liberation](https://en.wikipedia.org/wiki/Gay_liberation "Gay liberation") [Stonewall riots](https://en.wikipedia.org/wiki/Stonewall_riots "Stonewall riots") [Kent State massacre](https://en.wikipedia.org/wiki/Kent_State_massacre "Kent State massacre") [Roe v. Wade](https://en.wikipedia.org/wiki/Roe_v._Wade "Roe v. Wade") [Watergate scandal](https://en.wikipedia.org/wiki/Watergate_scandal "Watergate scandal") [Pardon of Richard Nixon](https://en.wikipedia.org/wiki/Pardon_of_Richard_Nixon "Pardon of Richard Nixon") [Assassinations of George Moscone and Harvey Milk](https://en.wikipedia.org/wiki/Assassinations_of_George_Moscone_and_Harvey_Milk "Assassinations of George Moscone and Harvey Milk") [Iran hostage crisis](https://en.wikipedia.org/wiki/Iran_hostage_crisis "Iran hostage crisis") [Moral Majority](https://en.wikipedia.org/wiki/Moral_Majority "Moral Majority") \| \| [1980–1991](https://en.wikipedia.org/wiki/History_of_the_United_States_$1980%E2%80%931991$ "History of the United States (1980–1991)") \| [Reagan era](https://en.wikipedia.org/wiki/Reagan_era "Reagan era") Presidential elections [1980](https://en.wikipedia.org/wiki/1980_United_States_presidential_election "1980 United States presidential election") [1984](https://en.wikipedia.org/wiki/1984_United_States_presidential_election "1984 United States presidential election") [1988](https://en.wikipedia.org/wiki/1988_United_States_presidential_election "1988 United States presidential election") [Reaganomics](https://en.wikipedia.org/wiki/Reaganomics "Reaganomics") [Iran–Contra affair](https://en.wikipedia.org/wiki/Iran%E2%80%93Contra_affair "Iran–Contra affair") [Crack epidemic](https://en.wikipedia.org/wiki/Crack_epidemic_in_the_United_States "Crack epidemic in the United States") [Late Cold War](https://en.wikipedia.org/wiki/Cold_War_$1979%E2%80%931985$ "Cold War (1979–1985)") [Invasion of Grenada](https://en.wikipedia.org/wiki/United_States_invasion_of_Grenada "United States invasion of Grenada") [Reagan Doctrine](https://en.wikipedia.org/wiki/Reagan_Doctrine "Reagan Doctrine") [End of the Cold War](https://en.wikipedia.org/wiki/Cold_War_$1985%E2%80%931991$ "Cold War (1985–1991)") [Space Shuttle program](https://en.wikipedia.org/wiki/Space_Shuttle_program "Space Shuttle program") [War on drugs](https://en.wikipedia.org/wiki/War_on_drugs "War on drugs") [Invasion of Panama](https://en.wikipedia.org/wiki/United_States_invasion_of_Panama "United States invasion of Panama") \| \| [1991–2016](https://en.wikipedia.org/wiki/History_of_the_United_States_$1991%E2%80%932016$ "History of the United States (1991–2016)") \| [Gulf War](https://en.wikipedia.org/wiki/Gulf_War "Gulf War") [NAFTA](https://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement "North American Free Trade Agreement") [Los Angeles riots](https://en.wikipedia.org/wiki/1992_Los_Angeles_riots "1992 Los Angeles riots") [WTC bombing](https://en.wikipedia.org/wiki/1993_World_Trade_Center_bombing "1993 World Trade Center bombing") [Waco siege](https://en.wikipedia.org/wiki/Waco_siege "Waco siege") [Republican Revolution](https://en.wikipedia.org/wiki/Republican_Revolution "Republican Revolution") [Oklahoma City bombing](https://en.wikipedia.org/wiki/Oklahoma_City_bombing "Oklahoma City bombing") [Columbine](https://en.wikipedia.org/wiki/Columbine_High_School_massacre "Columbine High School massacre") [Bush v. Gore](https://en.wikipedia.org/wiki/Bush_v._Gore "Bush v. Gore") [September 11 attacks](https://en.wikipedia.org/wiki/September_11_attacks "September 11 attacks") [War on terror](https://en.wikipedia.org/wiki/War_on_terror "War on terror") [War in Afghanistan](https://en.wikipedia.org/wiki/War_in_Afghanistan_$2001%E2%80%932021$ "War in Afghanistan (2001–2021)") [Iraq War](https://en.wikipedia.org/wiki/Iraq_War "Iraq War") [2005 Atlantic Hurricane Season](https://en.wikipedia.org/wiki/2005_Atlantic_Hurricane_Season "2005 Atlantic Hurricane Season") [Hurricane Katrina](https://en.wikipedia.org/wiki/Hurricane_Katrina "Hurricane Katrina") [Virginia Tech shooting](https://en.wikipedia.org/wiki/Virginia_Tech_shooting "Virginia Tech shooting") [Great Recession]() [Killing of Osama bin Laden](https://en.wikipedia.org/wiki/Killing_of_Osama_bin_Laden "Killing of Osama bin Laden") [2012 Benghazi attack](https://en.wikipedia.org/wiki/2012_Benghazi_attack "2012 Benghazi attack") [Rise in mass shootings](https://en.wikipedia.org/wiki/List_of_mass_shootings_in_the_United_States "List of mass shootings in the United States") [Tucson](https://en.wikipedia.org/wiki/2011_Tucson_shooting "2011 Tucson shooting") [Aurora](https://en.wikipedia.org/wiki/2012_Aurora_theater_shooting "2012 Aurora theater shooting") [Sandy Hook](https://en.wikipedia.org/wiki/Sandy_Hook_Elementary_School_shooting "Sandy Hook Elementary School shooting") [Orlando](https://en.wikipedia.org/wiki/Pulse_nightclub_shooting "Pulse nightclub shooting") [Hurricane Sandy](https://en.wikipedia.org/wiki/Hurricane_Sandy "Hurricane Sandy") [Black Lives Matter](https://en.wikipedia.org/wiki/Black_Lives_Matter "Black Lives Matter") [Obergefell v. Hodges](https://en.wikipedia.org/wiki/Obergefell_v._Hodges "Obergefell v. Hodges") \| \| [2016–present](https://en.wikipedia.org/wiki/History_of_the_United_States_$2016%E2%80%93present$ "History of the United States (2016–present)") \| [2016 presidential election](https://en.wikipedia.org/wiki/2016_United_States_presidential_election "2016 United States presidential election") [Trumpism](https://en.wikipedia.org/wiki/Trumpism "Trumpism") [Unite the Right rally](https://en.wikipedia.org/wiki/Unite_the_Right_rally "Unite the Right rally") [Continued rise in mass shootings](https://en.wikipedia.org/wiki/List_of_mass_shootings_in_the_United_States "List of mass shootings in the United States") [Las Vegas](https://en.wikipedia.org/wiki/2017_Las_Vegas_shooting "2017 Las Vegas shooting") [Parkland](https://en.wikipedia.org/wiki/Parkland_high_school_shooting "Parkland high school shooting") [El Paso](https://en.wikipedia.org/wiki/2019_El_Paso_shooting "2019 El Paso shooting") [Uvalde](https://en.wikipedia.org/wiki/Uvalde_school_shooting "Uvalde school shooting") [2017 Atlantic Hurricane Season](https://en.wikipedia.org/wiki/2017_Atlantic_Hurricane_Season "2017 Atlantic Hurricane Season") [Harvey](https://en.wikipedia.org/wiki/Hurricane_Harvey "Hurricane Harvey") [Irma](https://en.wikipedia.org/wiki/Hurricane_Irma "Hurricane Irma") [Maria](https://en.wikipedia.org/wiki/Hurricane_Maria "Hurricane Maria") [COVID-19 pandemic](https://en.wikipedia.org/wiki/COVID-19_pandemic_in_the_United_States "COVID-19 pandemic in the United States") [recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") [George Floyd protests](https://en.wikipedia.org/wiki/George_Floyd_protests "George Floyd protests") [Murder](https://en.wikipedia.org/wiki/Murder_of_George_Floyd "Murder of George Floyd") [Attempts to overturn the 2020 United States presidential election](https://en.wikipedia.org/wiki/Attempts_to_overturn_the_2020_United_States_presidential_election "Attempts to overturn the 2020 United States presidential election") [January 6 attack](https://en.wikipedia.org/wiki/January_6_United_States_Capitol_attack "January 6 United States Capitol attack") [Afghanistan withdrawal](https://en.wikipedia.org/wiki/2020%E2%80%932021_U.S._troop_withdrawal_from_Afghanistan "2020–2021 U.S. troop withdrawal from Afghanistan") [Dobbs v. Jackson Women's Health Organization](https://en.wikipedia.org/wiki/Dobbs_v._Jackson_Women%27s_Health_Organization "Dobbs v. Jackson Women's Health Organization") [Support of Ukraine](https://en.wikipedia.org/wiki/Foreign_involvement_in_the_Russian_invasion_of_Ukraine "Foreign involvement in the Russian invasion of Ukraine") [2023 labor strikes](https://en.wikipedia.org/wiki/Timeline_of_strikes_in_2023 "Timeline of strikes in 2023") [2023 banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Indictments of Donald Trump](https://en.wikipedia.org/wiki/Donald_Trump#Investigations,_criminal_charges,_civil_lawsuits "Donald Trump") [Attempted assassination of Donald Trump in Pennsylvania](https://en.wikipedia.org/wiki/Attempted_assassination_of_Donald_Trump_in_Pennsylvania "Attempted assassination of Donald Trump in Pennsylvania") [2025 shootings of Minnesota legislators](https://en.wikipedia.org/wiki/2025_shootings_of_Minnesota_legislators "2025 shootings of Minnesota legislators") [Assassination of Charlie Kirk](https://en.wikipedia.org/wiki/Assassination_of_Charlie_Kirk "Assassination of Charlie Kirk") \| \| Topics \| \| \| [American Century](https://en.wikipedia.org/wiki/American_Century "American Century") [Antisemitism](https://en.wikipedia.org/wiki/History_of_antisemitism_in_the_United_States "History of antisemitism in the United States") [Cultural](https://en.wikipedia.org/wiki/Cultural_history_of_the_United_States "Cultural history of the United States") [Cinema](https://en.wikipedia.org/wiki/History_of_cinema_in_the_United_States "History of cinema in the United States") [Music](https://en.wikipedia.org/wiki/Music_history_of_the_United_States "Music history of the United States") [Newspapers](https://en.wikipedia.org/wiki/History_of_American_newspapers "History of American newspapers") [Sports](https://en.wikipedia.org/wiki/History_of_sports_in_the_United_States "History of sports in the United States") [Demography](https://en.wikipedia.org/wiki/Demographic_history_of_the_United_States "Demographic history of the United States") [Immigration](https://en.wikipedia.org/wiki/History_of_immigration_to_the_United_States "History of immigration to the United States") [Economy](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [Banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States") [Education](https://en.wikipedia.org/wiki/History_of_education_in_the_United_States "History of education in the United States") [Higher education](https://en.wikipedia.org/wiki/History_of_higher_education_in_the_United_States "History of higher education in the United States") [Flag](https://en.wikipedia.org/wiki/List_of_flags_of_the_United_States "List of flags of the United States") [Government](https://en.wikipedia.org/wiki/History_of_the_United_States_government "History of the United States government") [Abortion](https://en.wikipedia.org/wiki/History_of_abortion_in_the_United_States "History of abortion in the United States") [Capital punishment](https://en.wikipedia.org/wiki/History_of_capital_punishment_in_the_United_States "History of capital punishment in the United States") [Civil Rights](https://en.wikipedia.org/wiki/History_of_civil_rights_in_the_United_States "History of civil rights in the United States") [Corruption](https://en.wikipedia.org/wiki/History_of_corruption_in_the_United_States "History of corruption in the United States") [The Constitution](https://en.wikipedia.org/wiki/History_of_the_United_States_Constitution "History of the United States Constitution") [Debt ceiling](https://en.wikipedia.org/wiki/History_of_the_United_States_debt_ceiling "History of the United States debt ceiling") [Direct democracy](https://en.wikipedia.org/wiki/History_of_direct_democracy_in_the_United_States "History of direct democracy in the United States") [Foreign policy](https://en.wikipedia.org/wiki/History_of_United_States_foreign_policy "History of United States foreign policy") [Law enforcement](https://en.wikipedia.org/wiki/History_of_law_enforcement_in_the_United_States "History of law enforcement in the United States") [Postal service](https://en.wikipedia.org/wiki/Postage_stamps_and_postal_history_of_the_United_States "Postage stamps and postal history of the United States") [Taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [Voting rights](https://en.wikipedia.org/wiki/Voting_rights_in_the_United_States "Voting rights in the United States") [Journalism](https://en.wikipedia.org/wiki/History_of_American_journalism "History of American journalism") [Merchant Marine](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine") [Military](https://en.wikipedia.org/wiki/Military_history_of_the_United_States "Military history of the United States") [Army](https://en.wikipedia.org/wiki/History_of_the_United_States_Army "History of the United States Army") [Marine Corps](https://en.wikipedia.org/wiki/History_of_the_United_States_Marine_Corps "History of the United States Marine Corps") [Navy](https://en.wikipedia.org/wiki/History_of_the_United_States_Navy "History of the United States Navy") [Air Force](https://en.wikipedia.org/wiki/History_of_the_United_States_Air_Force "History of the United States Air Force") [Space Force](https://en.wikipedia.org/wiki/History_of_the_United_States_Space_Force "History of the United States Space Force") [Coast Guard](https://en.wikipedia.org/wiki/History_of_the_United_States_Coast_Guard "History of the United States Coast Guard") [Party Systems](https://en.wikipedia.org/wiki/Political_eras_of_the_United_States "Political eras of the United States") [First](https://en.wikipedia.org/wiki/First_Party_System "First Party System") [Second](https://en.wikipedia.org/wiki/Second_Party_System "Second Party System") [Third](https://en.wikipedia.org/wiki/Third_Party_System "Third Party System") [Fourth](https://en.wikipedia.org/wiki/Fourth_Party_System "Fourth Party System") [Fifth](https://en.wikipedia.org/wiki/Fifth_Party_System "Fifth Party System") [Sixth](https://en.wikipedia.org/wiki/Sixth_Party_System "Sixth Party System") [Seventh](https://en.wikipedia.org/wiki/Seventh_Party_System "Seventh Party System") [Religion](https://en.wikipedia.org/wiki/History_of_religion_in_the_United_States "History of religion in the United States") [Genocide](https://en.wikipedia.org/wiki/Native_American_genocide_in_the_United_States "Native American genocide in the United States") [Slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States") [Sexual slavery](https://en.wikipedia.org/wiki/History_of_sexual_slavery_in_the_United_States "History of sexual slavery in the United States") [Technology and industry](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [Agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [Labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [Lumber](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [Medicine](https://en.wikipedia.org/wiki/History_of_medicine_in_the_United_States "History of medicine in the United States") [Railway](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") \| \| \| Groups \| \| \| [African American](https://en.wikipedia.org/wiki/African-American_history "African-American history") [Asian American](https://en.wikipedia.org/wiki/History_of_Asian_Americans "History of Asian Americans") [Chinese American](https://en.wikipedia.org/wiki/History_of_Chinese_Americans "History of Chinese Americans") [Filipino American](https://en.wikipedia.org/wiki/History_of_Filipino_Americans "History of Filipino Americans") [Indian American](https://en.wikipedia.org/wiki/Indian-American_history "Indian-American history") [Japanese American](https://en.wikipedia.org/wiki/History_of_Japanese_Americans "History of Japanese Americans") [Korean American](https://en.wikipedia.org/wiki/History_of_Korean_Americans "History of Korean Americans") [Thai American](https://en.wikipedia.org/wiki/History_of_Thai_Americans "History of Thai Americans") [Vietnamese American](https://en.wikipedia.org/wiki/History_of_Vietnamese_Americans "History of Vietnamese Americans") [European American](https://en.wikipedia.org/wiki/European_American#History "European American") [Albanian American](https://en.wikipedia.org/wiki/History_of_Albanian_Americans "History of Albanian Americans") [English American](https://en.wikipedia.org/wiki/History_of_English_Americans "History of English Americans") [Estonian American](https://en.wikipedia.org/wiki/History_of_Estonian_Americans "History of Estonian Americans") [Finnish American](https://en.wikipedia.org/wiki/History_of_Finnish_Americans "History of Finnish Americans") [Irish American](https://en.wikipedia.org/wiki/Irish_Americans#History "Irish Americans") [Italian American](https://en.wikipedia.org/wiki/Italian_American#History "Italian American") [Lithuanian American](https://en.wikipedia.org/wiki/History_of_Lithuanian_Americans "History of Lithuanian Americans") [Polish American](https://en.wikipedia.org/wiki/History_of_Poles_in_the_United_States "History of Poles in the United States") [Serbian American](https://en.wikipedia.org/wiki/History_of_Serbian_Americans "History of Serbian Americans") [Hispanic and Latino American](https://en.wikipedia.org/wiki/History_of_Hispanic_and_Latino_Americans "History of Hispanic and Latino Americans") [Mexican American](https://en.wikipedia.org/wiki/History_of_Mexican_Americans "History of Mexican Americans") [Jewish American](https://en.wikipedia.org/wiki/History_of_the_Jews_in_the_United_States "History of the Jews in the United States") [Middle Eastern American](https://en.wikipedia.org/wiki/History_of_Middle_Eastern_Americans "History of Middle Eastern Americans") [Egyptian American](https://en.wikipedia.org/wiki/History_of_Egyptian_Americans "History of Egyptian Americans") [Iranian American](https://en.wikipedia.org/wiki/History_of_Iranian_Americans "History of Iranian Americans") [Iraqi American](https://en.wikipedia.org/wiki/History_of_Iraqi_Americans "History of Iraqi Americans") [Lebanese American](https://en.wikipedia.org/wiki/History_of_Lebanese_Americans "History of Lebanese Americans") [Palestinian American](https://en.wikipedia.org/wiki/History_of_Palestinian_Americans "History of Palestinian Americans") [Saudi American](https://en.wikipedia.org/wiki/History_of_Saudi_Americans "History of Saudi Americans") [Native Americans](https://en.wikipedia.org/wiki/History_of_Native_Americans_in_the_United_States "History of Native Americans in the United States") [Cherokee](https://en.wikipedia.org/wiki/Cherokee_history "Cherokee history") [Comanche](https://en.wikipedia.org/wiki/Comanche_history "Comanche history") [Women](https://en.wikipedia.org/wiki/History_of_women_in_the_United_States "History of women in the United States") [LGBTQ](https://en.wikipedia.org/wiki/LGBTQ_history_in_the_United_States "LGBTQ history in the United States") [Gay men](https://en.wikipedia.org/wiki/History_of_gay_men_in_the_United_States "History of gay men in the United States") [Lesbians](https://en.wikipedia.org/wiki/History_of_lesbianism_in_the_United_States "History of lesbianism in the United States") [Transgender people](https://en.wikipedia.org/wiki/Transgender_history_in_the_United_States "Transgender history in the United States") \| \| \| Places \| \| \| \| \| \| [Territorial evolution](https://en.wikipedia.org/wiki/Territorial_evolution_of_the_United_States "Territorial evolution of the United States") \| [Admission to the Union](https://en.wikipedia.org/wiki/List_of_U.S._states_by_date_of_admission_to_the_Union "List of U.S. states by date of admission to the Union") [Historical regions](https://en.wikipedia.org/wiki/Historical_regions_of_the_United_States "Historical regions of the United States") [American frontier](https://en.wikipedia.org/wiki/American_frontier "American frontier") [Manifest destiny](https://en.wikipedia.org/wiki/Manifest_destiny "Manifest destiny") [Indian removal](https://en.wikipedia.org/wiki/Indian_removal "Indian removal") \| \| Regions \| [New England](https://en.wikipedia.org/wiki/History_of_New_England "History of New England") [The South](https://en.wikipedia.org/wiki/History_of_the_Southern_United_States "History of the Southern United States") [The West Coast](https://en.wikipedia.org/wiki/History_of_the_west_coast_of_North_America "History of the west coast of North America") \| \| States \| [Alabama](https://en.wikipedia.org/wiki/History_of_Alabama "History of Alabama") [Alaska](https://en.wikipedia.org/wiki/History_of_Alaska "History of Alaska") [Arizona](https://en.wikipedia.org/wiki/History_of_Arizona "History of Arizona") [Arkansas](https://en.wikipedia.org/wiki/History_of_Arkansas "History of Arkansas") [California](https://en.wikipedia.org/wiki/History_of_California "History of California") [Colorado](https://en.wikipedia.org/wiki/History_of_Colorado "History of Colorado") [Connecticut](https://en.wikipedia.org/wiki/History_of_Connecticut "History of Connecticut") [Delaware](https://en.wikipedia.org/wiki/History_of_Delaware "History of Delaware") [Florida](https://en.wikipedia.org/wiki/History_of_Florida "History of Florida") [Georgia](https://en.wikipedia.org/wiki/History_of_Georgia_$U.S._state$ "History of Georgia (U.S. state)") [Hawaii](https://en.wikipedia.org/wiki/History_of_Hawaii "History of Hawaii") [Idaho](https://en.wikipedia.org/wiki/History_of_Idaho "History of Idaho") [Illinois](https://en.wikipedia.org/wiki/History_of_Illinois "History of Illinois") [Indiana](https://en.wikipedia.org/wiki/History_of_Indiana "History of Indiana") [Iowa](https://en.wikipedia.org/wiki/History_of_Iowa "History of Iowa") [Kansas](https://en.wikipedia.org/wiki/History_of_Kansas "History of Kansas") [Kentucky](https://en.wikipedia.org/wiki/History_of_Kentucky "History of Kentucky") [Louisiana](https://en.wikipedia.org/wiki/History_of_Louisiana "History of Louisiana") [Maine](https://en.wikipedia.org/wiki/History_of_Maine "History of Maine") [Maryland](https://en.wikipedia.org/wiki/History_of_Maryland "History of Maryland") [Massachusetts](https://en.wikipedia.org/wiki/History_of_Massachusetts "History of Massachusetts") [Michigan](https://en.wikipedia.org/wiki/History_of_Michigan "History of Michigan") [Minnesota](https://en.wikipedia.org/wiki/History_of_Minnesota "History of Minnesota") [Mississippi](https://en.wikipedia.org/wiki/History_of_Mississippi "History of Mississippi") [Missouri](https://en.wikipedia.org/wiki/History_of_Missouri "History of Missouri") [Montana](https://en.wikipedia.org/wiki/History_of_Montana "History of Montana") [Nebraska](https://en.wikipedia.org/wiki/History_of_Nebraska "History of Nebraska") [Nevada](https://en.wikipedia.org/wiki/History_of_Nevada "History of Nevada") [New Hampshire](https://en.wikipedia.org/wiki/History_of_New_Hampshire "History of New Hampshire") [New Jersey](https://en.wikipedia.org/wiki/History_of_New_Jersey "History of New Jersey") [New Mexico](https://en.wikipedia.org/wiki/History_of_New_Mexico "History of New Mexico") [New York](https://en.wikipedia.org/wiki/History_of_New_York_$state$ "History of New York (state)") [North Carolina](https://en.wikipedia.org/wiki/History_of_North_Carolina "History of North Carolina") [North Dakota](https://en.wikipedia.org/wiki/History_of_North_Dakota "History of North Dakota") [Ohio](https://en.wikipedia.org/wiki/History_of_Ohio "History of Ohio") [Oklahoma](https://en.wikipedia.org/wiki/History_of_Oklahoma "History of Oklahoma") [Oregon](https://en.wikipedia.org/wiki/History_of_Oregon "History of Oregon") [Pennsylvania](https://en.wikipedia.org/wiki/History_of_Pennsylvania "History of Pennsylvania") [Rhode Island](https://en.wikipedia.org/wiki/History_of_Rhode_Island "History of Rhode Island") [South Carolina](https://en.wikipedia.org/wiki/History_of_South_Carolina "History of South Carolina") [South Dakota](https://en.wikipedia.org/wiki/History_of_South_Dakota "History of South Dakota") [Tennessee](https://en.wikipedia.org/wiki/History_of_Tennessee "History of Tennessee") [Texas](https://en.wikipedia.org/wiki/History_of_Texas "History of Texas") [Utah](https://en.wikipedia.org/wiki/History_of_Utah "History of Utah") [Vermont](https://en.wikipedia.org/wiki/History_of_Vermont "History of Vermont") [Virginia](https://en.wikipedia.org/wiki/History_of_Virginia "History of Virginia") [Washington](https://en.wikipedia.org/wiki/History_of_Washington_$state$ "History of Washington (state)") [West Virginia](https://en.wikipedia.org/wiki/History_of_West_Virginia "History of West Virginia") [Wisconsin](https://en.wikipedia.org/wiki/History_of_Wisconsin "History of Wisconsin") [Wyoming](https://en.wikipedia.org/wiki/History_of_Wyoming "History of Wyoming") \| \| Federal District \| [Washington, D.C.](https://en.wikipedia.org/wiki/History_of_Washington,_D.C. "History of Washington, D.C.") \| \| Insular areas \| [American Samoa](https://en.wikipedia.org/wiki/History_of_American_Samoa "History of American Samoa") [Guam](https://en.wikipedia.org/wiki/History_of_Guam "History of Guam") [Northern Mariana Islands](https://en.wikipedia.org/wiki/History_of_the_Northern_Mariana_Islands "History of the Northern Mariana Islands") [Puerto Rico](https://en.wikipedia.org/wiki/History_of_Puerto_Rico "History of Puerto Rico") [U.S. Virgin Islands](https://en.wikipedia.org/wiki/History_of_the_United_States_Virgin_Islands "History of the United States Virgin Islands") \| \| Outlying islands \| [Baker Island](https://en.wikipedia.org/wiki/History_of_Baker_Island "History of Baker Island") [Howland Island](https://en.wikipedia.org/wiki/History_of_Howland_Island "History of Howland Island") [Jarvis Island](https://en.wikipedia.org/wiki/History_of_Jarvis_Island "History of Jarvis Island") [Johnston Atoll](https://en.wikipedia.org/wiki/History_of_Johnston_Atoll "History of Johnston Atoll") [Kingman Reef](https://en.wikipedia.org/wiki/History_of_Kingman_Reef "History of Kingman Reef") [Midway Atoll](https://en.wikipedia.org/wiki/History_of_Midway_Atoll "History of Midway Atoll") [Navassa Island](https://en.wikipedia.org/wiki/History_of_Navassa_Island "History of Navassa Island") [Palmyra Atoll](https://en.wikipedia.org/wiki/History_of_Palmyra_Atoll "History of Palmyra Atoll") [Wake Island](https://en.wikipedia.org/wiki/History_of_Wake_Island "History of Wake Island") \| \| Cities \| [Urban history](https://en.wikipedia.org/wiki/American_urban_history "American urban history") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Cities](https://en.wikipedia.org/wiki/Category:Histories_of_cities_in_the_United_States "Category:Histories of cities in the United States") \| \| [List of years](https://en.wikipedia.org/wiki/List_of_years_in_the_United_States "List of years in the United States") [Historiography](https://en.wikipedia.org/wiki/Historiography_of_the_United_States "Historiography of the United States") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:History_of_the_United_States "Category:History of the United States") [![](https://upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/20px-Symbol_portal_class.svg.png)](https://en.wikipedia.org/wiki/File:Symbol_portal_class.svg "Portal") [Portal](https://en.wikipedia.org/wiki/Portal:United_States "Portal:United States") \| \| \| [v](https://en.wikipedia.org/wiki/Template:Great_Recession "Template:Great Recession") [t](https://en.wikipedia.org/wiki/Template_talk:Great_Recession "Template talk:Great Recession") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Great_Recession "Special:EditPage/Template:Great Recession")[Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") \| \| \|---\|---\| \| By region \| [Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [Americas](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [United States]() [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe") [Iceland](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis") [Oceania](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") \| \| United States-specific \| [Automotive industry crisis](https://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008%E2%80%932010 "Automotive industry crisis of 2008–2010") [California budget crisis](https://en.wikipedia.org/wiki/2008%E2%80%932012_California_budget_crisis "2008–2012 California budget crisis") [Housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble") [Housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") \| \| Banking losses and fraud \| [Libor scandal](https://en.wikipedia.org/wiki/Libor_scandal "Libor scandal") [Tom Hayes](https://en.wikipedia.org/wiki/Tom_Hayes_$trader$ "Tom Hayes (trader)") [Société Générale trading loss](https://en.wikipedia.org/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss "2008 Société Générale trading loss") [Icesave dispute](https://en.wikipedia.org/wiki/Icesave_dispute "Icesave dispute") [Forex scandal](https://en.wikipedia.org/wiki/Forex_scandal "Forex scandal") [Bernie Madoff](https://en.wikipedia.org/wiki/Bernie_Madoff "Bernie Madoff") [Tom Petters](https://en.wikipedia.org/wiki/Tom_Petters "Tom Petters") [Scott W. Rothstein](https://en.wikipedia.org/wiki/Scott_W._Rothstein "Scott W. Rothstein") [Allen Stanford](https://en.wikipedia.org/wiki/Allen_Stanford "Allen Stanford") \| \| Government entities \| [Consumer Financial Protection Bureau](https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau "Consumer Financial Protection Bureau") [Federal Deposit Insurance Corporation](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") [Federal Home Loan Banks](https://en.wikipedia.org/wiki/Federal_Home_Loan_Banks "Federal Home Loan Banks") [Federal Housing Administration](https://en.wikipedia.org/wiki/Federal_Housing_Administration "Federal Housing Administration") [Federal Housing Finance Agency](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency "Federal Housing Finance Agency") [Federal Housing Finance Board](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Board "Federal Housing Finance Board") [Federal Reserve System](https://en.wikipedia.org/wiki/Federal_Reserve_System "Federal Reserve System") [Government National Mortgage Association](https://en.wikipedia.org/wiki/Government_National_Mortgage_Association "Government National Mortgage Association") [National Asset Management Agency](https://en.wikipedia.org/wiki/National_Asset_Management_Agency "National Asset Management Agency") [Office of Federal Housing Enterprise Oversight](https://en.wikipedia.org/wiki/Office_of_Federal_Housing_Enterprise_Oversight "Office of Federal Housing Enterprise Oversight") [Office of Financial Stability](https://en.wikipedia.org/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability "Assistant Secretary of the Treasury for Financial Stability") [UK Financial Investments](https://en.wikipedia.org/wiki/UK_Financial_Investments "UK Financial Investments") \| \| Government policy and spending responses \| \| \| Banking and finance stability and reform \| \| \| \| \| \| Bank stress tests \| [EU](https://en.wikipedia.org/wiki/2010_European_Union_bank_stress_test "2010 European Union bank stress test") [U.S.](https://en.wikipedia.org/wiki/2009_Supervisory_Capital_Assessment_Program "2009 Supervisory Capital Assessment Program") \| \| Stimulus and recovery \| [2008 European Union stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program") [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Fraud Enforcement and Recovery Act of 2009](https://en.wikipedia.org/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009 "Fraud Enforcement and Recovery Act of 2009") [Green New Deal](https://en.wikipedia.org/wiki/Green_New_Deal "Green New Deal") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [National fiscal policy response to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_response_to_the_Great_Recession "National fiscal policy response to the Great Recession") [Zero interest-rate policy](https://en.wikipedia.org/wiki/Zero_interest-rate_policy "Zero interest-rate policy") \| \| Government interventions, rescues, and acquisitions \| \| \| \| \| \| Non-banking \| [Chrysler](https://en.wikipedia.org/wiki/Chrysler "Chrysler") [General Motors](https://en.wikipedia.org/wiki/General_Motors "General Motors") \| \| Securities involved and financial markets \| [Auction rate securities](https://en.wikipedia.org/wiki/Auction_rate_security "Auction rate security") [Collateralized debt obligations](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") [Collateralized mortgage obligations](https://en.wikipedia.org/wiki/Collateralized_mortgage_obligation "Collateralized mortgage obligation") [Credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") [Mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_security "Mortgage-backed security") [Secondary mortgage market](https://en.wikipedia.org/wiki/Secondary_mortgage_market "Secondary mortgage market") \| \| Social responses \| [Tea Party protests](https://en.wikipedia.org/wiki/Tea_Party_protests "Tea Party protests") (United States; c. 2009) [2009 May Day protests](https://en.wikipedia.org/wiki/2009_May_Day_protests "2009 May Day protests") (Europe, Middle East and North Africa, Asia; 2009) [Arab Spring](https://en.wikipedia.org/wiki/Arab_Spring "Arab Spring") (MENA; 2010–2012) [Occupy movement](https://en.wikipedia.org/wiki/Occupy_movement "Occupy movement") (worldwide; 2011–2012) [Occupy Wall Street](https://en.wikipedia.org/wiki/Occupy_Wall_Street "Occupy Wall Street") \| \| Related topics \| [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") [2008 Central Asia energy crisis](https://en.wikipedia.org/wiki/2008_Central_Asia_energy_crisis "2008 Central Asia energy crisis") [Effects of the Great Recession on museums](https://en.wikipedia.org/wiki/Effects_of_the_Great_Recession_on_museums "Effects of the Great Recession on museums") [Decline of newspapers](https://en.wikipedia.org/wiki/Decline_of_newspapers "Decline of newspapers") [2007–2008 world food price crisis](https://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_price_crisis "2007–2008 world food price crisis") [Retail apocalypse](https://en.wikipedia.org/wiki/Retail_apocalypse "Retail apocalypse") \| \| [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [List of countries by public debt](https://en.wikipedia.org/wiki/List_of_countries_by_public_debt "List of countries by public debt") \| \| \| [v](https://en.wikipedia.org/wiki/Template:George_W._Bush "Template:George W. Bush") [t](https://en.wikipedia.org/wiki/Template_talk:George_W._Bush "Template talk:George W. Bush") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:George_W._Bush "Special:EditPage/Template:George W. Bush")[George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") \| \| \|---\|---\| \| [43rd](https://en.wikipedia.org/wiki/List_of_presidents_of_the_United_States "List of presidents of the United States") [President of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States") (2001–2009) [46th](https://en.wikipedia.org/wiki/List_of_governors_of_Texas "List of governors of Texas") [Governor of Texas](https://en.wikipedia.org/wiki/Governor_of_Texas "Governor of Texas") (1995–2000) \| \| \| [Presidency](https://en.wikipedia.org/wiki/Presidency_of_George_W._Bush "Presidency of George W. Bush") ([timeline](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency "Timeline of the George W. Bush presidency")) \| [Transition](https://en.wikipedia.org/wiki/Presidential_transition_of_George_W._Bush "Presidential transition of George W. Bush") Vote counts [2001](https://en.wikipedia.org/wiki/2001_United_States_Electoral_College_vote_count "2001 United States Electoral College vote count") [2005](https://en.wikipedia.org/wiki/2005_United_States_Electoral_College_vote_count "2005 United States Electoral College vote count") Inaugurations [2001](https://en.wikipedia.org/wiki/First_inauguration_of_George_W._Bush "First inauguration of George W. Bush") [2005](https://en.wikipedia.org/wiki/Second_inauguration_of_George_W._Bush "Second inauguration of George W. Bush") [Timeline](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency "Timeline of the George W. Bush presidency") [2001](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2001$ "Timeline of the George W. Bush presidency (2001)") [2002](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2002$ "Timeline of the George W. Bush presidency (2002)") [2003](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2003$ "Timeline of the George W. Bush presidency (2003)") [2004](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2004$ "Timeline of the George W. Bush presidency (2004)") [2005](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2005$ "Timeline of the George W. Bush presidency (2005)") [2006](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2006$ "Timeline of the George W. Bush presidency (2006)") [2007](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2007$ "Timeline of the George W. Bush presidency (2007)") [2008](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2008%E2%80%932009$ "Timeline of the George W. Bush presidency (2008–2009)") [January 2009](https://en.wikipedia.org/wiki/Timeline_of_the_George_W._Bush_presidency_$2008%E2%80%932009$#January_2009 "Timeline of the George W. Bush presidency (2008–2009)") [Domestic policy](https://en.wikipedia.org/wiki/Domestic_policy_of_the_George_W._Bush_administration "Domestic policy of the George W. Bush administration") [Legislation and programs](https://en.wikipedia.org/wiki/List_of_George_W._Bush_legislation_and_programs "List of George W. Bush legislation and programs") [Economic policy](https://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration "Economic policy of the George W. Bush administration") [Foreign policy](https://en.wikipedia.org/wiki/Foreign_policy_of_the_George_W._Bush_administration "Foreign policy of the George W. Bush administration") [International trips](https://en.wikipedia.org/wiki/List_of_international_presidential_trips_made_by_George_W._Bush "List of international presidential trips made by George W. Bush") [Bush Doctrine](https://en.wikipedia.org/wiki/Bush_Doctrine "Bush Doctrine") [Russia summits](https://en.wikipedia.org/wiki/List_of_Russia%E2%80%93United_States_summits "List of Russia–United States summits") [Slovenia](https://en.wikipedia.org/wiki/Slovenia_Summit_2001 "Slovenia Summit 2001") [Slovakia](https://en.wikipedia.org/wiki/Slovakia_Summit_2005 "Slovakia Summit 2005") [Special Relationship](https://en.wikipedia.org/wiki/Special_Relationship "Special Relationship") [State visit to the United Kingdom](https://en.wikipedia.org/wiki/State_visit_by_George_W._Bush_to_the_United_Kingdom "State visit by George W. Bush to the United Kingdom") [2007 state visit by Elizabeth II to the United States](https://en.wikipedia.org/wiki/2007_state_visit_by_Elizabeth_II_to_the_United_States "2007 state visit by Elizabeth II to the United States") [War in Afghanistan](https://en.wikipedia.org/wiki/War_in_Afghanistan_$2001%E2%80%932021$ "War in Afghanistan (2001–2021)") [Patriot Act](https://en.wikipedia.org/wiki/Patriot_Act "Patriot Act") [No Child Left Behind Act](https://en.wikipedia.org/wiki/No_Child_Left_Behind_Act "No Child Left Behind Act") [2003 invasion of Iraq](https://en.wikipedia.org/wiki/2003_invasion_of_Iraq "2003 invasion of Iraq") [Capture of Saddam Hussein](https://en.wikipedia.org/wiki/Capture_of_Saddam_Hussein "Capture of Saddam Hussein") [Status of Forces Agreement](https://en.wikipedia.org/wiki/U.S.%E2%80%93Iraq_Status_of_Forces_Agreement "U.S.–Iraq Status of Forces Agreement") [Relations with Iran](https://en.wikipedia.org/wiki/Iran%E2%80%93United_States_relations_during_the_George_W._Bush_administration "Iran–United States relations during the George W. Bush administration") [Medicare Prescription Drug, Improvement, and Modernization Act](https://en.wikipedia.org/wiki/Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act "Medicare Prescription Drug, Improvement, and Modernization Act") [USA Freedom Corps](https://en.wikipedia.org/wiki/USA_Freedom_Corps "USA Freedom Corps") [Department of Homeland Security](https://en.wikipedia.org/wiki/United_States_Department_of_Homeland_Security "United States Department of Homeland Security") [Space policy](https://en.wikipedia.org/wiki/Space_policy_of_the_George_W._Bush_administration "Space policy of the George W. Bush administration") [Strategic Offensive Reductions Treaty](https://en.wikipedia.org/wiki/Strategic_Offensive_Reductions_Treaty "Strategic Offensive Reductions Treaty") [War on terror](https://en.wikipedia.org/wiki/War_on_terror "War on terror") [President's Council on Service and Civic Participation](https://en.wikipedia.org/wiki/President%27s_Council_on_Service_and_Civic_Participation "President's Council on Service and Civic Participation") [award](https://en.wikipedia.org/wiki/President%27s_Volunteer_Service_Award "President's Volunteer Service Award") [Dismissal of U.S. attorneys controversy](https://en.wikipedia.org/wiki/2006_dismissal_of_U.S._attorneys "2006 dismissal of U.S. attorneys") [Email controversy](https://en.wikipedia.org/wiki/Bush_White_House_email_controversy "Bush White House email controversy") [Judicial appointments](https://en.wikipedia.org/wiki/List_of_federal_judges_appointed_by_George_W._Bush "List of federal judges appointed by George W. Bush") [Supreme Court candidates](https://en.wikipedia.org/wiki/George_W._Bush_Supreme_Court_candidates "George W. Bush Supreme Court candidates") [John Roberts](https://en.wikipedia.org/wiki/John_Roberts_Supreme_Court_nominations "John Roberts Supreme Court nominations") [Harriet Miers](https://en.wikipedia.org/wiki/Harriet_Miers_Supreme_Court_nomination "Harriet Miers Supreme Court nomination") [Samuel Alito](https://en.wikipedia.org/wiki/Samuel_Alito_Supreme_Court_nomination "Samuel Alito Supreme Court nomination") [controversies](https://en.wikipedia.org/wiki/George_W._Bush_judicial_appointment_controversies "George W. Bush judicial appointment controversies") [Cabinet](https://en.wikipedia.org/wiki/Presidency_of_George_W._Bush#Administration "Presidency of George W. Bush") [Cheney vice presidency](https://en.wikipedia.org/wiki/Vice_presidency_of_Dick_Cheney "Vice presidency of Dick Cheney") [Pardons](https://en.wikipedia.org/wiki/List_of_people_pardoned_by_George_W._Bush "List of people pardoned by George W. Bush") [Impeachment efforts](https://en.wikipedia.org/wiki/Efforts_to_impeach_George_W._Bush "Efforts to impeach George W. Bush") [Executive orders](https://en.wikisource.org/wiki/Author:George_W._Bush/Executive_orders "wikisource:Author:George W. Bush/Executive orders") [Presidential proclamations](https://en.wikisource.org/wiki/Author:George_W._Bush/Presidential_Proclamations "wikisource:Author:George W. Bush/Presidential Proclamations") [State funeral of Ronald Reagan](https://en.wikipedia.org/wiki/Death_and_state_funeral_of_Ronald_Reagan "Death and state funeral of Ronald Reagan") [State funeral of Gerald Ford](https://en.wikipedia.org/wiki/Death_and_state_funeral_of_Gerald_Ford "Death and state funeral of Gerald Ford") [Obama transition](https://en.wikipedia.org/wiki/Presidential_transition_of_Barack_Obama "Presidential transition of Barack Obama") \| \| Life and legacy \| [Childhood home](https://en.wikipedia.org/wiki/Bush_Family_Home_State_Historic_Site "Bush Family Home State Historic Site") [Early life and career](https://en.wikipedia.org/wiki/Early_life_of_George_W._Bush "Early life of George W. Bush") [Presidential library](https://en.wikipedia.org/wiki/George_W._Bush_Presidential_Center "George W. Bush Presidential Center") [Official White House portrait](https://en.wikipedia.org/wiki/Official_White_House_portraits_of_Laura_and_George_W._Bush "Official White House portraits of Laura and George W. Bush") [Military service controversy](https://en.wikipedia.org/wiki/George_W._Bush_military_service_controversy "George W. Bush military service controversy") [Killian documents controversy](https://en.wikipedia.org/wiki/Killian_documents_controversy "Killian documents controversy") [authenticity issues](https://en.wikipedia.org/wiki/Killian_documents_authenticity_issues "Killian documents authenticity issues") [Professional life](https://en.wikipedia.org/wiki/Professional_life_of_George_W._Bush "Professional life of George W. Bush") [Governorship of Texas](https://en.wikipedia.org/wiki/Governorship_of_George_W._Bush "Governorship of George W. Bush") [Prairie Chapel Ranch](https://en.wikipedia.org/wiki/Prairie_Chapel_Ranch "Prairie Chapel Ranch") [Walker's Point Estate](https://en.wikipedia.org/wiki/Walker%27s_Point_Estate "Walker's Point Estate") [Clinton Bush Haiti Fund](https://en.wikipedia.org/wiki/Clinton_Bush_Haiti_Fund "Clinton Bush Haiti Fund") \| \| Speeches \| [Congressional joint session address](https://en.wikipedia.org/wiki/2001_George_W._Bush_speech_to_a_joint_session_of_Congress "2001 George W. Bush speech to a joint session of Congress") (2001) [Remarks at the Islamic Center of Washington](https://en.wikipedia.org/wiki/Remarks_at_the_Islamic_Center_of_Washington "Remarks at the Islamic Center of Washington") (2001) [Congressional joint session address (September 11 attacks)](https://en.wikipedia.org/wiki/September_2001_George_W._Bush_speech_to_a_joint_session_of_Congress "September 2001 George W. Bush speech to a joint session of Congress") (2001) [Mission Accomplished](https://en.wikipedia.org/wiki/Mission_Accomplished_speech "Mission Accomplished speech") (2003) [State of the Union addresses](https://en.wikipedia.org/wiki/State_of_the_Union "State of the Union") [2002](https://en.wikipedia.org/wiki/2002_State_of_the_Union_Address "2002 State of the Union Address") (["Axis of evil"](https://en.wikipedia.org/wiki/Axis_of_evil "Axis of evil")) [2003](https://en.wikipedia.org/wiki/2003_State_of_the_Union_Address "2003 State of the Union Address") [2004](https://en.wikipedia.org/wiki/2004_State_of_the_Union_Address "2004 State of the Union Address") [2005](https://en.wikipedia.org/wiki/2005_State_of_the_Union_Address "2005 State of the Union Address") [2006](https://en.wikipedia.org/wiki/2006_State_of_the_Union_Address "2006 State of the Union Address") [2007](https://en.wikipedia.org/wiki/2007_State_of_the_Union_Address "2007 State of the Union Address") [2008](https://en.wikipedia.org/wiki/2008_State_of_the_Union_Address "2008 State of the Union Address") \| \| [Elections](https://en.wikipedia.org/wiki/Electoral_history_of_George_W._Bush "Electoral history of George W. Bush") \| \| \| \| \| \| U.S. House \| [1978](https://en.wikipedia.org/wiki/1978_United_States_House_of_Representatives_elections "1978 United States House of Representatives elections") \| \| Gubernatorial \| [1994](https://en.wikipedia.org/wiki/1994_Texas_gubernatorial_election "1994 Texas gubernatorial election") [1998](https://en.wikipedia.org/wiki/1998_Texas_gubernatorial_election "1998 Texas gubernatorial election") \| \| Presidential \| [2000 campaign](https://en.wikipedia.org/wiki/George_W._Bush_2000_presidential_campaign "George W. Bush 2000 presidential campaign") [primaries](https://en.wikipedia.org/wiki/2000_Republican_Party_presidential_primaries "2000 Republican Party presidential primaries") [running mate selection](https://en.wikipedia.org/wiki/2000_Republican_Party_vice_presidential_candidate_selection "2000 Republican Party vice presidential candidate selection") [convention](https://en.wikipedia.org/wiki/2000_Republican_National_Convention "2000 Republican National Convention") [debates](https://en.wikipedia.org/wiki/2000_United_States_presidential_debates "2000 United States presidential debates") [election](https://en.wikipedia.org/wiki/2000_United_States_presidential_election "2000 United States presidential election") [Bush v. Gore](https://en.wikipedia.org/wiki/Bush_v._Gore "Bush v. Gore") [2004 campaign](https://en.wikipedia.org/wiki/George_W._Bush_2004_presidential_campaign "George W. Bush 2004 presidential campaign") [primaries](https://en.wikipedia.org/wiki/2004_Republican_Party_presidential_primaries "2004 Republican Party presidential primaries") [convention](https://en.wikipedia.org/wiki/2004_Republican_National_Convention "2004 Republican National Convention") [debates](https://en.wikipedia.org/wiki/2004_United_States_presidential_debates "2004 United States presidential debates") [election](https://en.wikipedia.org/wiki/2004_United_States_presidential_election "2004 United States presidential election") \| \| [Public image](https://en.wikipedia.org/wiki/Public_image_of_George_W._Bush "Public image of George W. Bush") \| [Bushisms](https://en.wikipedia.org/wiki/Bushism "Bushism") [Nicknames](https://en.wikipedia.org/wiki/List_of_nicknames_used_by_George_W._Bush "List of nicknames used by George W. Bush") [Fictionalized portrayals](https://en.wikipedia.org/wiki/Fictionalized_portrayals_of_George_W._Bush "Fictionalized portrayals of George W. Bush") [Miss Me Yet?](https://en.wikipedia.org/wiki/Miss_Me_Yet%3F "Miss Me Yet?") "[Yo, Blair](https://en.wikipedia.org/wiki/Yo,_Blair "Yo, Blair")" \| \| [Books](https://en.wikipedia.org/wiki/Bibliography_of_George_W._Bush "Bibliography of George W. Bush") \| [A Charge to Keep](https://en.wikipedia.org/wiki/A_Charge_to_Keep "A Charge to Keep") (1999) [Decision Points](https://en.wikipedia.org/wiki/Decision_Points "Decision Points") (2010) [41: A Portrait of My Father](https://en.wikipedia.org/wiki/41:_A_Portrait_of_My_Father "41: A Portrait of My Father") (2014) [Portraits of Courage](https://en.wikipedia.org/wiki/Portraits_of_Courage "Portraits of Courage") (2017) [Out of Many, One](https://en.wikipedia.org/wiki/Out_of_Many,_One:_Portraits_of_America%27s_Immigrants "Out of Many, One: Portraits of America's Immigrants") (2021) \| \| Popular culture \| [Fahrenheit 9/11 (2004 documentary)](https://en.wikipedia.org/wiki/Fahrenheit_9/11 "Fahrenheit 9/11") [W. (2008 film)](https://en.wikipedia.org/wiki/W._$film$ "W. (film)") [Vice (2018 film)](https://en.wikipedia.org/wiki/Vice_$2018_film$ "Vice (2018 film)") \| \| [Family](https://en.wikipedia.org/wiki/Bush_family "Bush family") \| [Laura Bush](https://en.wikipedia.org/wiki/Laura_Bush "Laura Bush") (wife) [Barbara Pierce Bush](https://en.wikipedia.org/wiki/Barbara_Bush_$born_1981$ "Barbara Bush (born 1981)") (daughter) [Jenna Bush Hager](https://en.wikipedia.org/wiki/Jenna_Bush_Hager "Jenna Bush Hager") (daughter) [George H. W. Bush](https://en.wikipedia.org/wiki/George_H._W._Bush "George H. W. Bush") (father [presidency](https://en.wikipedia.org/wiki/Presidency_of_George_H._W._Bush "Presidency of George H. W. Bush")) [Barbara Bush](https://en.wikipedia.org/wiki/Barbara_Bush "Barbara Bush") (mother) [Robin Bush](https://en.wikipedia.org/wiki/Pauline_Robinson_Bush "Pauline Robinson Bush") (sister) [Jeb Bush](https://en.wikipedia.org/wiki/Jeb_Bush "Jeb Bush") (brother) [Neil Bush](https://en.wikipedia.org/wiki/Neil_Bush "Neil Bush") (brother) [Marvin Bush](https://en.wikipedia.org/wiki/Marvin_Bush "Marvin Bush") (brother) [Dorothy Bush Koch](https://en.wikipedia.org/wiki/Dorothy_Bush_Koch "Dorothy Bush Koch") (sister) [Barney](https://en.wikipedia.org/wiki/Barney_$dog$ "Barney (dog)") (dog) [Miss Beazley](https://en.wikipedia.org/wiki/Miss_Beazley "Miss Beazley") (dog) [India](https://en.wikipedia.org/wiki/India_$cat$ "India (cat)") (cat) [Spot Fetcher](https://en.wikipedia.org/wiki/Spot_Fetcher "Spot Fetcher") (dog) \| \| [← Bill Clinton](https://en.wikipedia.org/wiki/Bill_Clinton "Bill Clinton") [Barack Obama →](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:George_W._Bush "Category:George W. Bush") \| \| \| [v](https://en.wikipedia.org/wiki/Template:Barack_Obama "Template:Barack Obama") [t](https://en.wikipedia.org/wiki/Template_talk:Barack_Obama "Template talk:Barack Obama") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Barack_Obama "Special:EditPage/Template:Barack Obama")[Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") \| \| \|---\|---\| \| [44th](https://en.wikipedia.org/wiki/List_of_presidents_of_the_United_States "List of presidents of the United States") [President of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States") (2009–2017) [U.S. Senator](https://en.wikipedia.org/wiki/United_States_Senate "United States Senate") [from Illinois](https://en.wikipedia.org/wiki/List_of_United_States_senators_from_Illinois "List of United States senators from Illinois") (2005–2008) [Illinois Senator](https://en.wikipedia.org/wiki/Illinois_Senate "Illinois Senate") from the 13th district (1997–2004) \| \| \| \| \| \| Life and politics \| [Early life and career](https://en.wikipedia.org/wiki/Early_life_and_career_of_Barack_Obama "Early life and career of Barack Obama") [Illinois Senate career](https://en.wikipedia.org/wiki/Illinois_Senate_career_of_Barack_Obama "Illinois Senate career of Barack Obama") [2004 Democratic National Convention](https://en.wikipedia.org/wiki/2004_Democratic_National_Convention "2004 Democratic National Convention") [U.S. Senate career](https://en.wikipedia.org/wiki/US_Senate_career_of_Barack_Obama "US Senate career of Barack Obama") [Political positions](https://en.wikipedia.org/wiki/Political_positions_of_Barack_Obama "Political positions of Barack Obama") [Administration foreign policy](https://en.wikipedia.org/wiki/Foreign_policy_of_the_Obama_administration "Foreign policy of the Obama administration") [Cannabis](https://en.wikipedia.org/wiki/Cannabis_policy_of_the_Obama_administration "Cannabis policy of the Obama administration") [Mass surveillance](https://en.wikipedia.org/wiki/Barack_Obama_on_mass_surveillance "Barack Obama on mass surveillance") [Social](https://en.wikipedia.org/wiki/Social_policy_of_the_Obama_administration "Social policy of the Obama administration") [Space](https://en.wikipedia.org/wiki/Space_policy_of_the_Obama_administration "Space policy of the Obama administration") [2009 Nobel Peace Prize](https://en.wikipedia.org/wiki/2009_Nobel_Peace_Prize "2009 Nobel Peace Prize") [West Wing Week](https://en.wikipedia.org/wiki/West_Wing_Week "West Wing Week") \| \| [Presidency](https://en.wikipedia.org/wiki/Presidency_of_Barack_Obama "Presidency of Barack Obama") ([timeline](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency "Timeline of the Barack Obama presidency")) \| [Transition](https://en.wikipedia.org/wiki/Presidential_transition_of_Barack_Obama "Presidential transition of Barack Obama") Inaugurations [2009](https://en.wikipedia.org/wiki/First_inauguration_of_Barack_Obama "First inauguration of Barack Obama") [2013](https://en.wikipedia.org/wiki/Second_inauguration_of_Barack_Obama "Second inauguration of Barack Obama") [First 100 days](https://en.wikipedia.org/wiki/First_100_days_of_the_Obama_presidency "First 100 days of the Obama presidency") [Timeline](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency "Timeline of the Barack Obama presidency") [2009](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2009$ "Timeline of the Barack Obama presidency (2009)") [2010](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2010$ "Timeline of the Barack Obama presidency (2010)") [2011](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2011$ "Timeline of the Barack Obama presidency (2011)") [2012](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2012$ "Timeline of the Barack Obama presidency (2012)") [2013](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2013$ "Timeline of the Barack Obama presidency (2013)") [2014](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2014$ "Timeline of the Barack Obama presidency (2014)") [2015](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2015$ "Timeline of the Barack Obama presidency (2015)") [2016](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2016%E2%80%932017$ "Timeline of the Barack Obama presidency (2016–2017)") [January 2017](https://en.wikipedia.org/wiki/Timeline_of_the_Barack_Obama_presidency_$2016%E2%80%932017$#January_2017 "Timeline of the Barack Obama presidency (2016–2017)") [Foreign policy](https://en.wikipedia.org/wiki/Foreign_policy_of_the_Obama_administration "Foreign policy of the Obama administration") [Ambassadors](https://en.wikipedia.org/wiki/List_of_ambassadors_appointed_by_Barack_Obama "List of ambassadors appointed by Barack Obama") [Middle East](https://en.wikipedia.org/wiki/Middle_Eastern_foreign_policy_of_the_Obama_administration "Middle Eastern foreign policy of the Obama administration") [Afghanistan withdrawal](https://en.wikipedia.org/wiki/Withdrawal_of_United_States_troops_from_Afghanistan_$2011%E2%80%932016$ "Withdrawal of United States troops from Afghanistan (2011–2016)") [Iraq withdrawal](https://en.wikipedia.org/wiki/Withdrawal_of_United_States_troops_from_Iraq_$2007%E2%80%932011$ "Withdrawal of United States troops from Iraq (2007–2011)") [Killing of Osama bin Laden](https://en.wikipedia.org/wiki/Killing_of_Osama_bin_Laden "Killing of Osama bin Laden") [Benghazi attack](https://en.wikipedia.org/wiki/2012_Benghazi_attack "2012 Benghazi attack") [Return to Iraq](https://en.wikipedia.org/wiki/US-led_intervention_in_Iraq_$2014%E2%80%932021$ "US-led intervention in Iraq (2014–2021)") [War in Syria](https://en.wikipedia.org/wiki/US_intervention_in_the_Syrian_civil_war "US intervention in the Syrian civil war") [Relations with Iran](https://en.wikipedia.org/wiki/Iran%E2%80%93United_States_relations_during_the_Obama_administration "Iran–United States relations during the Obama administration") [Iran nuclear deal](https://en.wikipedia.org/wiki/Joint_Comprehensive_Plan_of_Action "Joint Comprehensive Plan of Action") [Pivot to Asia](https://en.wikipedia.org/wiki/East_Asian_foreign_policy_of_the_Obama_administration "East Asian foreign policy of the Obama administration") [Cuban thaw](https://en.wikipedia.org/wiki/Cuban_thaw "Cuban thaw") [Obama Doctrine](https://en.wikipedia.org/wiki/Obama_Doctrine "Obama Doctrine") [Europe](https://en.wikipedia.org/wiki/European_foreign_policy_of_the_Obama_administration "European foreign policy of the Obama administration") [Economic policy](https://en.wikipedia.org/wiki/Economic_policy_of_the_Obama_administration "Economic policy of the Obama administration") [Affordable Care Act](https://en.wikipedia.org/wiki/Affordable_Care_Act "Affordable Care Act") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Dodd–Frank Act](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act "Dodd–Frank Wall Street Reform and Consumer Protection Act") [Lilly Ledbetter Fair Pay Act of 2009](https://en.wikipedia.org/wiki/Lilly_Ledbetter_Fair_Pay_Act_of_2009 "Lilly Ledbetter Fair Pay Act of 2009") [Energy](https://en.wikipedia.org/wiki/Energy_policy_of_the_Obama_administration "Energy policy of the Obama administration")/Environmental [Lautenberg Chemical Safety Act](https://en.wikipedia.org/wiki/Frank_R._Lautenberg_Chemical_Safety_for_the_21st_Century_Act "Frank R. Lautenberg Chemical Safety for the 21st Century Act") [Marine policy](https://en.wikipedia.org/wiki/Marine_policy_of_the_Obama_administration "Marine policy of the Obama administration") [New Energy for America](https://en.wikipedia.org/wiki/New_Energy_for_America "New Energy for America") [Regulation of greenhouse gases under the Clean Air Act](https://en.wikipedia.org/wiki/Regulation_of_greenhouse_gases_under_the_Clean_Air_Act "Regulation of greenhouse gases under the Clean Air Act") [Clean Power Plan](https://en.wikipedia.org/wiki/Clean_Power_Plan "Clean Power Plan") [Water Infrastructure Finance and Innovation Act of 2014](https://en.wikipedia.org/wiki/Clean_Water_Act "Clean Water Act") [Healthy, Hunger-Free Kids Act](https://en.wikipedia.org/wiki/Healthy,_Hunger-Free_Kids_Act_of_2010 "Healthy, Hunger-Free Kids Act of 2010") [New START](https://en.wikipedia.org/wiki/New_START "New START") [State visit to the United Kingdom](https://en.wikipedia.org/wiki/State_visit_by_Barack_Obama_to_the_United_Kingdom "State visit by Barack Obama to the United Kingdom") [MAP-21st Century Act](https://en.wikipedia.org/wiki/Moving_Ahead_for_Progress_in_the_21st_Century_Act "Moving Ahead for Progress in the 21st Century Act") [FAST Act](https://en.wikipedia.org/wiki/Fixing_America%27s_Surface_Transportation_Act "Fixing America's Surface Transportation Act") [Pardons](https://en.wikipedia.org/wiki/List_of_people_granted_executive_clemency_by_Barack_Obama "List of people granted executive clemency by Barack Obama") [Presidential trips](https://en.wikipedia.org/wiki/Lists_of_presidential_trips_made_by_Barack_Obama "Lists of presidential trips made by Barack Obama") [2009](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2009$ "List of presidential trips made by Barack Obama (2009)") [2010](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2010$ "List of presidential trips made by Barack Obama (2010)") [2011](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2011$ "List of presidential trips made by Barack Obama (2011)") [2012](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2012$ "List of presidential trips made by Barack Obama (2012)") [2013](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2013$ "List of presidential trips made by Barack Obama (2013)") [2014](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2014$ "List of presidential trips made by Barack Obama (2014)") [2015](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2015$ "List of presidential trips made by Barack Obama (2015)") [2016–17](https://en.wikipedia.org/wiki/List_of_presidential_trips_made_by_Barack_Obama_$2016%E2%80%9317$ "List of presidential trips made by Barack Obama (2016–17)") [international](https://en.wikipedia.org/wiki/List_of_international_presidential_trips_made_by_Barack_Obama "List of international presidential trips made by Barack Obama") [Judicial appointments](https://en.wikipedia.org/wiki/List_of_federal_judges_appointed_by_Barack_Obama "List of federal judges appointed by Barack Obama") [Supreme Court](https://en.wikipedia.org/wiki/Barack_Obama_Supreme_Court_candidates "Barack Obama Supreme Court candidates") [Sotomayor](https://en.wikipedia.org/wiki/Sonia_Sotomayor_Supreme_Court_nomination "Sonia Sotomayor Supreme Court nomination") [Kagan](https://en.wikipedia.org/wiki/Elena_Kagan_Supreme_Court_nomination "Elena Kagan Supreme Court nomination") [Garland](https://en.wikipedia.org/wiki/Merrick_Garland_Supreme_Court_nomination "Merrick Garland Supreme Court nomination") [controversies](https://en.wikipedia.org/wiki/Barack_Obama_judicial_appointment_controversies "Barack Obama judicial appointment controversies") [Cabinet](https://en.wikipedia.org/wiki/Cabinet_of_Barack_Obama "Cabinet of Barack Obama") [Biden vice presidency](https://en.wikipedia.org/wiki/Vice_presidency_of_Joe_Biden "Vice presidency of Joe Biden") [Obama Foundation](https://en.wikipedia.org/wiki/Obama_Foundation "Obama Foundation") [Presidential Library and Center](https://en.wikipedia.org/wiki/Barack_Obama_Presidential_Center "Barack Obama Presidential Center") [Executive actions](https://en.wikipedia.org/wiki/List_of_executive_actions_by_Barack_Obama "List of executive actions by Barack Obama") [Executive orders](https://en.wikisource.org/wiki/Author:Barack_Hussein_Obama/Executive_orders "wikisource:Author:Barack Hussein Obama/Executive orders") [Memoranda](https://en.wikipedia.org/wiki/List_of_presidential_memoranda_by_Barack_Obama "List of presidential memoranda by Barack Obama") [Proclamations](https://en.wikisource.org/wiki/Author:Barack_Obama/Presidential_Proclamations "wikisource:Author:Barack Obama/Presidential Proclamations") [Trump transition](https://en.wikipedia.org/wiki/First_presidential_transition_of_Donald_Trump "First presidential transition of Donald Trump") [Plantation Estate](https://en.wikipedia.org/wiki/Plantation_Estate "Plantation Estate") \| \| [Books](https://en.wikipedia.org/wiki/Category:Books_by_Barack_Obama "Category:Books by Barack Obama") \| [Dreams from My Father (1995)](https://en.wikipedia.org/wiki/Dreams_from_My_Father "Dreams from My Father") [The Audacity of Hope (2006)](https://en.wikipedia.org/wiki/The_Audacity_of_Hope "The Audacity of Hope") [Of Thee I Sing (2010)](https://en.wikipedia.org/wiki/Of_Thee_I_Sing_$book$ "Of Thee I Sing (book)") [A Promised Land (2020)](https://en.wikipedia.org/wiki/A_Promised_Land "A Promised Land") \| \| [Speeches](https://en.wikipedia.org/wiki/Speeches_of_Barack_Obama "Speeches of Barack Obama") \| "[The Audacity of Hope](https://en.wikipedia.org/wiki/2004_Democratic_National_Convention_keynote_address "2004 Democratic National Convention keynote address")" (2004) "[Yes We Can](https://en.wikisource.org/wiki/Remarks_of_Senator_Barack_Obama_on_New_Hampshire_Primary_Night "s:Remarks of Senator Barack Obama on New Hampshire Primary Night")" (2008) "[A More Perfect Union](https://en.wikipedia.org/wiki/A_More_Perfect_Union_$speech$ "A More Perfect Union (speech)")" (2008) "[Change Has Come to America](https://en.wikipedia.org/wiki/Barack_Obama_2008_presidential_election_victory_speech "Barack Obama 2008 presidential election victory speech")" (2008) "[A New Birth of Freedom](https://en.wikipedia.org/wiki/First_inauguration_of_Barack_Obama#Ceremony:_"A_New_Birth_of_Freedom" "First inauguration of Barack Obama")" (2009) [Congressional joint session address](https://en.wikipedia.org/wiki/2009_Barack_Obama_speech_to_a_joint_session_of_Congress "2009 Barack Obama speech to a joint session of Congress") (2009) "[A New Beginning](https://en.wikipedia.org/wiki/A_New_Beginning_$speech$ "A New Beginning (speech)")" (2009) [Congressional joint session address (health care reform)](https://en.wikipedia.org/wiki/September_2009_Barack_Obama_speech_to_a_joint_session_of_Congress "September 2009 Barack Obama speech to a joint session of Congress") (2009) [State of the Union Address](https://en.wikipedia.org/wiki/State_of_the_Union "State of the Union") [2010](https://en.wikipedia.org/wiki/2010_State_of_the_Union_Address "2010 State of the Union Address") [2011](https://en.wikipedia.org/wiki/2011_State_of_the_Union_Address "2011 State of the Union Address") [2012](https://en.wikipedia.org/wiki/2012_State_of_the_Union_Address "2012 State of the Union Address") [2013](https://en.wikipedia.org/wiki/2013_State_of_the_Union_Address "2013 State of the Union Address") [2014](https://en.wikipedia.org/wiki/2014_State_of_the_Union_Address "2014 State of the Union Address") [2015](https://en.wikipedia.org/wiki/2015_State_of_the_Union_Address "2015 State of the Union Address") [2016](https://en.wikipedia.org/wiki/2016_State_of_the_Union_Address "2016 State of the Union Address") [Tucson memorial speech](https://en.wikipedia.org/wiki/Barack_Obama_Tucson_memorial_speech "Barack Obama Tucson memorial speech") (2011) [Congressional joint session address (jobs)](https://en.wikipedia.org/wiki/American_Jobs_Act "American Jobs Act") (2011) "[You didn't build that](https://en.wikipedia.org/wiki/You_didn%27t_build_that "You didn't build that")" (2012) [Selma 50th anniversary](https://en.wikipedia.org/wiki/Barack_Obama_Selma_50th_anniversary_speech "Barack Obama Selma 50th anniversary speech") (2015) [Farewell address](https://en.wikipedia.org/wiki/Barack_Obama%27s_farewell_address "Barack Obama's farewell address") (2017) \| \| [Elections](https://en.wikipedia.org/wiki/Electoral_history_of_Barack_Obama "Electoral history of Barack Obama") \| \| \| \| \| \| Illinois \| [State Senate](https://en.wikipedia.org/wiki/Illinois_Senate_elections_of_Barack_Obama "Illinois Senate elections of Barack Obama") [1996](https://en.wikipedia.org/wiki/Illinois_Senate_elections_of_Barack_Obama#First_state_Senate_election,_1996 "Illinois Senate elections of Barack Obama") [1998](https://en.wikipedia.org/wiki/Illinois_Senate_elections_of_Barack_Obama#Second_state_Senate_election,_1998 "Illinois Senate elections of Barack Obama") [2002](https://en.wikipedia.org/wiki/Illinois_Senate_elections_of_Barack_Obama#Third_state_Senate_election,_2002 "Illinois Senate elections of Barack Obama") U.S. House of Representatives [2000](https://en.wikipedia.org/wiki/2000_Illinois%27s_1st_congressional_district_election "2000 Illinois's 1st congressional district election") \| \| U.S. Senate \| [2004](https://en.wikipedia.org/wiki/2004_United_States_Senate_election_in_Illinois "2004 United States Senate election in Illinois") \| \| Presidential \| [2008 campaign](https://en.wikipedia.org/wiki/Barack_Obama_2008_presidential_campaign "Barack Obama 2008 presidential campaign") [endorsements](https://en.wikipedia.org/wiki/List_of_Barack_Obama_2008_presidential_campaign_endorsements "List of Barack Obama 2008 presidential campaign endorsements") [GOP/conservative support](https://en.wikipedia.org/wiki/Republican_and_conservative_support_for_Barack_Obama_in_2008 "Republican and conservative support for Barack Obama in 2008") [staff members](https://en.wikipedia.org/wiki/List_of_Barack_Obama_2008_presidential_campaign_staff_members "List of Barack Obama 2008 presidential campaign staff members") [primaries](https://en.wikipedia.org/wiki/2008_Democratic_Party_presidential_primaries "2008 Democratic Party presidential primaries") [primary campaign](https://en.wikipedia.org/wiki/Barack_Obama_2008_presidential_primary_campaign "Barack Obama 2008 presidential primary campaign") [running mate selection](https://en.wikipedia.org/wiki/2008_Democratic_Party_vice_presidential_candidate_selection "2008 Democratic Party vice presidential candidate selection") [convention](https://en.wikipedia.org/wiki/2008_Democratic_National_Convention "2008 Democratic National Convention") [debates](https://en.wikipedia.org/wiki/2008_United_States_presidential_debates "2008 United States presidential debates") [election](https://en.wikipedia.org/wiki/2008_United_States_presidential_election "2008 United States presidential election") [2012 campaign](https://en.wikipedia.org/wiki/Barack_Obama_2012_presidential_campaign "Barack Obama 2012 presidential campaign") [endorsements](https://en.wikipedia.org/wiki/List_of_Barack_Obama_2012_presidential_campaign_endorsements "List of Barack Obama 2012 presidential campaign endorsements") [primaries](https://en.wikipedia.org/wiki/2012_Democratic_Party_presidential_primaries "2012 Democratic Party presidential primaries") [convention](https://en.wikipedia.org/wiki/2012_Democratic_National_Convention "2012 Democratic National Convention") [debates](https://en.wikipedia.org/wiki/2012_United_States_presidential_debates "2012 United States presidential debates") [election](https://en.wikipedia.org/wiki/2012_United_States_presidential_election "2012 United States presidential election") \| \| [Family](https://en.wikipedia.org/wiki/Family_of_Barack_Obama "Family of Barack Obama") \| [Michelle Obama](https://en.wikipedia.org/wiki/Michelle_Obama "Michelle Obama") (wife) [Ann Dunham](https://en.wikipedia.org/wiki/Ann_Dunham "Ann Dunham") (mother) [Barack Obama Sr.](https://en.wikipedia.org/wiki/Barack_Obama_Sr. "Barack Obama Sr.") (father) [Lolo Soetoro](https://en.wikipedia.org/wiki/Lolo_Soetoro "Lolo Soetoro") (stepfather) [Maya Soetoro-Ng](https://en.wikipedia.org/wiki/Maya_Soetoro-Ng "Maya Soetoro-Ng") (maternal half-sister) [Stanley Armour Dunham](https://en.wikipedia.org/wiki/Stanley_Armour_Dunham "Stanley Armour Dunham") (maternal grandfather) [Madelyn Dunham](https://en.wikipedia.org/wiki/Madelyn_Dunham "Madelyn Dunham") (maternal grandmother) [Auma Obama](https://en.wikipedia.org/wiki/Auma_Obama "Auma Obama") (paternal half-sister) [Malik Obama](https://en.wikipedia.org/wiki/Malik_Obama "Malik Obama") (paternal half-brother) [Marian Robinson](https://en.wikipedia.org/wiki/Marian_Robinson "Marian Robinson") (mother-in-law) [Craig Robinson](https://en.wikipedia.org/wiki/Craig_Robinson_$basketball$ "Craig Robinson (basketball)") (brother-in-law) [Bo](https://en.wikipedia.org/wiki/Bo_$dog$ "Bo (dog)") (family dog) [Sunny](https://en.wikipedia.org/wiki/Sunny_$dog$ "Sunny (dog)") (family dog) \| \| [Public image](https://en.wikipedia.org/wiki/Public_image_of_Barack_Obama "Public image of Barack Obama") \| \| \| News and political events \| [Oprah Winfrey's endorsement](https://en.wikipedia.org/wiki/Oprah_Winfrey%27s_endorsement_of_Barack_Obama "Oprah Winfrey's endorsement of Barack Obama") [Citizenship conspiracy theories](https://en.wikipedia.org/wiki/Barack_Obama_citizenship_conspiracy_theories "Barack Obama citizenship conspiracy theories") [litigation](https://en.wikipedia.org/wiki/Barack_Obama_presidential_eligibility_litigation "Barack Obama presidential eligibility litigation") [Religion conspiracy theories](https://en.wikipedia.org/wiki/Barack_Obama_religion_conspiracy_theories "Barack Obama religion conspiracy theories") [Bill Ayers controversy](https://en.wikipedia.org/wiki/Bill_Ayers_2008_presidential_election_controversy "Bill Ayers 2008 presidential election controversy") [Jeremiah Wright controversy](https://en.wikipedia.org/wiki/Jeremiah_Wright_controversy "Jeremiah Wright controversy") [Republican and conservative support (2008)](https://en.wikipedia.org/wiki/Republican_and_conservative_support_for_Barack_Obama_in_2008 "Republican and conservative support for Barack Obama in 2008") [Assassination threats](https://en.wikipedia.org/wiki/Security_incidents_involving_Barack_Obama "Security incidents involving Barack Obama") [2008 Denver](https://en.wikipedia.org/wiki/Barack_Obama_assassination_plot_in_Denver "Barack Obama assassination plot in Denver") [2008 Tennessee](https://en.wikipedia.org/wiki/Barack_Obama_assassination_plot_in_Tennessee "Barack Obama assassination plot in Tennessee") [First inauguration invitations](https://en.wikipedia.org/wiki/Invitations_to_the_first_inauguration_of_Barack_Obama "Invitations to the first inauguration of Barack Obama") [Inaugural Celebration at the Lincoln Memorial](https://en.wikipedia.org/wiki/We_Are_One:_The_Obama_Inaugural_Celebration_at_the_Lincoln_Memorial "We Are One: The Obama Inaugural Celebration at the Lincoln Memorial") [Citizen's Briefing Book](https://en.wikipedia.org/wiki/Citizen%27s_Briefing_Book "Citizen's Briefing Book") [Tea Party protests](https://en.wikipedia.org/wiki/Tea_Party_protests "Tea Party protests") [New Energy for America](https://en.wikipedia.org/wiki/New_Energy_for_America "New Energy for America") [Gates–Crowley Rose Garden meeting](https://en.wikipedia.org/wiki/Henry_Louis_Gates_arrest_controversy#Presidential_involvement "Henry Louis Gates arrest controversy") [Firing of Shirley Sherrod](https://en.wikipedia.org/wiki/Firing_of_Shirley_Sherrod "Firing of Shirley Sherrod") [Impeachment efforts](https://en.wikipedia.org/wiki/Efforts_to_impeach_Barack_Obama "Efforts to impeach Barack Obama") [Tan suit controversy](https://en.wikipedia.org/wiki/Barack_Obama_tan_suit_controversy "Barack Obama tan suit controversy") \| \| [Books about](https://en.wikipedia.org/wiki/Category:Books_about_Barack_Obama "Category:Books about Barack Obama") \| [Bibliography](https://en.wikipedia.org/wiki/Bibliography_of_Barack_Obama "Bibliography of Barack Obama") [Obama: From Promise to Power](https://en.wikipedia.org/wiki/Obama:_From_Promise_to_Power "Obama: From Promise to Power") [Barack Obama: Der schwarze Kennedy](https://en.wikipedia.org/wiki/Barack_Obama:_Der_schwarze_Kennedy "Barack Obama: Der schwarze Kennedy") [Redemption Song](https://en.wikipedia.org/wiki/Redemption_Song_$Stanage_book$ "Redemption Song (Stanage book)") [The Case Against Barack Obama](https://en.wikipedia.org/wiki/The_Case_Against_Barack_Obama "The Case Against Barack Obama") [The Obama Nation](https://en.wikipedia.org/wiki/The_Obama_Nation "The Obama Nation") [Culture of Corruption](https://en.wikipedia.org/wiki/Culture_of_Corruption "Culture of Corruption") [Catastrophe](https://en.wikipedia.org/wiki/Catastrophe_$Morris_and_McGann_book$ "Catastrophe (Morris and McGann book)") [Barack and Michelle](https://en.wikipedia.org/wiki/Barack_and_Michelle "Barack and Michelle") [The Speech](https://en.wikipedia.org/wiki/The_Speech_$Sharpley-Whiting_book$ "The Speech (Sharpley-Whiting book)") [The Obama Story](https://en.wikipedia.org/wiki/The_Obama_Story "The Obama Story") [Between Barack and a Hard Place](https://en.wikipedia.org/wiki/Between_Barack_and_a_Hard_Place "Between Barack and a Hard Place") [Game Change](https://en.wikipedia.org/wiki/Game_Change "Game Change") [Obama Zombies](https://en.wikipedia.org/wiki/Obama_Zombies "Obama Zombies") [Conservative Victory](https://en.wikipedia.org/wiki/Conservative_Victory "Conservative Victory") [The Bridge](https://en.wikipedia.org/wiki/The_Bridge:_The_Life_and_Rise_of_Barack_Obama "The Bridge: The Life and Rise of Barack Obama") [The Obama Diaries](https://en.wikipedia.org/wiki/The_Obama_Diaries "The Obama Diaries") [The Obama Syndrome](https://en.wikipedia.org/wiki/The_Obama_Syndrome "The Obama Syndrome") [The Obama Identity](https://en.wikipedia.org/wiki/The_Obama_Identity "The Obama Identity") [O: A Presidential Novel](https://en.wikipedia.org/wiki/O:_A_Presidential_Novel "O: A Presidential Novel") [Where's the Birth Certificate?](https://en.wikipedia.org/wiki/Where%27s_the_Birth_Certificate%3F "Where's the Birth Certificate?") [Obama's Last Stand](https://en.wikipedia.org/wiki/Obama%27s_Last_Stand "Obama's Last Stand") [Barack Obama: The Story](https://en.wikipedia.org/wiki/Barack_Obama:_The_Story "Barack Obama: The Story") [Game Change 2012](https://en.wikipedia.org/wiki/Double_Down:_Game_Change_2012 "Double Down: Game Change 2012") [Buyer's Remorse](https://en.wikipedia.org/wiki/Buyer%27s_Remorse_$book$ "Buyer's Remorse (book)") [Rising Star](https://en.wikipedia.org/wiki/Rising_Star_$book$ "Rising Star (book)") [Shade](https://en.wikipedia.org/wiki/Shade:_A_Tale_of_Two_Presidents "Shade: A Tale of Two Presidents") [The World as It Is](https://en.wikipedia.org/wiki/The_World_as_It_Is_$book$ "The World as It Is (book)") \| \| Music \| [Obama Girl](https://en.wikipedia.org/wiki/Amber_Lee_Ettinger "Amber Lee Ettinger") "[I Got a Crush... on Obama](https://en.wikipedia.org/wiki/Crush_on_Obama "Crush on Obama")" "[Barack the Magic Negro](https://en.wikipedia.org/wiki/Magical_Negro#Barack_Obama "Magical Negro")" [will.i.am](https://en.wikipedia.org/wiki/Will.i.am "Will.i.am") "[Yes We Can](https://en.wikipedia.org/wiki/Yes_We_Can_$will.i.am_song$ "Yes We Can (will.i.am song)")" "[The President Sang Amazing Grace](https://en.wikipedia.org/wiki/The_President_Sang_Amazing_Grace "The President Sang Amazing Grace")" "[There's No One as Irish as Barack O'Bama](https://en.wikipedia.org/wiki/There%27s_No_One_as_Irish_as_Barack_O%27Bama "There's No One as Irish as Barack O'Bama")" "[Sí Se Puede Cambiar](https://en.wikipedia.org/wiki/S%C3%AD_Se_Puede_Cambiar "Sí Se Puede Cambiar")" "[My President](https://en.wikipedia.org/wiki/My_President "My President")" "[Deadheads for Obama](https://en.wikipedia.org/wiki/Deadheads_for_Obama "Deadheads for Obama")" "[Air and Simple Gifts](https://en.wikipedia.org/wiki/Air_and_Simple_Gifts "Air and Simple Gifts")" [Change Is Now](https://en.wikipedia.org/wiki/Change_Is_Now:_Renewing_America%27s_Promise "Change Is Now: Renewing America's Promise") [Hope! – Das Obama Musical](https://en.wikipedia.org/wiki/Hope!_%E2%80%93_Das_Obama_Musical "Hope! – Das Obama Musical") "[Barack Obama vs. Mitt Romney](https://en.wikipedia.org/wiki/Barack_Obama_vs._Mitt_Romney_$video$ "Barack Obama vs. Mitt Romney (video)")" [Barack's Dubs](https://en.wikipedia.org/wiki/Baracksdubs "Baracksdubs") "[Signed, Sealed, Delivered I'm Yours](https://en.wikipedia.org/wiki/Signed,_Sealed,_Delivered_I%27m_Yours#Political_significance "Signed, Sealed, Delivered I'm Yours")" \| \| Film, TV, and stage \| [By the People: The Election of Barack Obama](https://en.wikipedia.org/wiki/By_the_People:_The_Election_of_Barack_Obama "By the People: The Election of Barack Obama") (2009) [Change](https://en.wikipedia.org/wiki/Change_$film$ "Change (film)") (2010) [Little Obama](https://en.wikipedia.org/wiki/Little_Obama "Little Obama") (2010) [2016: Obama's America](https://en.wikipedia.org/wiki/2016:_Obama%27s_America "2016: Obama's America") (2012) [The Road We've Traveled](https://en.wikipedia.org/wiki/The_Road_We%27ve_Traveled "The Road We've Traveled") (2012) [Southside with You](https://en.wikipedia.org/wiki/Southside_with_You "Southside with You") (2016) [Hillary and Clinton](https://en.wikipedia.org/wiki/Hillary_and_Clinton "Hillary and Clinton") (2016) [Barry](https://en.wikipedia.org/wiki/Barry_$2016_film$ "Barry (2016 film)") (2016) [America's Great Divide: From Obama to Trump](https://en.wikipedia.org/wiki/America%27s_Great_Divide:_From_Obama_to_Trump "America's Great Divide: From Obama to Trump") (2020) [We the People](https://en.wikipedia.org/wiki/We_the_People_$2021_TV_series$ "We the People (2021 TV series)") (2021) [Renegades: Born in the USA](https://en.wikipedia.org/wiki/Renegades:_Born_in_the_USA "Renegades: Born in the USA") (2021) [Obama: In Pursuit of a More Perfect Union](https://en.wikipedia.org/wiki/Obama:_In_Pursuit_of_a_More_Perfect_Union "Obama: In Pursuit of a More Perfect Union") (2021) [The First Lady](https://en.wikipedia.org/wiki/The_First_Lady_$American_TV_series$ "The First Lady (American TV series)") (2022) [Picturing the Obamas](https://en.wikipedia.org/wiki/Picturing_the_Obamas "Picturing the Obamas") (2022) \| \| [Other media](https://en.wikipedia.org/wiki/Category:Images_of_Barack_Obama "Category:Images of Barack Obama") \| [Social media use](https://en.wikipedia.org/wiki/Social_media_use_by_Barack_Obama "Social media use by Barack Obama") [Artists for Obama](https://en.wikipedia.org/wiki/Artists_for_Obama "Artists for Obama") ["Hope" poster](https://en.wikipedia.org/wiki/Barack_Obama_%22Hope%22_poster "Barack Obama \"Hope\" poster") ["Joker" poster](https://en.wikipedia.org/wiki/Barack_Obama_%22Joker%22_poster "Barack Obama \"Joker\" poster") [Hair Like Mine](https://en.wikipedia.org/wiki/Hair_Like_Mine "Hair Like Mine") [Situation Room](https://en.wikipedia.org/wiki/Situation_Room_$photograph$ "Situation Room (photograph)") [Iman Crosson](https://en.wikipedia.org/wiki/Iman_Crosson "Iman Crosson") [The Forgotten Man](https://en.wikipedia.org/wiki/The_Forgotten_Man_$painting$ "The Forgotten Man (painting)") (2010 painting) [Saraswati](https://en.wikipedia.org/wiki/Saraswati_$sculpture$ "Saraswati (sculpture)") (2013 sculpture) [President Barack Obama](https://en.wikipedia.org/wiki/President_Barack_Obama_$painting$ "President Barack Obama (painting)") (2018 portrait) [Official White House portrait](https://en.wikipedia.org/wiki/Official_White_House_portraits_of_Michelle_and_Barack_Obama "Official White House portraits of Michelle and Barack Obama") (2022) [Obama logo](https://en.wikipedia.org/wiki/Obama_logo "Obama logo") [In comics](https://en.wikipedia.org/wiki/Barack_Obama_in_comics "Barack Obama in comics") "[Spidey Meets the President\!](https://en.wikipedia.org/wiki/Spidey_Meets_the_President! "Spidey Meets the President!")" [Bomb Queen: Time Bomb: Countdown To Armageddon](https://en.wikipedia.org/w/index.php?title=Bomb_Queen:_Time_Bomb:_Countdown_To_Armageddon&action=edit&redlink=1 "Bomb Queen: Time Bomb: Countdown To Armageddon (page does not exist)") [Barack Obama's summer playlist](https://en.wikipedia.org/wiki/Barack_Obama%27s_summer_playlist "Barack Obama's summer playlist") [Obama is a schmuck](https://en.wikipedia.org/wiki/Obama_is_a_schmuck "Obama is a schmuck") \| \| Related \| [Barack Obama Day](https://en.wikipedia.org/wiki/Barack_Obama_Day "Barack Obama Day") [Awards and honors](https://en.wikipedia.org/wiki/List_of_awards_and_honors_received_by_Barack_Obama "List of awards and honors received by Barack Obama") [Namesakes](https://en.wikipedia.org/wiki/List_of_things_named_after_Barack_Obama "List of things named after Barack Obama") [Higher Ground Productions](https://en.wikipedia.org/wiki/Higher_Ground_Productions "Higher Ground Productions") "[One Last Time (44 Remix)](https://en.wikipedia.org/wiki/One_Last_Time_$Hamilton_song$#Remix "One Last Time (Hamilton song)")" [Sunlight before signing](https://en.wikipedia.org/wiki/Sunlight_before_signing "Sunlight before signing") \| \| [← George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") [Donald Trump →](https://en.wikipedia.org/wiki/Donald_Trump "Donald Trump") ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Barack_Obama "Category:Barack Obama") \| \| \| [v](https://en.wikipedia.org/wiki/Template:Americas_topic "Template:Americas topic") [t](https://en.wikipedia.org/wiki/Template_talk:Americas_topic "Template talk:Americas topic") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Americas_topic "Special:EditPage/Template:Americas topic")Great Recession in the [Americas](https://en.wikipedia.org/wiki/Americas "Americas") \| \| \|---\|---\| \| [Sovereign states](https://en.wikipedia.org/wiki/List_of_sovereign_states_in_the_Americas "List of sovereign states in the Americas") \| [Antigua and Barbuda](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Antigua_and_Barbuda&action=edit&redlink=1 "Great Recession in Antigua and Barbuda (page does not exist)") [Argentina](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Argentina&action=edit&redlink=1 "Great Recession in Argentina (page does not exist)") [Bahamas](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Bahamas&action=edit&redlink=1 "Great Recession in the Bahamas (page does not exist)") [Barbados](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Barbados&action=edit&redlink=1 "Great Recession in Barbados (page does not exist)") [Belize](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Belize&action=edit&redlink=1 "Great Recession in Belize (page does not exist)") [Bolivia](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Bolivia&action=edit&redlink=1 "Great Recession in Bolivia (page does not exist)") [Brazil](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Brazil&action=edit&redlink=1 "Great Recession in Brazil (page does not exist)") [Canada](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Canada&action=edit&redlink=1 "Great Recession in Canada (page does not exist)") [Chile](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Chile&action=edit&redlink=1 "Great Recession in Chile (page does not exist)") [Colombia](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Colombia&action=edit&redlink=1 "Great Recession in Colombia (page does not exist)") [Costa Rica](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Costa_Rica&action=edit&redlink=1 "Great Recession in Costa Rica (page does not exist)") [Cuba](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Cuba&action=edit&redlink=1 "Great Recession in Cuba (page does not exist)") [Dominica](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Dominica&action=edit&redlink=1 "Great Recession in Dominica (page does not exist)") [Dominican Republic](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Dominican_Republic&action=edit&redlink=1 "Great Recession in the Dominican Republic (page does not exist)") [Ecuador](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Ecuador&action=edit&redlink=1 "Great Recession in Ecuador (page does not exist)") [El Salvador](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_El_Salvador&action=edit&redlink=1 "Great Recession in El Salvador (page does not exist)") [Grenada](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Grenada&action=edit&redlink=1 "Great Recession in Grenada (page does not exist)") [Guatemala](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Guatemala&action=edit&redlink=1 "Great Recession in Guatemala (page does not exist)") [Guyana](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Guyana&action=edit&redlink=1 "Great Recession in Guyana (page does not exist)") [Haiti](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Haiti&action=edit&redlink=1 "Great Recession in Haiti (page does not exist)") [Honduras](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Honduras&action=edit&redlink=1 "Great Recession in Honduras (page does not exist)") [Jamaica](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Jamaica&action=edit&redlink=1 "Great Recession in Jamaica (page does not exist)") [Mexico](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Mexico&action=edit&redlink=1 "Great Recession in Mexico (page does not exist)") [Nicaragua](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Nicaragua&action=edit&redlink=1 "Great Recession in Nicaragua (page does not exist)") [Panama](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Panama&action=edit&redlink=1 "Great Recession in Panama (page does not exist)") [Paraguay](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Paraguay&action=edit&redlink=1 "Great Recession in Paraguay (page does not exist)") [Peru](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Peru&action=edit&redlink=1 "Great Recession in Peru (page does not exist)") [Saint Kitts and Nevis](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saint_Kitts_and_Nevis&action=edit&redlink=1 "Great Recession in Saint Kitts and Nevis (page does not exist)") [Saint Lucia](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saint_Lucia&action=edit&redlink=1 "Great Recession in Saint Lucia (page does not exist)") [Saint Vincent and the Grenadines](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saint_Vincent_and_the_Grenadines&action=edit&redlink=1 "Great Recession in Saint Vincent and the Grenadines (page does not exist)") [Suriname](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Suriname&action=edit&redlink=1 "Great Recession in Suriname (page does not exist)") [Trinidad and Tobago](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Trinidad_and_Tobago&action=edit&redlink=1 "Great Recession in Trinidad and Tobago (page does not exist)") [United States]() [Uruguay](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Uruguay&action=edit&redlink=1 "Great Recession in Uruguay (page does not exist)") [Venezuela](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Venezuela&action=edit&redlink=1 "Great Recession in Venezuela (page does not exist)") \| \| [Dependencies](https://en.wikipedia.org/wiki/Dependent_territory "Dependent territory") and [territories](https://en.wikipedia.org/wiki/Territory "Territory") \| [Anguilla](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Anguilla&action=edit&redlink=1 "Great Recession in Anguilla (page does not exist)") [Aruba](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Aruba&action=edit&redlink=1 "Great Recession in Aruba (page does not exist)") [Bermuda](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Bermuda&action=edit&redlink=1 "Great Recession in Bermuda (page does not exist)") [Bonaire](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Bonaire&action=edit&redlink=1 "Great Recession in Bonaire (page does not exist)") [British Virgin Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_British_Virgin_Islands&action=edit&redlink=1 "Great Recession in the British Virgin Islands (page does not exist)") [Cayman Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Cayman_Islands&action=edit&redlink=1 "Great Recession in the Cayman Islands (page does not exist)") [Curaçao](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Cura%C3%A7ao&action=edit&redlink=1 "Great Recession in Curaçao (page does not exist)") [Falkland Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Falkland_Islands&action=edit&redlink=1 "Great Recession in the Falkland Islands (page does not exist)") [French Guiana](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_French_Guiana&action=edit&redlink=1 "Great Recession in French Guiana (page does not exist)") [Greenland](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Greenland&action=edit&redlink=1 "Great Recession in Greenland (page does not exist)") [Guadeloupe](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Guadeloupe&action=edit&redlink=1 "Great Recession in Guadeloupe (page does not exist)") [Martinique](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Martinique&action=edit&redlink=1 "Great Recession in Martinique (page does not exist)") [Montserrat](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Montserrat&action=edit&redlink=1 "Great Recession in Montserrat (page does not exist)") [Puerto Rico](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Puerto_Rico&action=edit&redlink=1 "Great Recession in Puerto Rico (page does not exist)") [Saba](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saba_$island$&action=edit&redlink=1 "Great Recession in Saba (island) (page does not exist)") [Saint Barthélemy](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saint_Barth%C3%A9lemy&action=edit&redlink=1 "Great Recession in Saint Barthélemy (page does not exist)") [Saint Martin](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Collectivity_of_Saint_Martin&action=edit&redlink=1 "Great Recession in the Collectivity of Saint Martin (page does not exist)") [Saint Pierre and Miquelon](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Saint_Pierre_and_Miquelon&action=edit&redlink=1 "Great Recession in Saint Pierre and Miquelon (page does not exist)") [Sint Eustatius](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Sint_Eustatius&action=edit&redlink=1 "Great Recession in Sint Eustatius (page does not exist)") [Sint Maarten](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Sint_Maarten&action=edit&redlink=1 "Great Recession in Sint Maarten (page does not exist)") [South Georgia and the South Sandwich Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_South_Georgia_and_the_South_Sandwich_Islands&action=edit&redlink=1 "Great Recession in South Georgia and the South Sandwich Islands (page does not exist)") [Turks and Caicos Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Turks_and_Caicos_Islands&action=edit&redlink=1 "Great Recession in the Turks and Caicos Islands (page does not exist)") [U.S. Virgin Islands](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States_Virgin_Islands&action=edit&redlink=1 "Great Recession in the United States Virgin Islands (page does not exist)") \| \| [North America](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_North_America&action=edit&redlink=1 "Great Recession in North America (page does not exist)") [Central America](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_Central_America&action=edit&redlink=1 "Great Recession in Central America (page does not exist)") [Caribbean](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_Caribbean&action=edit&redlink=1 "Great Recession in the Caribbean (page does not exist)") [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") \| \| ![](https://en.wikipedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1) Retrieved from "<https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&oldid=1341820309>" [Categories](https://en.wikipedia.org/wiki/Help:Category "Help:Category"): - [Great Recession in the 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Readable Markdown	In the [United States](https://en.wikipedia.org/wiki/United_States "United States"), the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") was a severe [financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") combined with a deep [recession](https://en.wikipedia.org/wiki/Recession "Recession"). While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of [employment](https://en.wikipedia.org/wiki/Unemployment_in_the_United_States "Unemployment in the United States") and [output](https://en.wikipedia.org/wiki/GDP "GDP"). This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis[\[1\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-1) along with restrained government spending following initial stimulus efforts.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) It followed the bursting of the [housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), the [housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") and [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). According to the [Department of Labor](https://en.wikipedia.org/wiki/United_States_Department_of_Labor "United States Department of Labor"), roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"). The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales").[\[3\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-4) Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016.[\[5\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-5) The total number of jobs did not return to November 2007 levels until May 2014.[\[6\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-6) Some areas, such as jobs in public health, have not recovered as of 2023.[\[7\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Leider-7) Households and non-profit organizations added approximately \$8 trillion in debt during the 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s.[\[8\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-8) However, the [debt held by the public](https://en.wikipedia.org/wiki/United_States_national_debt "United States national debt") rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced the debt burdens accumulated during the pre-recession decade.[\[9\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-10) President [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\[11\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced the Securities Exchange Act (1934)[\[12\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-12) and The Chandler Act (1938),[\[13\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-13) which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector. There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in the early 1980s began a thirty-year period of financial deregulation.[\[14\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-auto-14) The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from \$40k to \$50k[\[14\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-auto-14) – a 25 percent salary increase - while the average salary in investment banking increased from \$40k to \$100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the [savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis"). By the end of the 1980s, many\[[quantify](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers "Wikipedia:Manual of Style/Dates and numbers")\] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to the formation of the giant investment banks like Goldman Sachs. [![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/e0/Subprime_mortgage_originations%2C_1996-2008.GIF/500px-Subprime_mortgage_originations%2C_1996-2008.GIF)](https://en.wikipedia.org/wiki/File:Subprime_mortgage_originations,_1996-2008.GIF) Subprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis (source: [Financial Crisis Inquiry Commission Report](https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf), p. 70 Figure 5.2). [![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/e2/Foreclosure_Trend.png/500px-Foreclosure_Trend.png)](https://en.wikipedia.org/wiki/File:Foreclosure_Trend.png) Number of U.S. household properties subject to foreclosure actions by quarter In the early months of 2008, many observers believed that a U.S. [recession](https://en.wikipedia.org/wiki/Recession "Recession") had begun.[\[15\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-15)[\[16\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-16)[\[17\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-17) The collapse of [Bear Stearns](https://en.wikipedia.org/wiki/Bear_Stearns "Bear Stearns") and the resulting financial market turbulence signaled that the crisis would not be mild and brief. [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), ex-[Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve"), stated in March 2008 that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") in the United States "is likely to be judged in retrospect as the most wrenching since the end of [World War II](https://en.wikipedia.org/wiki/World_War_II "World War II")".[\[18\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-greenspanft-18) A chief economist at [Standard & Poor's](https://en.wikipedia.org/wiki/Standard_%26_Poor%27s "Standard & Poor's") said in March 2008 he had projected a worst-case-scenario in which the country would endure a [double-dip recession](https://en.wikipedia.org/wiki/Double-dip_recession "Double-dip recession"), in which the economy would briefly recover in the summer 2008, before plunging again.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] The former head of the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") said in March 2008 that he believed the country was then in a recession, and it could be a severe one.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the [economic stimulus checks](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") going to 130 million households started being spent. A chief economist at [Moody's](https://en.wikipedia.org/wiki/Moody%27s "Moody's") predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession.\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling.[\[19\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-19) According to numbers published by the [Bureau of Economic Analysis](https://en.wikipedia.org/wiki/Bureau_of_Economic_Analysis "Bureau of Economic Analysis") in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.[\[20\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-20) However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-21) In a May 9, 2008 report, the chief North American economist for investment bank [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.[\[22\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-22) New York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor [David Paterson](https://en.wikipedia.org/wiki/David_Paterson "David Paterson") called an emergency economic session of the state legislature for August 19 to push a budget cut of \$600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.[\[23\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-23) An August 1 report, issued by [economists](https://en.wikipedia.org/wiki/Economists "Economists") with [Wachovia Bank](https://en.wikipedia.org/wiki/Wachovia_Bank "Wachovia Bank"), said Florida was officially in a recession.[\[24\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-24) White House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.[\[25\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-25) On the other hand, [Martin Feldstein](https://en.wikipedia.org/wiki/Martin_Feldstein "Martin Feldstein"), who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.[\[26\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-26) In a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[\[27\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-27) A study released by Moody's found two-thirds of the 381 largest [metropolitan areas](https://en.wikipedia.org/wiki/United_States_metropolitan_area "United States metropolitan area") in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.[\[28\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-28) In March 2008, financier [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") stated in a CNBC interview that by a "common sense definition", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.[\[29\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-29)[\[30\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-30) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/9/9e/Cost_of_housing_by_State.webp/500px-Cost_of_housing_by_State.webp.png)](https://en.wikipedia.org/wiki/File:Cost_of_housing_by_State.webp) Cost of housing by State Federal Reserve Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") testified in September 2010 regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https://en.wikipedia.org/wiki/Repurchase_agreements "Repurchase agreements") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed "[Too big to fail](https://en.wikipedia.org/wiki/Too_big_to_fail "Too big to fail")" institutions, monetary policy, and trade deficits.[\[31\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-BernankeFCIC1-31) The U.S. [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission") reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[\[32\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-32) Among the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of the mortgage lenders, specifically the adjustable-rate mortgage (the [2–28 loan](https://en.wikipedia.org/wiki/Subprime_lending "Subprime lending"), with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-The_downturn_in_facts_and_figures-33) On Wall Street and in the financial industry, [moral hazard](https://en.wikipedia.org/wiki/Moral_hazard "Moral hazard") lay at the core of many of the causes.[\[34\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-brown1-34) ### Government policies \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=4 "Edit section: Government policies")\] A federal inquiry found that some federal government policies (or lack of them) were responsible to a large extent for the recession in the United States and the resultant vast unemployment.[\[35\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-35) Factors include: > "Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate the evidence have concluded that there is little merit in this view." - The [non-depository banking system](https://en.wikipedia.org/wiki/Shadow_banking "Shadow banking") was not subject to the same risk-taking regulations as the depository banks. The top 5 investment banks at the core of the crisis, called the Gang of Five (Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley) had accumulated approximately \$4 trillion in debt by 2007 with a high leverage ratio (25:1 or higher) meaning a 4% decline in the value of their assets would render them insolvent. Many housing securities in their portfolios became worthless during the crisis. They were also vulnerable to disruptions in their short-term financing (often overnight in Repo markets). They had been encouraged to add to their debt by the SEC in an April 28, 2004 meeting.[\[37\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-37) - Giving [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") & [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac") GSE status allowed Fannie Mae and Freddie Mac to borrow money in the bond market at lower rates (yields) than other financial institutions. With their funding advantage, they purchased and invested in huge numbers of mortgages and mortgage-backed securities, and they did so with lower capital requirements than other regulated financial institutions and banks. Fannie Mae and Freddie Mac began to experience large losses on their retained portfolios, especially on their [Alt-A](https://en.wikipedia.org/wiki/Alt-A "Alt-A") and [subprime](https://en.wikipedia.org/wiki/Subprime "Subprime") investments. In 2008, the sheer size of their retained portfolios and mortgage guarantees led the [Federal Housing Finance Agency](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency "Federal Housing Finance Agency") to conclude that they would soon be insolvent. Under GSE status, Fannie Mae and Freddie Mac's debt and credit guarantees grew so large that 90 percent of all residential mortgages were financed through Fannie and Freddie or the [Federal Housing Administration](https://en.wikipedia.org/wiki/Federal_Housing_Administration "Federal Housing Administration").[\[38\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-38)[\[39\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-39) ### Role of Alan Greenspan \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=5 "Edit section: Role of Alan Greenspan")\] > Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief. [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") was the [Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve") of the United States from 1987 to 2006. He was appointed by President [Ronald Reagan](https://en.wikipedia.org/wiki/Ronald_Reagan "Ronald Reagan") in August 1987 and was reappointed by President [Bill Clinton](https://en.wikipedia.org/wiki/Bill_Clinton "Bill Clinton") in 1996. Some commentators blamed him as the individual most singly responsible for the housing bubble in the U.S.. Greenspan himself admitted that he did not apprehend the full extent of the problem until after it was too late, saying that "I really didn't get it until very late in 2005 and 2006."[\[41\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_admits_bubble_FT-41) Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates",[\[42\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_interest_rates_FT-42) though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching \$100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks".[\[43\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Greenspan_mortgage_crisis_roots_WSJ-43) Greenspan admitted to a congressional committee that he had been "partially wrong" in his hands-off approach towards the banking industry - "I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan.[\[44\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-44) That being said, the Federal Reserve did not have the power to wade into the banking sector at the time. ## Recession declared by economists \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=6 "Edit section: Recession declared by economists")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/b7/GDP_Illustration.JPG/250px-GDP_Illustration.JPG)](https://en.wikipedia.org/wiki/File:GDP_Illustration.JPG) U.S. [Real GDP](https://en.wikipedia.org/wiki/Real_GDP "Real GDP") in Billions of Current USD. Courtesy of www.bea.gov On December 1, 2008, the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.[\[45\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-BBC-46) The Dow Jones Industrial Average lost 679 points that same day.[\[47\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-47) On January 4, 2009, [Nobel Memorial Prize](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences")–winning economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") wrote, "This looks an awful lot like the beginning of a second Great Depression."[\[48\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-48) ### Rise in unemployment \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=7 "Edit section: Rise in unemployment")\] The Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the [American Recovery and Reinvestment Act](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act "American Recovery and Reinvestment Act") (ARRA) in January 2009. Known as "The Stimulus", ARRA was a roughly \$800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years.[\[49\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Many economists argued the stimulus was too small, while conservatives such as the [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement") argued that deficit reduction was the priority.[\[50\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-50) The number of jobs ("total non-farm payrolls" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain the January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%.[\[49\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-FRED_Payems-49) Full-time employment did not regain its pre-crisis level until August 2015.[\[51\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-51) The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable [housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%.[\[52\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-52) The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017.[\[53\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-53) [Bloomberg](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News") maintains a "dashboard" of several labor-market variables that illustrates the state of recovery of the labor market.[\[54\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-54) The major investment banks at the core of the crisis obtained significant funding in overnight [repo](https://en.wikipedia.org/wiki/Repurchase_agreement "Repurchase agreement") markets, which were disrupted during the crisis. In effect, there was a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the essentially unregulated [shadow banking](https://en.wikipedia.org/wiki/Shadow_banking "Shadow banking") (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer [AIG](https://en.wikipedia.org/wiki/American_International_Group "American International Group"), which had guaranteed many of the liabilities of these and other banks around the globe through derivatives called [credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swaps "Credit default swaps"), also was bailed out and taken over by the government at an initial cost exceeding \$100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations.[\[55\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-55) A timeline of some of the significant events in the crisis from 2007 to 2008 includes: - From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totaled almost \$800 billion. - In summer 2007, Countrywide Financial drew down an \$11 billion line of credit and then secured an additional \$12 billion bailout in September. This may be considered the start of the crisis. - In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business. - In mid-March 2008, Bear Stearns was bailed out by a gift of \$29 billion non-recourse treasury bill debt assets.[\[56\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-56) - In early July 2008, depositors at the Los Angeles offices of [IndyMac](https://en.wikipedia.org/wiki/IndyMac "IndyMac") Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators—and called for a \$32 billion bailout—as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would [attempt to save](https://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac "Federal takeover of Fannie Mae and Freddie Mac") mortgage lenders [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") and [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac"). The two were placed into [conservatorship](https://en.wikipedia.org/wiki/Conservatorship "Conservatorship") on September 7, 2008. - During the weekend of September 13–14, 2008, [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers") declared [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers "Bankruptcy of Lehman Brothers") after failing to find a buyer; [Bank of America](https://en.wikipedia.org/wiki/Bank_of_America "Bank of America") agreed to purchase investment bank Merrill Lynch; the insurance giant [AIG](https://en.wikipedia.org/wiki/AIG "AIG") sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least \$70 billion to deal with the effects of Lehman's closure,[\[57\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-57) similar to the consortium put forth by J.P. Morgan during the stock market [panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") and the [crash of 1929](https://en.wikipedia.org/wiki/Crash_of_1929 "Crash of 1929").\[[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")\] Stocks on [Wall Street](https://en.wikipedia.org/wiki/Wall_Street "Wall Street") tumbled on Monday, September 15.[\[58\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-58) - On September 16, 2008, news emerged that the [Federal Reserve](https://en.wikipedia.org/wiki/Federal_Reserve "Federal Reserve") might give AIG an \$85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when [JP Morgan Chase](https://en.wikipedia.org/wiki/JP_Morgan_Chase "JP Morgan Chase") agreed to purchase the banking assets of [Washington Mutual](https://en.wikipedia.org/wiki/Washington_Mutual "Washington Mutual").[\[59\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-59) The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—\$691 billion (~\$986 billion in 2024) in assets—alone surpassing all past annual totals.[\[60\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-60) The year also saw the ninth-biggest bankruptcy, with the failure of IndyMac Bank.[\[61\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-61) The Wall Street Journal stated that [venture capital](https://en.wikipedia.org/wiki/Venture_capital "Venture capital") funding slowed down, which in the past had led to unemployment and slowed new job creation.[\[62\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-62) The Federal Reserve took steps to feed economic expansion by lowering the [prime rate](https://en.wikipedia.org/wiki/U.S._prime_rate "U.S. prime rate") repeatedly during 2008. \| [Date](https://en.wikipedia.org/wiki/Calendar_date "Calendar date") \| Primary [discount rate](https://en.wikipedia.org/wiki/Discount_window "Discount window") \| Secondary [discount rate](https://en.wikipedia.org/wiki/Discount_window "Discount window") \| [Fed funds rate](https://en.wikipedia.org/wiki/Fed_funds_rate "Fed funds rate") \| \|---\|---\|---\|---\| \| Apr 30, 2008 \| 2\.25% \| 2\.75% \| 2\.00% \| \| Mar 18, 2008 \| 2\.50% \| 3\.00% \| 2\.25% \| \| Mar 16, 2008 \| 3\.25% \| 3\.75% \| 2\.25% \| \| Jan 30, 2008 \| 3\.50% \| 4\.00% \| 3\.00% \| \| Jan 22, 2008 \| 4\.00% \| 4\.50% \| 3\.50% \| ### Bailout of U.S. financial system \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=9 "Edit section: Bailout of U.S. financial system")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/b/be/Middle_class_net_worth.png/500px-Middle_class_net_worth.png)](https://en.wikipedia.org/wiki/File:Middle_class_net_worth.png) U.S. median family net worth peaked in 2007, declined due to the Great Recession until 2013, and only partially recovered by 2016. Homeowners did not receive bailout support on the scale of financial institutions.[\[64\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64) On September 17, 2008, Federal Reserve chairman [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") advised Secretary of the Treasury [Henry Paulson](https://en.wikipedia.org/wiki/Henry_Paulson "Henry Paulson") that a large amount of public money would be needed to stabilize the financial system.[\[65\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) [Short selling](https://en.wikipedia.org/wiki/Short_$finance$ "Short (finance)") on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[\[66\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) The Treasury Secretary also indicated that [money funds](https://en.wikipedia.org/wiki/Money_fund "Money fund") would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.[\[66\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimesNocera19-66) Initial estimates of the cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of \$700 billion[\[67\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-67) to \$1 trillion [U.S. dollars](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar").[\[68\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-68) President [George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") asked [Congress](https://en.wikipedia.org/wiki/United_States_Congress "United States Congress") on September 20, 2008 for the authority to spend as much as \$700 billion (~\$998 billion in 2024) to purchase troubled mortgage assets and contain the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis").[\[69\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-69)[\[65\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-economist_doctors_bill-65) The crisis continued when the United States House of Representatives rejected the bill and the [Dow Jones](https://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average "Dow Jones Industrial Average") took a 777-point plunge.[\[70\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-70) A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.[\[71\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-71)[\[72\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-72) The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.[\[73\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-73) As of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), totalled over \$5 trillion: \$1 trillion in loans by the Fed to broker-dealers through the emergency [discount window](https://en.wikipedia.org/wiki/Discount_window "Discount window"), \$1.8 trillion in loans by the Fed through the [Term Auction Facility](https://en.wikipedia.org/wiki/Term_Auction_Facility "Term Auction Facility"), \$700 billion to be raised by the Treasury for the [Troubled Assets Relief Program](https://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program "Troubled Assets Relief Program"), \$200 billion insurance for the [GSEs](https://en.wikipedia.org/wiki/Government_sponsored_enterprise "Government sponsored enterprise") by the Treasury, and \$1.5 trillion insurance for unsecured bank debt by FDIC.[\[74\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-74) [ProPublica](https://en.wikipedia.org/wiki/ProPublica "ProPublica") maintains a "bailout tracker" that indicated about \$626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while \$713 billion had been repaid to the government (\$390 billion in principal repayments and \$323 billion in interest) indicating the bailouts generated \$87 billion in profit.[\[75\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-75) ## United States policy responses \[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession_in_the_United_States&action=edit&section=10 "Edit section: United States policy responses")\] The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new \$50,000,000,000 (\$50 billion) program to ensure the investments, similar to the [Federal Deposit Insurance Corporation](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") (FDIC) program.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-76) Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the [Federal Reserve Board](https://en.wikipedia.org/wiki/Federal_Reserve_Board "Federal Reserve Board").[\[77\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-77) The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against [naked short selling](https://en.wikipedia.org/wiki/Naked_short_selling "Naked short selling"), as part of its reaction to the mortgage crisis.[\[78\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-78) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/d/df/Change_in_household_debt_-_v1.png/500px-Change_in_household_debt_-_v1.png)](https://en.wikipedia.org/wiki/File:Change_in_household_debt_-_v1.png) U.S. changes in household debt as a percentage of GDP for 1989-2016. Recoveries from financial crises tend to be protracted, as debt levels must be reduced before typical borrow-and-spend patterns are resumed. In this case, homeowners paid down debt from 2009-2012.[\[79\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-79) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png/500px-U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png)](https://en.wikipedia.org/wiki/File:U.S._Recovery_from_Great_Recession_-_Govt_Contribution_to_Pct_Chg_in_Real_GDP_-_v1.png) U.S. federal government spending was held relatively level around \$3.5 trillion from 2009-2014, which created a headwind to recovery, reducing real GDP growth by approximately 0.5% per quarter (annualized) on average between Q3 2010 and Q2 2014.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/1/11/U.S._economic_recovery_scorecard.png/500px-U.S._economic_recovery_scorecard.png)](https://en.wikipedia.org/wiki/File:U.S._economic_recovery_scorecard.png) Several major U.S. economic variables had recovered from the 2007-2009 [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") and [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") by the 2013-2014 time period. The recession officially ended in the second quarter of 2009,[\[3\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NBERSEP2010-3) but the nation's economy continued to be described as in an "[economic malaise](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation")" during the second quarter of 2011.[\[80\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-NYT-80) Some economists described the post-recession years as the weakest [recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") and [World War II](https://en.wikipedia.org/wiki/World_War_II "World War II").[\[81\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-81)[\[82\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-82) The weak recovery led one commentator to call it a "Zombie Economy", so-called because it was neither dead nor alive. [Household incomes](https://en.wikipedia.org/wiki/Household_income_in_the_United_States "Household income in the United States"), as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level.[\[83\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-83) Additionally as of September 2012, the [long-term unemployment](https://en.wikipedia.org/wiki/Long-term_unemployment "Long-term unemployment") is the highest it had been since World War II,[\[84\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-84) and the [unemployment rate](https://en.wikipedia.org/wiki/Unemployment_rate "Unemployment rate") peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).[\[85\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-85)[\[86\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-86) The Federal Reserve kept interest rates at a historically low 0.25% from December 2008 until December 2015, when it began to raise them again. However, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth.[\[87\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-87) Economist [Carmen Reinhart](https://en.wikipedia.org/wiki/Carmen_Reinhart "Carmen Reinhart") stated in August 2011: "Debt de-leveraging \[reduction\] takes about seven years ... And in the decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before."[\[88\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-88) Then-Fed Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") explained during November 2012 several of the economic headwinds that slowed the recovery: - The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes. - Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts. - Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) For example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014.[\[89\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-89) Both households and government practicing austerity at the same time was a recipe for a slow recovery.[\[2\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-Bernanke_Recovery-2) Several key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during the recession.[\[90\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-91)[\[92\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-92)[\[93\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-93) Real median household income fell to a trough of \$53,331 in 2012, but recovered to an all-time high of \$59,039 by 2016.[\[94\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-94) However, the gains during the recovery were very unevenly distributed. Economist [Emmanuel Saez](https://en.wikipedia.org/wiki/Emmanuel_Saez "Emmanuel Saez") wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after the tax increases in 2013 on higher-income earners.[\[95\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-95) According to the Federal Reserve, median family net worth had peaked at about \$140,000 in 2007, fell to a low point of \$84,000 in 2013, and only partially recovered to \$97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst.[\[64\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-federalreserve.gov-64) Healthcare costs in the United States slowed in the period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays.[\[96\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-96) President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\[11\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-nytimes.com-11) As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \$626B was invested, loaned, or granted due to various bailout measures, while \$390B had been returned to the Treasury. The Treasury had earned another \$323B in interest on bailout loans, resulting in an \$87B profit.[\[97\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-97) The vast majority of economic historians believe the Great Recession was the second worst [contraction](https://en.wikipedia.org/wiki/Contraction_$economics$ "Contraction (economics)") in US history, after the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression"). Some economists, including [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke"), have argued that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") was arguably more severe than the financial crisis that preceded the Great Depression, and that a depression was only avoided due to decisive policy actions taken by the Federal Reserve and federal government.[\[98\]](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_note-98) - [Timeline of the Great Recession](https://en.wikipedia.org/wiki/Timeline_of_the_Great_Recession "Timeline of the Great Recession") - [Causes of the Great Recession](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession") - [New Deal](https://en.wikipedia.org/wiki/New_Deal "New Deal") - [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") - [Stock market crashes in India](https://en.wikipedia.org/wiki/Stock_market_crashes_in_India "Stock market crashes in India") - [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") - [2008–2011 bank failures in the United States](https://en.wikipedia.org/wiki/2008%E2%80%932011_bank_failures_in_the_United_States "2008–2011 bank failures in the United States") - [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") - [2010 United States foreclosure crisis](https://en.wikipedia.org/wiki/2010_United_States_foreclosure_crisis "2010 United States foreclosure crisis") - [2011 United States debt-ceiling crisis](https://en.wikipedia.org/wiki/2011_United_States_debt-ceiling_crisis "2011 United States debt-ceiling crisis") - [List of economic crises](https://en.wikipedia.org/wiki/List_of_economic_crises "List of economic crises") - [The Big Short](https://en.wikipedia.org/wiki/The_Big_Short_$film$ "The Big Short (film)") - [List of stock market crashes and bear markets](https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets "List of stock market crashes and bear markets") 1. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-1) ["Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011"](https://www.washingtonpost.com/business/economy/double-dip-or-just-one-big-economic-dive/2011/08/05/gIQANKAIxI_story.html). [The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post"). [Archived](https://web.archive.org/web/20210103231738/https://www.washingtonpost.com/business/economy/double-dip-or-just-one-big-economic-dive/2011/08/05/gIQANKAIxI_story.html) from the original on January 3, 2021. Retrieved March 22, 2018. 2. ^ [*a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-1) [c](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-2) [d](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Bernanke_Recovery_2-3) ["Federal Reserve-Ben Bernanke-The Economic Recovery and Economic Policy-November 20, 2012"](https://www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm). [Archived](https://web.archive.org/web/20210815020828/https://www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm) from the original on August 15, 2021. Retrieved March 24, 2018. 3. ^ [a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-NBERSEP2010_3-1) ["Business Cycle Dating Committee, National Bureau of Economic Research"](https://www.nber.org/cycles/sept2010.html). 20 September 2010. [Archived](https://web.archive.org/web/20210302041430/http://www2.nber.org/cycles/sept2010.html) from the original on 2021-03-02. Retrieved 2018-03-09. 4. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-4)* ["FRED-Real GDP-Retrieved March 22, 2018"](https://fred.stlouisfed.org/series/GDPC1). [Archived](https://web.archive.org/web/20160705161801/https://fred.stlouisfed.org/series/GDPC1) from the original on July 5, 2016. Retrieved March 22, 2018. 5. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-5) ["Civilian Unemployment Rate"](https://research.stlouisfed.org/fred2/series/UNRATE). January 1948. [Archived](https://web.archive.org/web/20160528164133/https://research.stlouisfed.org/fred2/series/UNRATE/) from the original on 2016-05-28. Retrieved 2015-10-05. 6. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-6) ["FRED-All Employees Total Non-Farm-Retrieved March 22, 2018"](https://fred.stlouisfed.org/series/PAYEMS). [Archived](https://web.archive.org/web/20190512113401/https://fred.stlouisfed.org/series/PAYEMS) from the original on May 12, 2019. Retrieved January 23, 2018. 7. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-Leider_7-0) Leider, Jonathon P.; Yeager, Valerie A.; Kirkland, Chelsey; Krasna, Heather; Hare Bork, Rachel; Resnick, Beth (1 April 2023). ["The State of the US Public Health Workforce: Ongoing Challenges and Future Directions"](https://www.annualreviews.org/doi/pdf/10.1146/annurev-publhealth-071421-032830). Annual Review of Public Health. 44 (1): annurev–publhealth–071421-032830. [doi](https://en.wikipedia.org/wiki/Doi_$identifier$ "Doi (identifier)"):[10\.1146/annurev-publhealth-071421-032830](https://doi.org/10.1146%2Fannurev-publhealth-071421-032830). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0163-7525](https://search.worldcat.org/issn/0163-7525). [PMID](https://en.wikipedia.org/wiki/PMID_$identifier$ "PMID (identifier)") [36692395](https://pubmed.ncbi.nlm.nih.gov/36692395). [S2CID](https://en.wikipedia.org/wiki/S2CID_$identifier$ "S2CID (identifier)") [256192725](https://api.semanticscholar.org/CorpusID:256192725). [Archived](https://web.archive.org/web/20230415221037/https://www.annualreviews.org/doi/pdf/10.1146/annurev-publhealth-071421-032830) from the original on 15 April 2023. Retrieved 14 March 2023. 8. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-8) ["FRED-Households and Non-Profit Organizations Debt-retrieved March 22, 2018"](https://fred.stlouisfed.org/series/CMDEBT). [Archived](https://web.archive.org/web/20180119060609/https://fred.stlouisfed.org/series/CMDEBT) from the original on January 19, 2018. Retrieved March 22, 2018. 9. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-9) ["CBO-Budget and Economic Outlook: 2017-2027 January 24, 2017"](https://www.cbo.gov/publication/52370). 24 January 2017. [Archived](https://web.archive.org/web/20210815102943/https://www.cbo.gov/publication/52370) from the original on August 15, 2021. Retrieved March 21, 2018. 10. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-10) ["FactCheck.org-Brooks Jackson-Obama's Final Numbers-September 29, 2017"](https://www.factcheck.org/2017/09/obamas-final-numbers/). [Archived](https://web.archive.org/web/20200329224716/https://www.factcheck.org/2017/09/obamas-final-numbers/) from the original on March 29, 2020. Retrieved March 21, 2018. 11. ^ [*a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-nytimes.com_11-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-nytimes.com_11-1) Weisman, Jonathan (19 December 2014). ["New York Times-U.S. Declares Bank and Auto Bailouts Over, and Profitable-December 19, 2014"](https://www.nytimes.com/2014/12/20/business/us-signals-end-of-bailouts-of-automakers-and-wall-street.html?_r=0). The New York Times. [Archived](https://web.archive.org/web/20201112023938/http://www.nytimes.com/2014/12/20/business/us-signals-end-of-bailouts-of-automakers-and-wall-street.html?_r=0) from the original on November 12, 2020. Retrieved February 3, 2018. 12. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-12)* ["Securities Exchange Act of 1934"](https://www.sec.gov/about/laws/sea34.pdf) (PDF). [Archived](https://web.archive.org/web/20180119184621/https://www.sec.gov/about/laws/sea34.pdf) (PDF) from the original on 19 January 2018. Retrieved 12 September 2011. 13. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-13) ["The Chandler Act"](https://web.archive.org/web/20111111172141/http://www.absolutebankruptcy.org/History3.htm). Archived from [the original](http://www.absolutebankruptcy.org/History3.htm) on 11 November 2011. Retrieved 12 September 2011. 14. ^ [*a](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-auto_14-0) [b](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-auto_14-1) ["Summary - Inside Job - Condensed Version"](http://www.theglobalfczone.com/Summary-Inside-Job-Condensed.html). [Archived](https://web.archive.org/web/20120606004745/http://www.theglobalfczone.com/Summary-Inside-Job-Condensed.html) from the original on 6 June 2012. Retrieved 8 September 2011. 15. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-15)* ["Recession in the US 'has arrived'"](http://news.bbc.co.uk/2/hi/business/7176255.stm). BBC News. 2008-01-08. [Archived](https://web.archive.org/web/20131002212645/http://news.bbc.co.uk/2/hi/business/7176255.stm) from the original on 2013-10-02. Retrieved 2010-01-05. 16. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-16) Quinn, James (2008-01-07). ["US recession is already here, warns Merrill"](https://web.archive.org/web/20080108134852/http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/07/bcnuseco107.xml). The Daily Telegraph. London. Archived from [the original](https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/07/bcnuseco107.xml) on 2008-01-08. Retrieved 2010-05-07. 17. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-17) Aversa, Jeannine (2008-02-15). ["Poll: Majority of people believe recession underway"](https://www.usatoday.com/money/economy/2008-02-10-economypoll_N.htm). USA Today. [Archived](https://web.archive.org/web/20121103055138/http://usatoday30.usatoday.com/money/economy/2008-02-10-economypoll_N.htm) from the original on 2012-11-03. Retrieved 2010-05-07. 18. [^](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States#cite_ref-greenspanft_18-0) Greenspan, Alan. ["We will never have a perfect model of risk"](https://www.ft.com/content/edbdbcf6-f360-11dc-b6bc-0000779fd2ac). Financial Times. [Archived](https://web.archive.org/web/20080423100005/http://www.ft.com/cms/s/0/edbdbcf6-f360-11dc-b6bc-0000779fd2ac.html?nclick_check=1) from the original on April 23, 2008. Retrieved 2008-09-22. 19. 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[Archived](https://web.archive.org/web/20190806005522/https://money.cnn.com/2014/08/27/news/economy/ben-bernanke-great-depression/index.html) from the original on August 6, 2019. Retrieved August 21, 2019. - [Bernanke, Ben S.](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") (2015). The Courage to Act: A Memoir of a Crisis and Its Aftermath. New York: [W. W. Norton & Company](https://en.wikipedia.org/wiki/W._W._Norton_%26_Company "W. W. Norton & Company"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0393247213](https://en.wikipedia.org/wiki/Special:BookSources/978-0393247213 "Special:BookSources/978-0393247213") . - [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") (2008) \[2007\]. [The Age of Turbulence: Adventures in a New World](https://en.wikipedia.org/wiki/The_Age_of_Turbulence "The Age of Turbulence"). New York: [Penguin Books](https://en.wikipedia.org/wiki/Penguin_Books "Penguin Books"). pp. 507–532\. 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Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). pp. 1243–1256\. [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0226213514](https://en.wikipedia.org/wiki/Special:BookSources/978-0226213514 "Special:BookSources/978-0226213514") . - [Sumner, Scott B.](https://en.wikipedia.org/wiki/Scott_Sumner "Scott Sumner") (2021). The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy. Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-0226773681](https://en.wikipedia.org/wiki/Special:BookSources/978-0226773681 "Special:BookSources/978-0226773681") .
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