Recovering from Crisis

The economy was struck by credit and housing shocks when losses on new financial practices stopped excessive lending, climaxing in a financial crisis. Wealth dropped, financial markets froze, home construction fell and credit standards became more restrictive.

The primary impacts of these four shocks on gross domestic product were augmented by cyclical interactions between income and spending. These negative shocks have been unraveling since the latter half of 2009, readying the stage for economic recovery.

To view the Federal Reserve Bank of Dallas article, follow this link: http://www.dallasfed.org/research/eclett/2010/el1007.html

July 16, 2010

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