The Great Recession: Causes and Impact

When did the Great Recession begin?

2007

What was a major criticism against President George W. Bush, his administration, and Congress?

They failed to establish a firm policy of oversight within the economy

What was the result of consumers having increased access to credit lines and sub-prime loans?

They increased their share of household debt

How did the Great Recession compare to other economic declines in US history?

It rivaled only the Great Depression in terms of severity Signup and view all the answers

What were some of the effects of the Great Recession?

Severe bankruptcy, widespread foreclosures, and significant unemployment Signup and view all the answers

Why is understanding the Great Recession important?

Because it rivaled the Great Depression in severity Signup and view all the answers

When did the Great Recession roughly end?

2009 Signup and view all the answers

What was the approximate worth of the housing market that collapsed in December 2007?

$8 trillion Signup and view all the answers

What happened to Bear Stearns investment in March 2008?

It received financial support from the United States Signup and view all the answers

What was the result of Lehman Brothers Financial declaring bankruptcy in September 2008?

A chain reaction leading to dozens of financial closures Signup and view all the answers

What happened to the national unemployment rate between 2007 and 2009?

It rose to 10% Signup and view all the answers

What was the approximate percentage of wealth lost by Hispanic and African Americans during the recession?

75% Signup and view all the answers

What did President Bush attempt to do to stimulate investment and consumer spending?

Provide tax breaks and rebate checks Signup and view all the answers

What was the name of the economic recovery package approved by President Bush in 2008?

Emergency Economic Stabilization Act of 2008 Signup and view all the answers

What was the estimated number of jobs lost in the United States between 2008 and 2009?

8 million Signup and view all the answers

The Great Recession: Causes and Impact

Questions and Answers