“Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.” YearsThreeBornFiveCrisisDuesSignificantMaturityFive YearsBulletsLoanMortgageGreat Depression1930sForeclosureDodging Bullets Author:Mark Zandi
“The fear among economists across the political spectrum that was - was that we were rapidly plummeting towards a second Great Depression. So, in the weeks and months that followed, we undertook a series of difficult steps to prevent that outcome. And we were forced to take those steps largely without the help of an opposition party, which, unfortunately, after having presided over the decision-making that had led to the crisis, decided to hand it over to others to solve.” HelpingHandsPoliticalDifficultDecisionPartyStepsWeekMonthsDecidedCrisisSeriesSolveOutcomesOppositionDecision MakingEconomistSpectrumGreat DepressionPolitical SpectrumOpposition Parties Author:Barack Obama
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression.” WorstCrisisIncludingFinancialSeptemberOctoberGreat DepressionFinancial Crisis Author:Ben Bernanke
“This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.” KnowsLongProblemTermStudyCrisisImpactSeriesDepthCarefulThanksLong TermUnemploymentGreat Depression1930s Author:Bob Ehrlich
“One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades - possibly since the Great Depression - and the one group that spends most of its waking hours analyzing the economy basically missed it.” HoursEconomyGroupsEconomicCrisisFinancialDecadesWakingEconomistSpectacularIntriguingGreat DepressionAnalyzingFinancial CrisisEconomic CrisisSubplots Author:Robert J. Samuelson
“The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.” StillsUseGovernmentLastsGenerationsPositionToughCrisisInstitutionsThis DayFarmersAgricultureTough TimesMillionaireFranklinGreat Depression1930s Author:Thomas Sowell
“Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.” KnownHappenedDemandCrisisFinancialPersistSevereEconomistShortageGreat DepressionFinancial Crisis Author:Bob Frank
“I admire President Obama. He inherited the worst financial crisis since the Great Depression. That was a terrible time for America.” AmericaPresidentWorstTerribleCrisisFinancialAdmirePresident ObamaGreat DepressionFinancial CrisisTerrible Times Author:Hillary Clinton
“Political uncertainty around the world has more than doubled since the election of Trump. To find anything comparable we have to go way back, to the late 1920s for example, the times of the Great Depression. Or think of the United Kingdom in the 1970s, when the International Monetary Fund had to help the country out with a dramatic rescue operation. Up until the Greek crisis, that was the last time that the IMF was forced to intervene to such an extent in Europe.” ThinkingWorldWayCountryHelpingLastsPoliticalUnitedExampleTrumpLateEuropeElectionCrisisInternationalKingdomsAround The WorldUncertaintyOperationsGreekDramaticFundRescueLast TimeMonetaryGreat DepressionUnited KingdomImf Author:Nicholas Bloom
“Beside the two wars he inherited in Iraq and Afghanistan, and promised to end, a financial crisis at home had pushed the United States to the brink of another Great Depression. When we spoke with the new president in March of 2009, the economy was losing 800,000 jobs a month, the government was throwing hundreds of billions of dollars at failing banks, and the auto industry was on the verge of collapse. Politically pummeled from all sides, Obama did his best to keep a sense of humor.” TwoWarEndsStatesHomeGovernmentJobsSidesPresidentUnitedUnited StatesEconomyFailingMonthsIndustryLosingCrisisDollarsFinancialIraqBillionsSpokesMarchSense Of HumorThrowingAfghanistanCollapseGreat DepressionVergeFinancial CrisisAuto Industry Author:Barack Obama
“It is no exaggeration to say that rising inequality has driven many of the 99 percent into a financial ditch. It also helped spawn the housing bubble that gave us the financial crisis of 2008, the lingering effects of which have forced many OWS protesters to try to launch their careers in by far the most inhospitable labor market we've seen since the Great Depression. Even those recent graduates who manage to find jobs will suffer a lifelong penalty in reduced wages.” TryingJobsSufferingCareersEffectsPercentLaborCrisisFinancialDrivenManageInequalityRisingGraduatesBubblesPenaltiesWagesHousingLifelongExaggerationGreat DepressionFinancial CrisisLingeringSpawnHousing Bubble Author:Robert H. Frank
“If you look at what happened, I came in the middle of the worst financial crisis since the Great Depression. And unlike Franklin Delano Roosevelt who waited, well, didn't take office until about three years into the Great Depression, it was happening just as I was elected.” IfsYearsWellsLooksThreeHappenedMiddleWorstOfficeHappeningsCrisisFinancialThree YearsFranklinGreat DepressionFinancial CrisisFranklin Delano Roosevelt Author:Barack Obama
“Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.” ResultsCrisisFinancialDespitePassiveReservesSevereMandatesGreat Depression1930sFederal ReserveFinancial Crisis Author:Ben Bernanke
“In his first year in office, President Obama pulled us back from the brink of the greatest economic crisis since the Great Depression and worked to lay a new foundation for economic growth. The president identified three key strategies to build that lasting prosperity: innovation, investment, and education.” YearsFirstsThreeGrowthPresidentEconomicKeysOfficeInnovationCrisisFoundationStrategyLaysInvestmentProsperityLastingPresident ObamaEconomic GrowthGreat DepressionEconomic Crisis Author:Tom Vilsack
“I don't think that any economist disputes that we're in the worst economic crisis since the great depression. The good news is that we're getting a consensus around what needs to be done.” ThinkingNeedsDoneMoneyEconomicWorstNewsCrisisEconomistGood NewsDisputesConsensusGreat DepressionEconomic Crisis Author:Barack Obama
“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.” CountryPastEasyMoneyEconomyEconomicCenturyPolicyResourcesEconomicsCrisisCurrentsConsistentFedsBubblesArtificialReservesSeventiesHousingOver The PastRecessionsGreat DepressionFederal ReserveFloodingEconomic CrisisDownturnEasy MoneyEconomic DownturnHousing Bubble Author:Ron Paul
“The crisis [the Great Depression] discovered a great man in Franklin Roosevelt...None too soon he has carried America forward to the second stage of democratic realization. His New Deal involves such collective controls of the national business that it would be absurd to call it anything but socialism, were it not for a prejudice lingering on from the old individualist days against that word...Both Roosevelt and Stalin were attempting to produce a huge, modern, scientifically organized, socialist state, the one out of a warning crisis and the other out of a chaos.” MenStatesWould BeAmericaDealsModernStageProduceHugePrejudiceCrisisDemocraticChaosSocialismAbsurdRealizationOrganizedGreat MenCollectivesWarningSocialistAttemptingFranklinGreat DepressionLingeringNew Deal Author:H. G. Wells