25-08-2017, 09:32 PM
global recession
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What Is Recession
A Recession is a contraction phase of the business cycle.
National Bureau of Economic Research (NBER) is the official agency in charge of declaring that the economy is in a state of recession.
They define recession as :
“significant decline in economic activity lasting more than a few months, which is normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales”.
What a difference a year makes?
The global economy has been hit by a rapid one-two punch that set the stage for stagflation to make a come-back.
The year 2008 as of September 17 has seen 81 public corporations file for bankruptcy in the United States.
Lehman Brothers being the largest bankruptcy in U.S. history also makes 2008 a record year in terms of assets with Lehman's $691 billion in assets all past annual totals.
The year also saw the ninth biggest bankruptcy with the failure of Indy Mac Bank.
Other Famous who got bankrupt were, fannies mae & Freddie Mac, aig, bearstearns etc.