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 17, 2011
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"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
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by rage-cage April 15, 2012
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refers to a new phenomenon dealing with bad economic news being like crack. And a sick sense of doomsday thrill certain people getting from reading and following such news.
The appeal to such sensational content is somewhat "being better prepared to be the last man standing during the end of times".
The appeal to such sensational content is somewhat "being better prepared to be the last man standing during the end of times".
Jack is pretty well off considering harsh macroeconomic conditions in the country. However, he seems to have developed an obsession with recession porn.
by S.W.A April 21, 2009
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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
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General malaise about the recession that leads you to spend more money or engage in other acts to try to forget about your personal financial woes in this economy.
by Sarah Wides August 07, 2008
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A Recession growout is when you wait a long time between hair salon visits due to the worsening economy, so your hair gets longer and unkempt.
News Reporter: Women are really cutting back on visits to the hair salon.
Girl: Yeah, instead of going to the salon every week I go once evry 3 weeks, I have what you call a Recession Growout.
Girl: Yeah, instead of going to the salon every week I go once evry 3 weeks, I have what you call a Recession Growout.
by RushLife March 17, 2009
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