The Great Recession of 2007-2009 was the largest economic downturn in the U.S. since the Great Depression and led to a global recession. Contrast how the U.S. and Europe dealt with the economic crisis

Answer 1

The US dealt effectively with these crises, using assertive monetary and fiscal policies and reforming the banking sector. The Bush Administration used the Troubled Asset Relief Fund (TARP) to "bail out," or recapitalize, the broken banking system in 2008 . Instead of reining in spending as many European economies later did with their "fiscal austerity" approach during the 2010–2012 European Debt Crisis, in 2009 the Obama Administration pumped billions of dollars of borrowed funds into stimulus. It was a risky recipe, but in bringing the US back from the brink of economic catastrophe it was arguably more effective than the European model.