What Caused the Recession That Began in 2007? How Did

question 6

Essay

What caused the recession that began in 2007? How did the Federal Reserve, the president, and Congress attempt to deal with the most serious economic downturn since the Great Depression? How successful were these attempts? What changes were made to prevent a similar recession in the future?

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Definitions:

Written Goals

Specifically defined objectives that are documented in writing, serving as a guide to help individuals or organizations focus their efforts and measure progress.

Bureaucratic Structure

An organizational system characterized by a fixed hierarchy, specialization of labor, adherence to fixed rules, and a relationship of authority based on impersonal positions.

Hierarchy

An organization or structure where individuals or groups are arranged in a hierarchy based on their authority or status.

Divisions

The creation of distinct groups or categories within a society, often based on social, economic, or cultural differences.