GREATRECESSION
Great Recession
The Great Recession is an ongoing marked global economic decline that began in December 2007 and took a particularly sharp downward turn in September 2008. The initial phase of the economic crisis started with a financial liquidity crisis, dated to have started on 9 August 2007, at the interbank lending market when central banks had to step in with liquidity lending to the banking market. This was a response to a situation where BNP Paribas temporarily had to block money withdrawals from three hedge funds - citing a "complete evaporation of liquidity". The bursting of the U.S. housing bubble, which peaked in 2006, caused the values of securities tied to ...The above text is a snippet from Wikipedia: Great Recession
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