Recession is the decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. The term recession, however, has been utilized in recent decades by politicians to distort the economic outlook and reframe in more positive terms rather than have to address the looming economic depression.
Ralph: Dude, the feds just lowered interest rates and backed a takeover of a large investment bank after acknowledging that we might be in a recession.
Ted: This recession's been going on since Bush took over. How long until we call it an economic depression?
Ted: This recession's been going on since Bush took over. How long until we call it an economic depression?
by Kate Sjostrand March 21, 2008
Get the recession mug.The worst financial crisis in the United States since the Great Depression and the current period we are in. It occurred during the first decade of the 21st century (core years lasted from 2007-2010) and was marked by rampant job losses, high unemployment, collapse of the real estate market, Wall Street losses, and the closing of numerous banks. The national unemployment rate was as high as 10% in 2010.
It was triggered by foreclosures and a collapse of the real estate market in Florida in 2007. Fannie Mae and Freddie Mac, two large government subsidized mortgages lenders, later fell under heavy scrutiny by many members of Congress. It also created a national credit crunch that resulted in new government regulations that tightened lending standards and changed the rules for nearly every bank. All of a sudden, even people with nearly spotless credit found it hard to get a loan on anything. Wall Street stocks fell by nearly 50% in 2009.
The GR also changed the political clout in Washington when Republicans became the majority party in the House of Representatives, after the 2010 midterm elections sent many Democrats home. Things havent improved very much as the Great Recession is still ongoing and many Americans are still out of work. It will take many years for the housing market to recover, and probably longer for the jobs return to pre-recession levels.
It was triggered by foreclosures and a collapse of the real estate market in Florida in 2007. Fannie Mae and Freddie Mac, two large government subsidized mortgages lenders, later fell under heavy scrutiny by many members of Congress. It also created a national credit crunch that resulted in new government regulations that tightened lending standards and changed the rules for nearly every bank. All of a sudden, even people with nearly spotless credit found it hard to get a loan on anything. Wall Street stocks fell by nearly 50% in 2009.
The GR also changed the political clout in Washington when Republicans became the majority party in the House of Representatives, after the 2010 midterm elections sent many Democrats home. Things havent improved very much as the Great Recession is still ongoing and many Americans are still out of work. It will take many years for the housing market to recover, and probably longer for the jobs return to pre-recession levels.
by krock1dk@yahoo.com July 19, 2011
Get the Great Recession mug.Related Words
"People's home grocery budget got absolutely shredded and now we've seen just this dramatic increase in the demand for our vegetable seeds. We're selling out," said George Ball, CEO of Burpee Seeds, the largest mail-order seed company in the U.S. "I've never seen anything like it."
Gardening advocates have dubbed the newly planted tracts "recession gardens" and hope to shape the interest into a movement similar to the victory gardens of World War II. Those gardens, modeled after a White House patch planted by Eleanor Roosevelt in 1943, were intended to inspire self- sufficiency, and at their peak supplied 40 percent of the nation's fresh produce, said Roger Doiron, founding director of Kitchen Gardeners International.
http://www.commondreams.org/headline/2009/03/16-6
Gardening advocates have dubbed the newly planted tracts "recession gardens" and hope to shape the interest into a movement similar to the victory gardens of World War II. Those gardens, modeled after a White House patch planted by Eleanor Roosevelt in 1943, were intended to inspire self- sufficiency, and at their peak supplied 40 percent of the nation's fresh produce, said Roger Doiron, founding director of Kitchen Gardeners International.
http://www.commondreams.org/headline/2009/03/16-6
by Applied Research March 27, 2009
Get the recession gardens mug.by rage-cage September 18, 2012
Get the Recession Ride mug.1. when you quit a hobby for an extended period of time
2. when you lose interest in a project or procrastinate to avoid finishing it
2. when you lose interest in a project or procrastinate to avoid finishing it
by Low01silveradO June 19, 2016
Get the at recess mug.This word can be used as an excuse for anything in a time of economic hardship.
Go on try it next time you have to make an excuse for somthing, It's the lazy mans weapon against all that try and combat his laziness.
Go on try it next time you have to make an excuse for somthing, It's the lazy mans weapon against all that try and combat his laziness.
Moaner: Why don't you get a job and make somthing of your life?
Uber-cool-lazy-man: Full on recession
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Teacher: Why havnt you done your homework?
Student: Full on Recession
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Wife: Get off your ass, stop watching T.V and take the Kids out somewhere!
Uber-cool-lazy-man: Can't, Full on Recession. I'm feeling the pinch.
Uber-cool-lazy-man: Full on recession
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Teacher: Why havnt you done your homework?
Student: Full on Recession
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Wife: Get off your ass, stop watching T.V and take the Kids out somewhere!
Uber-cool-lazy-man: Can't, Full on Recession. I'm feeling the pinch.
by Squeekyleeky June 29, 2009
Get the Full on Recession mug.I met a totally cute guy at Toronado last night but I couldn't go home with him because I have recession muff.
by The Huerta Chicks January 15, 2009
Get the Recession Muff mug.