Edgar I. Bair (Editor)

Series: Global Recession – Causes, Impacts and Remedies
BISAC: BUS001010

Five years ago, a financial crisis unlike any generation rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression. In the months before President Obama took office, the economy was shrinking at a rate of over 8%. Businesses were shedding 800,000 jobs a month. Banks had stopped lending to families and small businesses. The iconic American auto industry, the heartbeat of American manufacturing, was on the brink of collapse. It was a crisis that would ultimately cost millions of Americans their jobs, their homes, and their savings, as well as decades-long erosion of middle-class security which was laid bare for all to see and feel. Thanks to the grit and resilience of the American people, the rubble from the financial crisis gradually began to clear away and a new foundation for stronger, more durable economic growth was built. This book describes 15 key elements that were in response to the financial crises, providing an overview of the state of the economy and the financial system, the actions the Administration took in conjunction with the Federal Reserve and other regulators, and where we are now. (Imprint: Novinka )