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Ben Bernanke, the former head of the Federal Reserve, said the 2008 financial crisis was the worst in global history, surpassing even the Great Depression. His statement is raising eyebrows. While the Great Recession was scary, there's a reason it wasn't dubbed a depression: Bernanke's aggressive policy response.
By Mr Gordon's calculations, much of the data point to June 2009 as the likely recession end-date. Since then the American economy has seen a net deterioration in employment by about 900,000 workers. The performance is by far the worst nine-month stretch following a recession of any post-war downturn (see chart).