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

We know the government needs to support the economy during periods like the Great Recession and COVID, but then it needs to run some surpluses when times are good.

From MarketWatch • 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

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

From Salon • Feb. 23, 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