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Recession of 2008

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[[Greece]], [[Portugal]] and [[Ireland]] remain in serious trouble, while [[China]] and [[Brazil]] have rebounded and are growing rapidly. Concerning the United States economy, some proponents of [[free market]] capitalism declare that [[Federal Reserve]] Chairman [[Ben Bernanke]] and the United States Congress should not have bailed out failing firms and instead should have allowed free market capitalism to recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention can drag out recessions and depressions).<ref></ref><ref></ref> A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref></ref>
Likewise in the U.S. the economy has stabilized but did not shown showed little signs of recovery during President Obama's first term, apart from the stock market going up. Serious weaknesses continued in housing, commercial real estate, banking, automobiles, and retail trade. [[Unemployment]] remained above 8% til October of 2012 with conditions especially poor in California, Michigan and South Carolina.
The crisis is worldwide, with major impact in [[Britain]], Europe (that is the "European Union" or EU), [[Russia]], [[Japan]], the oil countries of the Middle East, and the developing world. The economy of the EU (Europe) shrank by 4% in 2009, with unemployment reaching 10%. Ireland, Iceland and parts of Eastern Europe are hardest hit. Britain was hit hard with its major banks in deep trouble. Recovery in Britain has been slow; its GDP fell 5.2% from 3Q 2008 to 3Q 2009.<ref>3Q is the third quarter, or the months of July, August and September.</ref>
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