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In March 2009, Blackstone Group CEO Stephen Schwarzman said that up to 45% of global wealth had been destroyed by the global financial crisis. By March 9, 2009, the Dow had fallen to 6,500, a percentage decline exceeding the pace of the market's fall during the Great Depression and a level which the
Background. World map showing real GDP growth rates for 2009 (countries in brown were in recession) Share in GDP of U.S. financial sector since 1860 [21] The crisis sparked the Great Recession, which, at the time, was the most severe global recession since the Great Depression.
At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009.
In February 2009, The Economist claimed that the financial crisis had produced a "manufacturing crisis", with the strongest declines in industrial production occurring in export-based economies.
List of banks acquired or bankrupted during the Great Recession. This is a list of notable financial institutions worldwide that were severely affected by the Great Recession centered in 2007–2009. The list includes banks (including savings and loan associations, commercial banks and investment banks ), building societies and insurance ...
2007–2008: Global financial crisis of 2007–2008; 2008–2011: Icelandic financial crisis; 2008–2014: Spanish financial crisis; 2009–2010: European debt crisis; 2010–2018: Greek government-debt crisis; 2013–: Ongoing Venezuelan economic crisis; 2014: 2014 Brazilian economic crisis; 2014–2016: Russian financial crisis
In the wake of the financial crisis of 2007–2008 and the search for a way out of the crisis, a worldwide move toward Keynesian deficit financing and general resurgence of Keynesian policies resulted in a new economic consensus, which involved reassessment or even reversal of normative judgments on a number of topics.
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. [1] [2] The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt.
Great Recession. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
The United States combined many stimulus measures into the American Recovery and Reinvestment Act of 2009, a $787 billion bill covering a variety of expenditures from rebates on taxes to business investment. $184.9 billion was to be spent in 2009, and $399.4 billion was to be spent in 2010 with the remainder of the bill's appropriations spread ...