Global Financial and Economic Crisis: Analysis and Policy Implications [February 20, 2009] [open pdf - 2MB]
"What began as a bursting of the U.S. housing market bubble and a rise in foreclosures has ballooned into a global financial and economic crisis. The world now appears to have entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. Some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy or have had to be rescued financially. The world is facing the worst economic conditions since the great depression. Nearly all industrialized countries and many emerging and developing nations have announced economic stimulus and/or financial sector rescue packages, such as the American Recovery and Reinvestment Act of 2009 (H.R. 1, P.L.[Public Law] 111-5). Several countries have resorted to borrowing from the International Monetary Fund as a last resort. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how interconnected and interdependent economies are today, and has posed vexing policy dilemmas for governments."
CRS Report for Congress, RL34742
U.S. Dept. of State, Foreign Press Centers: http://www.fpc.state.gov/