2007–2012 global economic crisis | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-16

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Great_Recession


00:01:55 1 Terminology
00:03:10 2 Overview
00:08:04 3 Causes
00:08:13 3.1 Panel Reports
00:11:04 3.2 Narratives
00:14:23 3.3 Trade imbalances and debt bubbles
00:16:30 3.4 Monetary policy
00:18:00 3.5 High private debt levels
00:21:14 3.6 Pre-recession warnings
00:22:02 3.7 Housing bubbles
00:23:35 3.8 Ineffective or inappropriate regulation
00:23:46 3.8.1 Regulations encouraging lax lending standards
00:28:02 3.8.2 Derivatives
00:30:44 3.8.3 Shadow banking system
00:35:28 3.9 Systemic crisis
00:36:45 4 Effects
00:36:54 4.1 Effects on the United States
00:41:43 4.2 Effects on Europe
00:46:42 4.3 Countries that avoided recession
00:49:43 5 Timeline of effects
00:53:04 5.1 Country specific details about recession timelines
00:56:58 6 Political instability related to the economic crisis
01:01:42 7 Policy responses
01:02:48 7.1 United States policy responses
01:04:29 7.2 Asia-Pacific policy responses
01:08:46 7.3 European policy responses
01:11:23 7.4 Global responses
01:13:34 8 Policy recommendations
01:13:45 8.1 IMF recommendation
01:14:37 8.2 Raising interest rates
01:15:37 9 Comparisons with the Great Depression
01:17:26 10 See also



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SUMMARY
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The Great Recession (see "Terminology" for other names) was a period of general economic decline observed in world markets during the late 2000s and early 2010s. The scale and timing of the recession varied from country to country (see map). The International Monetary Fund (IMF) has concluded that it had the most severe economic and financial meltdown ever since the Great Depression and it is frequently seen as the second worst downturn of all time.The Great Recession stemmed from the collapse of the United States real-estate market in relation to the global financial crisis of 2007 to 2008 and the U.S. subprime mortgage crisis of 2007 to 2009, though policies of other nations contributed as well. According to the nonprofit National Bureau of Economic Research (the official arbiter of U.S. recessions), the recession in the U.S. began in December 2007 and ended in June 2009, thus extending over 19 months. The Great Recession resulted in a scarcity of valuable assets in the market economy and the collapse of the financial sector (banks) in the world economy; some banks were bailed out by the U.S. federal government.The recession was not felt equally around the world; whereas most of the world's developed economies, particularly in North America and Europe, fell into a definitive recession, many more recently developed economies suffered far less impact, particularly China and India, whose economies grew substantially during this period.