The Great Depression is a noteworthy period in the economic past of the United States. It occurred between 1929 and 1933. This depression was caused by a sudden burst of the asset bubble and the crash of New York stock exchange. The Great Depression resulted in the sharp deterioration in asset prices, loss of jobs and a high poverty rate. The debt and equity markets also crumbled since people could neither repay their debts nor borrow.

The Great Recession occurred for a period of 18 months between December 2007 and June 2009 and followed a similar precedent as the Great Depression. It occurred after a period of economic boom. The demand for real estate slowed down. There were a lot of houses for sale and Americans could not afford to purchase them; supply exceeded demand. Additionally, many Americans were unable to repay the debts they owed banks and financing companies.

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