The financial crisis was no doubt a recession and some would say a depression; everyone wants to sugar- coat it. Academics want to nitpick and perform magic tricks with the numbers and say it was only a recession. The reality is, no one has seen this before. It was clear, the game has changed. The old definition of what a recession was is no longer sufficient to express what happened. But yet, nothing has really changed. Proof of this can be seen...
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History