In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it. It was no ordinary recession, something that comes every few years and is quickly overcome. Some economists called it a “contraction,” worse and longer-lasting than a recession. It was led by collapsing home prices, and the standard policies for fighting recession barely budged the flat economy. It is not clear if government programs or the mere passage of time slowly revived the economy.
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