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Measured in dollars, the US is by far the most indebted country in the world.

As this column describes, however, the country still has a positive capital income in spite of its high net debt position, and its external debt position is much smaller than one would expect based on cumulated current account deficits.

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A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

and the academic sense used most often in economics, which is defined operationally, referring specifically to the contraction phase of a business cycle, with two or more consecutive quarters of GDP contraction. In his separate dissent to the majority and minority opinions of the FCIC, Commissioner Peter J.

Under the academic definition, the recession ended in the United States in June or July 2009. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run. Many of these securities were backed by subprime mortgages, which collapsed in value when the U. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. Wallison of the American Enterprise Institute (AEI) primarily blamed U. housing policy, including the actions of Fannie & Freddie, for the crisis.

The causes of the recession largely originated in the United States, particularly related to the real-estate market, though choices made by other nations contributed as well. The Great Recession was related to the financial crisis of 2007–08 and U. The banks were then bailed out by American taxpayers. Financial Crisis Inquiry Commission, composed of six Democratic and four Republican appointees, reported its findings in January 2011.

National Bureau of Economic Research (the official arbiter of U. recessions) the recession, as experienced in that country, began in December 2007 and ended in June 2009, thus extending over 19 months. The Great Recession resulted in the scarcity of valuable assets in the market economy and the collapse of the financial sector (banks) in the world economy.

The most recent example of such a judgment that was less than obvious was in 1980-1982, when the Committee determined that the contraction that began in 1981 was not a continuation of the one that began in 1980, but rather a separate full recession.

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