It was the biggest downturn since WWII…
The financial crisis caused the biggest economic downturn since the Wall Street Crash in 1929, which devastated the US economy. But how big was it really?
Estimates put total write-downs by financial institutions alone at over $2 trillion. Beyond that, lost growth attributed to the crisis and ensuing recession thought to be worth over $10 trillion, equal to a sixth of global GDP in 2008.
