In this episode of pplpod, we explore the causes and lasting impact of the Great Recession, a period of severe global economic decline that lasted from late 2007 to mid-2009. We break down how the bursting of the U.S. housing bubble and the subprime mortgage crisis triggered a meltdown in the financial system, leading to the collapse of major institutions like Lehman Brothers.

Listen in as we discuss the role of the unregulated "shadow banking" system and high levels of household debt in fueling the crisis. We also examine the global fallout, including soaring unemployment, massive government bailouts, and the implementation of austerity measures across Europe. Finally, we look at the long road to recovery and how the economic downturn contributed to rising political instability and inequality in the years that followed.