Final answer:
a. The Great Recession
The 2008-2009 recession related to the 2007-2010 financial crisis is known as The Great Recession, characterized by high unemployment, small business closures, and a sharp decrease in GDP. It was caused by the housing bubble, financial markets crisis, and flawed financial products. The U.S. has made aggressive efforts to recover, including fiscal and monetary policy.
Step-by-step explanation:
The 2008-2009 recession that corresponds closely with the 2007-2010 financial crisis is often known as The Great Recession. This economic downturn was marked by significant challenges such as a high rate of unemployment, the closure of numerous small businesses, and a decline in consumer spending. Major factors contributing to The Great Recession included the housing bubble, a crisis in the financial markets, and the creation and failure of complex financial products like mortgage-backed securities and credit default swaps. U.S. unemployment skyrocketed from 6.8 million to over 15 million during this period, and the GDP fell sharply.
Notably, the financial crisis that triggered The Great Recession was a result of mismanagement within the financial system, primarily by bankers and those in the top tiers of income. The United States government responded with aggressive fiscal and monetary policy to stabilize the financial markets and foster recovery. While recovery has been ongoing, substantial progress has been made since the height of the crisis.