USA HISTORY

Detailed explanation-1: -The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.” It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.

Detailed explanation-2: -The Great Recession was a period of marked general decline, i.e., a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map).

Detailed explanation-3: -The Great Recession began in December 2007 and ended in June 2009, which makes it the longest recession since World War II.

Detailed explanation-4: -Financial firms sold these subprime loans to large commercial investors in pools of mortgages known as mortgage-backed securities. By the fall of 2008, borrowers were defaulting on subprime mortgages in high numbers; the collapse of the financial markets and the global Great Recession ensued.

Detailed explanation-5: -The 2007-09 economic crisis was deep and protracted enough to become known as “the Great Recession” and was followed by what was, by some measures, a long but unusually slow recovery.