Great Recession

American  

[greyt ri-sesh-uhn] / ˈgreɪt rɪˈsɛʃ ən /

noun

1. the period of economic contraction in the United States and other countries from December 2007 to June 2009 following the collapse of a housing bubble that precipitated a subprime mortgage crisis and subsequent systemwide turmoil in the investment banking sector.

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Example Sentences

He was a major architect of the Dodd-Frank Act, which created new regulatory bodies and tightened restrictions on banks in the wake of the 2008 Great Recession.

From BBC • May 20, 2026

Osama bin Laden was leading al Qaeda, the liar loans that soon prompted the Great Recession were being issued, and our capital was awash in muck and corruption.

From The Wall Street Journal • May 17, 2026

“Undercover Boss” premiered during the Great Recession, when the wage gap had yawned into a canyon.

From Salon • Feb. 23, 2026

Gorman earned the deep respect of Wall Street during his tenure at Morgan Stanley, which included deftly steering the investment firm out of the Great Recession and bolstering its businesses and workplace culture.

From Los Angeles Times • Jan. 20, 2026

The Great Recession was now entering its third decade, and unemployment was still at a record high.

From "Ready Player One: A Novel" by Ernest Cline