US bear market 2007-2009
This 17-month bear market occurred during the financial crisis of 2007-2009. The S&P 500 lost almost 50% of its value but there were strong interventions by governments and central banks to cushion the NYSE.
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There was continuing debate as to the cause of the bear market. The Republicans and Democrats were strongly divided, and there emerged three camps – those that blamed the economy, those that blamed the Bush administration and others that wanted to shove the blame onto the arriving newbies, the Obama administration.