We break down how the recession came about, the Democratic Party’s failure to meet the moment, and how we’re still living with the consequences.
I was in college when the Great Recession officially ended in June 2009. But I couldn’t find a job that summer or the next one because the effects of the recession, which reverberated throughout the economy, lasted for years. Americans lost their homes and their jobs. Many communities never recovered. That crisis and the botched response by the Democratic Party are crucial to understanding what’s happening in US politics now. Stay up-to-date with the politics team.
” These mortgages were then pooled together to form financial products called mortgage-backed securities by investment banks like Citigroup, Wells Fargo, Bank of America, and Goldman Sachs. These mortgage-backed securities were, in many cases, falsely marketed as safe investments, and people put their retirement money, college funds, and savings into them.
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