Abstract
The recession that started in December 2007 was already in its ninth month when a tumultuous ten days in September 2008 shook the world. First the U.S. government nationalized Fannie Mae and Freddie Mac; then the investment banking house Merrill Lynch was forcibly merged into Bank of America; the next day Lehman Brothers crashed, which was quickly followed by the nationalization of the American International Group, the world's largest insurance company, which, unlike Lehman, was deemed too big to fail. As credit froze, orders for new goods and investment halted, trade plummeted, and unemployment soared. The recession was on its way to becoming the longest and deepest downturn since the Great Depression.
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