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The '''Recession of 2008''' (also called the '''Recession of the late 2000's''' or the '''Great Recession''') is a major worldwide economic downturn that began in 2008 and continued into 2010. It was caused by the [[Financial Crisis of 2008]]; it is by far the worst recession since the Great Depression of the 1930s. The worldwide recession hit bottom in December 2009; however after five years there were few signs that the American economy started moving upward again.  5 million of the 8 million jobs lost<ref>The effectiveness of [[American Recovery and Reinvestment Act of 2009|Stimulus]]: [http://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=112811 Job growth under President Obama's first term;] Source: United States Department of Labor.</ref> did not return - despite an increase in population of 10 million over the same span of time covering President [[Barack Obama]]'s first term.<ref>[https://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=112809 U.S. Population growth during Obama's first four years in office.] Source: U.S. Census Bureau.</ref>   

The '''Recession of 2008''' (also called the '''Recession of the late 2000's''' or the '''Great Recession''') is a major worldwide economic downturn that began in 2008 and continued into 2010 and beyond. It was caused by the [[Financial Crisis of 2008]]; it is by far the worst recession since the Great Depression of the 1930s. The worldwide recession hit bottom in December 2009; however after five years there were few signs that the American economy started moving upward again.  5 million of the 8 million jobs lost<ref>The effectiveness of [[American Recovery and Reinvestment Act of 2009|Stimulus]]: [http://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=112811 Job growth under President Obama's first term;] Source: United States Department of Labor.</ref> did not return - despite an increase in population of 10 million over the same span of time covering President [[Barack Obama]]'s first term.<ref>[https://research.stlouisfed.org/fred2/graph/fredgraph.png?graph_id=112809 U.S. Population growth during Obama's first four years in office.] Source: U.S. Census Bureau.</ref>   

[[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>http://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>http://www.youtube.com/watch?v=czcUmnsprQI</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>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>

[[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>http://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>http://www.youtube.com/watch?v=czcUmnsprQI</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>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>