The great recession was declared to be “over” in the u. s. in june of 2009. how did this recession compare to other economic downturns?

a.
fewer jobs were lost, and the economy quickly recovered.

b.
it was longer and deeper than previous downturns.

c.
it lasted longer, but there was less unemployment.

d.
jobs were harder hit, but the job market quickly recovered.

The correct answer is B. The Great Recession was longer and deeper compared to other previous economic downturns.

Explanation:

The Great Recession was a global economic crisis that began in 2008 in the United States. The causes of the crisis were the failures in economic regulation, the large number of crimes committed by banks, the overvaluation of products, global food and energy crisis, and the threat of a recession in all over the world, as well as a credit-mortgage crisis and lack of confidence in the markets.

Although it is considered that the crisis arose in 2008, especially after the fall of the American bank Lehman Brothers, the first symptoms appeared in August 2007 with the bankruptcy of several smaller investment banks causing the crisis that has been pointed out by many international specialists such as the «Crisis of developed countries», since its consequences were observed mainly in the richest countries of the world. With the fall of US investment banks due to the subprime mortgage crisis, which represented a high percentage of their investment, stock markets collapsed and triggered the 2008 financial crisis worldwide.

Subsequently, due to the fact that governments had to make numerous financial bailouts to save financial and non-financial companies from a probable bankruptcy, the crisis ended up becoming a debt crisis in different countries, especially in Europe. Due to the large amount of money allocated to financial bailouts and the large fall in revenue in tax revenue, some governments carried out economic austerity programs that implied strong social cuts provoking social responses and an increase in widespread poverty in many countries of the world.

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