Economists have argued that repeal in the 1990s of the Depression-era regulation known as the While the truth is probably more complicated than that, repeal of the Glass-Steagall Act, which had been on the books since 1933, did allow many of the country’s larger financial institutions to merge, creating much larger companies. The crisis led to increases in home mortgage foreclosures worldwide and caused millions of people to lose their life savings, their jobs and their homes. Michael S. Lewis-Beck, Mary Stegmaier, in International Encyclopedia of the Social & Behavioral Sciences (Second Edition), 2015. 2008), as well as decreased mental health and physical functioning before age 60 (Jokela et al., 2010). At the steepest part of the Great Recession in Q1‑2009, a total of 59 out of 71 countries were simultaneously in recession. However, at least officially, the Although the Great Recession was officially over in the United States in 2009, among many people in America and in other countries around the world, the effects of the downturn were felt for many more years.Indeed, from 2010 through 2014, multiple European countries—including Ireland, Greece, Portugal and Cyprus—defaulted on their national debts, forcing the These countries were also compelled to implement “austerity” measures—such as tax increases and cuts to social benefit programs (including healthcare and retirement programs)—to repay their debts.The Great Recession also ushered in a new period of financial regulation in the United States and elsewhere. The so-called “Stimulus Package” also provided businesses with financial incentives for capital investment.However, even with these interventions, the country’s economic troubles were far from over. Japan's economy declined by 0.6 percent in the second quarter of 2008.By September 2008, the crisis threatening the GSEs (US mortgage lenders Fannie Mae and Freddie Mac) began to have consequences in Asia. Even though it’s often referred to as the Great Recession of 2008, the seeds were sown before that, dating back to 2006 when early-warning bells went off regarding trouble in the housing sector. the fragility of numerous banks in the Eurozone, and the identification of the vicious cycle between credit conditions for these banks and the sovereign credit of their respective home countries.the credit of a sovereign country backed by the financial resources of that state The banking union is difficult to implement, both technically and politically because1- at the same time that the reform of financial regulatory framework after the 2008 crisis took place dividing up the costs associated with risks and financial loses among several investors, businesses, organizations, or people.

"Too-big-to-fail" is also more of a problem in Europe, where the assets of some banks are several times larger than the GDP of the country they originate from. Signed on October 3, 2008, by President George W. Bush, TARP allowed the Department of the Treasury to pump The Great Society was an ambitious series of policy initiatives, legislation and programs spearheaded by President Lyndon B. Johnson with the main goals of ending poverty, reducing crime, abolishing inequality and improving the environment. Just a few months later, in August 2007, American Home Mortgage Investment Corp. became the second major mortgage lender to crack under the pressure of the subprime crisis and the declining housing market when it entered Chapter 11 bankruptcy.By then, as the subprime crisis continued, housing prices across the country began to fall, due to a glut of new homes on the market, so millions of homeowners—and their mortgage lenders—were suddenly “underwater,” meaning their homes were valued less than their total loan amounts.Interestingly, on October 9, 2007, the U.S. stock market reached its all-time high, as the key Dow Jones Industrial Average exceeded 14,000 for the first time in history.However, that would mark the last bit of good news for the U.S. economy for some time.Over the next 18 months, the Dow would lose more than half its value, falling to 6,547 points.

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