Who
Who was affected the least by the recession?
African countries and China
What industries were hit the hardest during the recession?
Financial marketing, banks, and the real estate industry
Where did the financial crisis start?
The U.S.
When was the first sign economic trouble began to emerge?
2007
Who was blamed for the economic downturn?
The U.S. housing market
What were the main causes of the recession?
Financial crises, assets bubbles, and economic shocks.
Where were the biggest housing market crashes?
California, Nevada, Florida, Arizona, and Michigan
When did the economy begin to recover?
2009
Who benefited from the recovery?
Families, businesses and states
What was the unemployment rate before and after the recession?
Where did the recession have the most severe impact globally?
Europe, United Kingdom, Japan, Russia, Latin America, and Africa.
When did major financial institutions start collapsing?
2007
Who were the major financial institutions that collapsed during the recession?
Lehman Brothers
What actions of the government and central banks take to mitigate the economic downturn?
Lowering interest rates and bailouts
Where can we see lasting effects of the recession in today’s economy?
Slower Wage Growth, tighter financial regulations, housing market shifts, wealth inequality, and permanent GPD loss
When did the U.S. housing bubble burst?
2008
Who were the key policymakers involved in managing the financial crisis?
Henry Paulson, Ben Bernanke, and Timothy Githner
What role did he housing market and subprime mortgages play in triggering the crisis?
Housing market and subprime mortgages
Where did the U.S. government and federal reserve focus their bail out efforts?
Major Banks and Financial institutions
When did the government intervene with bail out programs?
2008