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

See Examples For:

Great Recession

Wage stagnation and the effects of the Great Recession are among the reasons cited by the researchers.

From Science Daily ● Jun. 14, 2026

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

After 9/11, the government stepped in to bolster the airline industry, and in 2008 it propped up a variety of industries and businesses during the Great Recession.

From Salon ● Apr. 28, 2026

Starter homes that young families can more easily afford, which made up about 30% of the housing market before the Great Recession, now represent only 20% of the market.

From The Wall Street Journal ● Apr. 21, 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