Recessions in the United States can be traced back to the 1700s. The first recorded recession, the Panic of 1779, was the result of deflation from the Bank of England whatismyreferer. The recession lasted more than three years and caused major disruption in the commercial and real estate markets. The Embargo Act of 1807 was to blame for a three-year recession between 1807 and 1810. The act restricted foreign trade and took a huge toll on the U.S. shipping industry. Throughout the rest of the 1800s, there were more than 20 recessions and one depression. The recessions ranged from seven months to six years.
The 1900s saw almost as many recessions, as well as the Great Depression, which lasted nearly four years from 1929 to 1933. One of the worst recessions in the 1900s was the Panic of 1907, spurred by the failure of the Knickerbocker Trust Company and a stock market crash .
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Starting in 1980, recessions became less frequent. There have been just five recessions in the last three decades, and none lasted longer than 18 months. An eight-month recession in 2001 was caused by a combination of several factors, including a sharp decline in internet-based businesses and the attacks of September 11.
The most recent recession, considered one of the worst in history, lasted 18 months and was caused by the collapse of the housing bubble and subsequent downfall of numerous longtime financial institutions, including Lehman Brothers, AIG, and Bear Sterns. Coined the Great Recession, the economic downturn was the worst to hit the U.S. economy since the Great Depression.