Born on the 3rd of July – The Origin of the ‘Great Recession’
The ‘Great Recession’ began on the 3rd of July 2007. On that date, the most important document associated with the demise of the American economy – SEC Release No. 34-55970 – went into effect. The reason why, the Securities and Exchange Commission chose the day before a holiday, the 4th of July, which fell on a Wednesday, in the middle of a week when many Americans would be on vacation and financial institutions closed, was not coincidental.
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