In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts.
Iceland officially leaves the recession with growth of 1.2% in the third quarter
In the United States, the Great Recession was a severe financial crisis combined with a deep recession.
Historical Significance
In the United States, the Great Recession was a severe financial crisis combined with a deep recession.
Events Before
67 people die and 222 are injured in a nightclub fire at Santika Club in Bangkok, Thailand
A fireworks accident and nightclub fire occurred on 1 January 2009 in the Santika Club in Ekkamai, Watthana, Bangkok, where New Year celebrations were taking place.
Cristiano Ronaldo is awarded the FIFA World Player of the Year for the first time at a ceremony in Zürich
Cristiano Ronaldo dos Santos Aveiro, nicknamed CR7, is a Portuguese professional footballer who plays as a forward for and captains both Saudi Pro League club Al-Nassr and the Portugal national team.
Chesley Sullenberger lands US Airways Flight 1549 on the Hudson River shortly after takeoff from LaGuardia Airport in NY
Chesley Sullenberger lands US Airways Flight 1549 on the Hudson River shortly after takeoff from LaGuardia Airport in NYC. All passengers and crew survive in what becomes known as the "Miracle on the Hudson."
Barack Obama is inaugurated as the 44th president of the United States, becoming the first African American to hold the
Barack Obama is inaugurated as the 44th president of the United States, becoming the first African American to hold the office. Joe Biden becomes the 47th Vice President.
International Criminal Court issues an arrest warrant for Sudanese President Omar al-Bashir for war crimes and crimes ag
International Criminal Court issues an arrest warrant for Sudanese President Omar al-Bashir for war crimes and crimes against humanity in Darfur, becoming the first sitting head of state to be indicted
Events After
Tunisian President Ben Ali flees to Saudi Arabia after popular protests known as the Jasmine Revolution
The Tunisian revolution, also called the Jasmine Revolution and Tunisian Revolution of Dignity, was an intensive 28-day campaign of civil resistance.
Actress Jaime Pressly (35) divorces entertainment lawyer Simran Singh (33) due to irreconcilable differences after more
Actress Jaime Pressly (35) divorces entertainment lawyer Simran Singh (33) due to irreconcilable differences after more than 1 year of marriage
"21" second studio album by Adele is released (Grammy Award for Album of the Year 2012, Brit Award for British Album of
"21" second studio album by Adele is released (Grammy Award for Album of the Year 2012, Brit Award for British Album of the Year, 2011 Billboard Album of the Year)
Egyptian Revolution of 2011 begins with a series of street demonstrations, rallies, acts of civil disobedience, labor st
Egyptian Revolution of 2011 begins with a series of street demonstrations, rallies, acts of civil disobedience, labor strikes and violent clashes in Cairo, Alexandria and other major cities
"Desperate Housewives" actress Eva Longoria (36) divorces NBA player Tony Parker (29) due to irreconcilable differences
"Desperate Housewives" actress Eva Longoria (36) divorces NBA player Tony Parker (29) due to irreconcilable differences 3 years after a storybook wedding
More from the 2010s
New FINA rules re competition swimsuits come into effect; all body-length swimsuits banned; men's suits to maximally cov
New FINA rules re competition swimsuits come into effect; all body-length swimsuits banned; men's suits to maximally cover from the waist to knee, and women's from shoulder to knee; fabric must be a "textile" or woven material
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
10 people are killed, and 120 are injured in a stampede in Luanda, Angola
Dutchman Michael van Gerwen wins his first PDC World Darts Championship, defeating Peter Wright of Scotland 7-4; it is t
Dutchman Michael van Gerwen wins his first PDC World Darts Championship, defeating Peter Wright of Scotland 7-4; it is the first time no Englishman has been in the final
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
Lithuania adopts the euro as its currency, replacing the Litas and becoming the 19th member of the Eurozone
Frequently Asked Questions
- What happened on December 7, 2010?
- In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts.
- Why is Iceland officially leaves the recession with growth of 1.2% in the third quarter significant?
- In the United States, the Great Recession was a severe financial crisis combined with a deep recession.