Beginning with the 8.6 billion dollar bubble bursting, the loss of 8.4 million jobs nationwide, financial collapse of greece and the celtic tiger in ireland, and sharp cutbacks in consumer spending which resulted in a financial era beginning in december 2007 know as

The Great Recession is a term used to express the financial crisis that lasted from December 2007 to June 2009. This period began with the burst of the housing bubble, an increase in the unemployment rates, an unfavorable impact in the GDP, and the collapse of  the economies of Ireland, Greece, Spain, the United States, Argentina, and Italy among others.