Great Recession Caused By Fed Mistakes
The housing bubble in mid-late 2008 (NBER lists the beginning at 12/2007) that is often blamed for the Great Recession (GR) was in fact not the main cause of the GR.
In 2006 (April 2006) housing national averages began to fall.
Many monetary economists blame the Fed for inaction.
Austrailia had a similar amount of circumstance but instead of hitting a brick wall they slid into moderation.