The Great Recession was a period of contraction in economies around the world that occurred from late 2007 to mid-2009, overlapping with the closely related 2008 financial crisis. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression of the 1930s. December 2007 – June 2009 · 1 year 6 months Peak unemployment: 10.0% (October 2009) · GDP: −5.1% S&P 500: −37.9% over the recession The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to the 2008 financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. The National Bureau of Economic Research declared the end of this recession over a year after the end date. The Dow Jones Industrial Average (Dow) finally reached its lowest point on March 9, 2009. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link