What was the Great Recession?

The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is generally considered the largest downturn since the Great Depression. The “Great Recession” refers to the U.S. recession lasting from December 2007 to June 2009. The economic downfall began when the U.S. housing market was booming and ultimately busted resulting in the large amounts of mortgage-backed securities lost a great significant value.

The latter that occurred during the 1930’s featured a GDP decline of 10% and an unemployment rate reaching a high of 25%. Due to the great excess of the recession, it is popularly said to be very similar to another brief depression. Yet it is still called a recession even though the values of GDP decline and unemployment almost doubling those recessions succeeding this one.