Great Depression and Great Recession Differences

The Great Depression and The Great Recession were both large economic failures, and both has differing reasons they happened and effects they had. The Great Depression started in 1929 and lasted until 1939, while The Great Recession started in 2007, and only lasted a few years. The Great Depression lasted much longer, and it was a much larger and more serious crash, and it effected many more people. The Great Depression was caused by a big stock market crash, and people taking out all their money of the banks, which caused the banks to run out of money and fail. It caused mass unemployment, people to lose money, and the unemployment rate peaked at 25% during that time. The Recession was much less serious. It was caused by housing prices increasing because of bank loans, and it increased debt caused by the housing market. The unemployment rate was about 10%, compared to the 25% of the Depression. So The Great Depression was a much more serious and longer lasting crisis, and was centered around banks and stocks, while the Recession was shorter lived, less serious, and dealt with banks and the housing market.