What is Great Recession?
The '''Great Recession''' (also called the '''Second Great Depression'''<ref>{{cite web|title=Second Great Depression|publisher=The Foreign Affairs|url=http://www.foreignaffairs.com/articles/139464/j-bradford-delong/the-second-great-depression|accessdate=July 23, 2014}}</ref> or '''Long Recession'''<ref>{{cite web|title=Long Recession in Hiring|publisher=Think Progress|url=http://thinkprogress.org/yglesias/2011/09/12/317166/the-long-recession-in-hiring|accessdate=July 23, 2014}}</ref>) was a global economic decline in the late [[2000s]] decade. The effects of the economic problem are still obvious. A few countries, including [[Italy]] and [[Greece]], are still in recession. The Great Recession affected world economies to different degrees. It caused more problems for some countries than others. Overall, this was the worst global [[recession]] since [[World War II]].<ref>{{cite web|title=What's a Global Recession|publisher=Wall Street Journal|url=http://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession|accessdate=July 23, 2014}}</ref> [[Southern Europe]] was badly affected. Some countries, including [[China]], [[India]], [[South Korea]], [[Poland]] and [[Australia]], did not have a recession during this time. Economic side-effects include household debt, low wages, high levels of [[unemployment]] and very limited chances of global growth as of 2014 in many countries. The causes of the Great Recession include a bunch of weak-points that developed in the finance system. Another cause is a series of events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of [[Mortgage Backed Securities|mortgage-backed]] [[Finance|securities]] held by investment banks went down in 2007–2008. This caused many banks to collapse or be [[Bailout|bailed out]] in September 2008. This 2007–2008 phase was called the [[subprime mortgage crisis]]. The combination of banks unable to provide funds to businesses, and hom