Usually powertrain is used to refer to simply the engine and transmission, including the other components only if they are integral to the transmission. A motor vehicle's driveline or drivetrain consists of the parts of the powertrain excluding the engine and transmission. It is the portion of a vehicle, after the transmission, that changes depending on whether a vehicle is front-wheel, rear-wheel, or four-wheel drive, or less-common six-wheel or eight-wheel drive.
The Great Recessionâwhich officially lasted from December 2007 to June 2009âbegan with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led to sharp cutbacks in consumer spending.
The National Bureau of Economic Research (NBER) dates the beginning of the recession as December 2007. According to the Department of Labor, roughly 8.7 million jobs were shed from February 2008 to February 2010, and GDP contracted by 5.1%, making the Great Recession the worst since the Great Depression.lan Greenspan was the Chairman of the Federal Reserve of the United States from 1987 to 2006. He was appointed by President Ronald Reagan in August 1987 and was reappointed by President Bill Clinton in 1996.