“Great Recession”: A catch phrase describing the recession that began on December 2007, giving reference to the Great Depression of the 1930s. This “Great Recession” lasted longer and was more severe than prior ones; however, the severity of economic decline has not eclipsed the levels reached by the Great Depression. Prior recessions lasted for about 16 months, whereas the “Great Recession” was over 20 months. This is still much shorter than the length of the Great Depression. Also, less than 1 percent of banks failed during the “Great Recession” whereas during the Great Depression, close to 50 percent of all U.S. banks collapsed.