Great Recession

[greyt ri-sesh-uhn]

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.

Example Sentences

Yet to Flog Gnaw’s young crowds, blissfully free from the AutoTune wars of the 2000s, Pain now represents an idyll and purity of party music in hip-hop, rising from the mire of the Great Recession and the aspirations of President Obama with witty, self-aware hit after hit that showed a musician in total command of his craft, writing songs that transcend today’s cynical bleakness.

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Though the recent jump is notable, the share of underwater loans is still comparable to where levels were before the pandemic and the long-term average since 2001, with the exception of the Great Recession.

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Pareja then saw the housing market screech to a halt during the Great Recession, a crisis in which subprime mortgages were a central cause.

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The other reasons for the rise in HOA fees and insurance premiums are good old-fashioned inflation and aging buildings after the real-estate boom that ultimately led to a severe market correction during the Great Recession, and the increase in hurricane frequency.

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But much of the film’s popularity probably stemmed from that reliable magnet of interest, schadenfreude, as the Siegels’ dream of living like American royalty ran aground when the Great Recession hit.

Read more on The Wall Street Journal