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Great Depression
Known as the worst economic downturn in history, the Great Depression had been caused after a severe stock market crash which resulted in the economy tanking as thousands of people panicked and attempted to withdraw their money, causing banks to constantly fail. This event helped pioneer extra care regarding how the US economy is handled in the future. -
2008 Recession
Although many strides had been taken to help prevent the chaos that had happened several years previously during the Great Depression, the 2008 Recession had showed signs of banking practices that became too relaxed with regulations preventing economic collapse. As banks provided more and more loose loans to mortgages that were not guaranteed to be paid back, the blind eye turned to worse-case-scenarios had finally caught up and caused massive economic downturn. -
Modern Economy
With only a decade separating current days with those of the last economic collapse, modern economy has managed to strive beyond and rebuild what had been lost due to poor practices. With proper monitoring and regulations being applied, our economy has been able to grow tremendously while also managing to be more secure than previously seen, as long as the past experiences are reckoned with and rules are respected and known to protect the economy.