Remake of 1930s Depression v. 2008 Financial Crash by Allie Green

allgre4703 — 2024-04-10 12:49:06 UTC

Both the Great Depression and the 2008 Financial crisis took place during a stock market crash

aleval0674 — 2024-04-10 12:52:45 UTC

Both the Great Depression and the 2008 Crisis followed with disastrous outcomes with for example unemployment numbers dropping

allgre4703 — 2024-04-10 12:54:40 UTC

Both periods were characterized by high volatility

allgre4703 — 2024-04-10 12:56:07 UTC

The Great Depression lasted for several years while the Recession of 2008 only lasted for several months

allgre4703 — 2024-04-10 12:56:44 UTC

The overall scale of impact of the great depression on the economy is far more severe than recession.

aleval0674 — 2024-04-10 12:57:52 UTC

Both had huge economy slumps during these events

Source

aleval0674 — 2024-04-10 12:58:38 UTC

allgre4703 — 2024-04-10 13:00:22 UTC

A common factor between both the Great Depression and the Recession of 2008 was a decline in aggregate demand

aleval0674 — 2024-04-10 13:01:45 UTC

During these two events the great depression had a higher rate of unemployment at 25% while the great recession had a rate of 8.5%

allgre4703 — 2024-04-10 13:03:57 UTC

The Great Recession occurred during 2008 and resulted from the US housing bubble caused by the subprime mortgage crisis. However, the Great Depression took place in the US during 1929 and 1930 and began with a big fall in stock indices

allgre4703 — 2024-04-10 13:05:34 UTC

The Fed's response to each event was a factor that resulted in two significantly different outcomes. In 1929 the Fed's decision slowed down economic activities in the US while in 2008, the Fed provided a monetary stimulus to revive the economy

allgre4703 — 2024-04-10 13:10:39 UTC

The consensus among economists is that the response to the 2008 crisis was far better than the Great Depression

allgre4703 — 2024-04-10 13:13:06 UTC

The Great Depression was triggered by the stock market crash of 1929 while the 2008 Recession was caused by the housing market bubble and the subsequent collapse of the subprime mortgage market

aleval0674 — 2024-04-10 13:13:31 UTC

During two events their effects on the population were different because the great recession effect people in ways of production, employment, and lower household income and spending and the great depression its effects were more widespread in unemployment and a major pause in economic activity

allgre4703 — 2024-04-10 13:17:27 UTC

Major banks fueled the 2008 crisis whereas following the 1929 crisis, large swaths of bank failures lead to a collapse in liquidity and a collapse of public confidence in the banking system

aleval0674 — 2024-04-10 17:39:46 UTC

For business during these events they would've been affected differently because during the great depression may lead business to downsize and this may take years to recover from. The great recession may lead business going into a downward trend and may take months to recover rather than years.

Source

aleval0674 — 2024-04-10 17:40:22 UTC

allgre4703 — 2024-04-11 12:32:45 UTC

In response to the Great Depression, Congress approved President Franklin Roosevelt's New Deal, which provided $41.7 billion in funding for domestic programs like work relief for unemployed workers. As federal money was pouring into the recovery and relief efforts of the 1930s, GAO's workload increased

allgre4703 — 2024-04-11 12:33:33 UTC

Congress passed the American Recovery and Reinvestment Act of 2009, which included $800 billion to promote economic recovery.

Great depression Primary source

aleval0674 — 2024-04-11 12:39:08 UTC

Great recession Primary source

aleval0674 — 2024-04-11 12:50:05 UTC

Primary Source

allgre4703 — 2024-04-11 13:10:48 UTC

A survivor of the Dust bowl