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The unprecedented intervention by central banks and finance ministries prevented a secondgreatdepression, but the healing process had only just begun by early 2010.
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A secondGreatDepression was averted and unemployment started to fall.
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The questions came after Geithner spent Tuesday describing the bailout as necessary to avert a secondGreatDepression.
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There was no secondGreatDepression and within six to nine months output had steadied across most of the global economy.
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If they had not acted as they have over the past six years, we would surely have suffered a secondGreatDepression.
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Some wag at NBC, asked if this was a secondGreatDepression, said it was more like an Existential Crisis, and the name stuck.