A global economic drop was triggered by the U.S. residential housing market. Among the commentators, this is now commonly referred to as the Great Recession. It is generally agreed that 2010 marked the rebound year or the official year the Great Recession ended.

“Europe still looks ill,” reports WSJ.com economic editor David Wessels in his article “Asia's Latest Export: Recovery” (Wall Street Journal on-line, 02/24/10). “The recession was deeper there, and fiscal and monetary stimulus less aggressive than in the U.S. and China. Its businesses are more dependent on banks than U.S. firms, and European banks haven't been—or haven't been forced to be—as open about their losses or as quick to bolster capital cushions.”

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