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One of the VIPs in economy is Federal Reserve Chairman
Alan Greenspan. He began fighting recessions very aggressively before 2000.
In 2001, his work seems to be paying off. Starting in 2001, there were
huge layoffs, stock market declines and an abrupt halt after September
11th. There were also many pay cuts and personal bankruptcies. At the end
of 2001, though, things started looking up. Many people thought the economy's
problem were the September 11th attacks,but experts such as Greenspan will
you the problem came before that day. The attacks certainly contributed
though. They helped cause the recession; it ended our ten-year expansion,
the longest in U.S. history. This recession caused more than 1 billion
job losses from layoffs.
The U.S. Economy and Recessions
Economists define a recession as a six month period of negative growth of the economy. Since the end of World War II, the economy has suffered 10 recessions. The last one was in March of 1991. This recession stretched from the middle of 1990 to March of 1991 after the record period of expansion began. The most recent recession began November 26, 2001 which we are still in the middle of due to the September 11th terrorist attacks. But the economy is likely to recover soon.