The Great Recession (1 déc. 2007 – 1 juin 2009)

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The worst economic downturn since the Great Depression, caused by the excessive mortgage lending to people who didn't qualify for a home loan. As a result, hundreds of banks failed, millions of homes went into foreclosure, Americans lost trillions in net worth, and unemployment rates doubled from 5% to 10%. In order to jumpstart the economy after this, the Federal Reserve reduced interest rates to 0%. Additionally, the U.S governments gave out millions of dollars in housing credits for homeowners and made regulatory reforms to better protect the economy.

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