We just came through a year in which a second Great Depression was averted.
We were in a severe economic crisis, with predictions of a second Great Depression.
We would have looked -- we would have been looking at a second Great Depression.
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So every alarm bell was ringing at the prospect of a second Great Depression.
This financial crisis nearly pulled the entire economy into a second Great Depression.
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Our financial system teetered on the brink of collapse and the threat of a second Great Depression loomed large.
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The economy was at the edge of a cliff, and the possibility of a second Great Depression was frighteningly real.
And we were on the verge of a financial crisis that threatened to plunge our economy into a second Great Depression.
And the U.S. economy, indeed global economies, came extremely close to a catastrophic meltdown into a second Great Depression in 2008.
The fear among economists across the political spectrum that was -- was that we were rapidly plummeting towards a second Great Depression.
Because of you, we were able to prevent a second Great Depression.
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In the absence of such rules, our financial markets spun out of control, credit markets froze, and our economy nearly plummeted into a second Great Depression.
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The record since then has been one of stopping the bleeding, arresting the freefall of our economy, preventing the second Great Depression in American history, and putting us back on a course towards economic growth and job creation.
Obviously the economy has been uppermost on our minds and I had to take a series of steps very quickly to make sure that we prevented the country from going into a second Great Depression, that the financial markets were stabilized.
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Finally global economies, which had reached the point of looking over the abyss into a potential second global Great Depression, began to pull back from the brink.
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In 1937, the Fed drastically increased reserve requirements for no obvious reason, thereby producing the second leg of the Great Depression, as well as untold misery.
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After the Great Depression and the Second World War the U.S. helped create and nurture the institutions that enabled war-torn Europe and Japan to make rapid recoveries.
It started with the final stages of a big bull market, then we got the second biggest bear market since the Great Depression, a five-year bull market in which stocks over doubled, the biggest bear market since the Great Depression, and the massive start of a new bull.
Politically, the Great Depression made possible the rise of Nazism and the Second World War.
There is overwhelming agreement among economists that the Second World War was responsible for bringing about a decisive end to the Great Depression.
The second world war (in which Mr Stevens served in the air force) ended America's Great Depression, and ended the need to look far and wide for work.
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