According to a 2009 USAA Magazine article, the “peak” of the current financial crisis occurred in September 2008, when Treasury Secretary Henry Paulson told congressional leaders a global financial collapse was imminent if Congress didn’t act immediately. But some economists point to late 2006 and early 2007, when subprime mortgage lenders started going under.

What is a Recession?

According to The World Book Encyclopedia, a recession is simply a “decline in overall business activity.” More specifically, a recession can be identified if a nation’s output of goods and services falls for six consecutive months. Nationwide recessions hurt buying, selling, production, and contribute to unemployment.

While many economists disagree on the precise causes of a recession, the widely accepted, generalized rule is that a nation is in recession if the total amount of spending in the economy drops to a below-normal level. Governments commonly try to halt a recession by boosting spending, reducing taxes, or increasing the supply of currency.

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