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 recession began in January 2008 in the financial sector as major banks in the U.S. and Europe got into serious trouble after a decade and a half of investing in bad mortgages. The crisis spread globally due to the fact that many banks, businesses, and pension funds worldwide had invested in these securitized debts.