The Great Recession, which began in September 2008, has been likened to the Great Depression. The author Roger Lowenstein describes the events of 2008 in The End of Wall Street, Introduction (The Penguin Press 2010), as follows:
The market system itself had come undone. Banks couldn’t borrow; investors wouldn’t lend; companies could not refinance. Millions of Americans were threatened with losing their homes. The economy, when it fully caught Wall Street’s chill, would retrench as it had not done since the Great Depression.
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