Economic Scars from the Great Recession

Guest: Henry Farber, PhD, Professor of Economics, Princeton University It’s been ten years since it started. Hard to believe it’s been a decade - the drama still feels fresh. It started when the housing bubble burst and the banks faltered under the weight of foreclosures and bad debt. American companies and everyday people lost wealth and started spending less, which led to massive job losses. The national unemployment rate hit 10 percent. Today, it’s down to four percent. That’s pre-recession level. So is the economy good as new? Or did those years of turmoil in the labor market leave a lasting mark?