When President Barack Obama was inaugurated in January 2009, he inherited a horrendous economy. But was the economy back then really worse than it was during the Great Depression? In a recent interview, Obama indicated that it was. On ABC’s This Week, host George Stephanopoulos noted that it was five years after the failure of the investment bank Lehman Brothers, a pivotal moment in the financial collapse of 2008 that led to the most recent recession. After five years, Stephanopoulos said, "two-thirds of the country still thinks we're going in the wrong direction, thinks the economy is no more secure. ...
The downturn and sluggish recovery of recent years had been compared to the nation's worst economic period. Now that much more data is available to measure it, how did the Great Recession stack up against the Great Depression?
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit.
This story is being co-published with The Philadelphia Inquirer and New America Media. Some call this moment the Great Recession. As the hardship has lingered, others have begun calling it the Little Depression. But equating the hard times of the 1930s and with the hard times of today is mostly ...
The parallels between the Great Recession we're suffering through now and the Great Depression pre WWII are rather closer than many seem to think. And no, I don't mean in the sense that "Wall Street messed up now we're all suffering". Nor even in the idea that a good dose [...]
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