Proper noun
the Great Recession
The worldwide general economic decline towards the end of the first decade of the 21st century.
Along came the Republicans, trickle-down economics - one of the worst ideas since snake oil - was put back into place. And we ended up with the great recession. President Obama had to rescue the economy. And I don't think he gets the credit he deserves for doing that. Hillary Clinton
Believing that a crisis is a useful thing to create, the Obama administration - which understands that, for liberalism, worse is better - has deliberately aggravated the fiscal shambles that the Great Recession accelerated. George Will
Of course, it remains to be seen what the effect of the Great Recession will be on resistance to globalization. It seems clear, however, that if the recession grows deeper and extends over a long period of time, it will spur much greater resistance to globalization. George Ritzer
Over the last decade, - economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything. Gavyn Davies
It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate. Mark Zandi
The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it. Mark Zandi