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Stock crash and bank failures, yet there wasn't a second Great Depression. But why not?

Eurodollar University

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Introduction

On July 16, 1990, the S&P 500 set a new record closing high of 368.95. In April 1991, the group of economists who have declared the ability to say whether or not the US economy is in recession said we were in recession at that time. Like a lot of recessions, the recession of 1990-91 was difficult to see in the data in the early stages,. But confusion rained throughout the summer of 1990 into the fall while everybody was preoccupied on Iraq and Kuwait.

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