Anyone know anything about the 1990-91 US recession?

[웃 910]

Just looking for a link with some facts, thats all. My google searching skills are not on point today.

http://en.wikipedia.org/wiki/Early_1990s_recession

Thanks

[Usui Takumi 1,562]

It created a "lost generation" of Architects and Landscape Architects. The profession lost about 5 years of professionals who went into other fields such as animation. They never returned, hence there is actually a gap in the field in upper management today ie. the 40-45 year olds.

http://www.architectmagazine.com/business/is-architecture-losing-a-generation-of-new-talent.aspx

Edited June 5, 2010 by Sousuke

[ValerieA 350]

You might want to try economist.com, I often find stuff there that I am looking for.

[alienlovechild 75]

Just looking for a link with some facts, thats all. My google searching skills are not on point today.

http://en.wikipedia.org/wiki/Early_1990s_recession

Thanks

No links just some memories about about the savings and loans going under. I don't recall unemployment being that severe nor that lengthy. There were enough pissed off people to vote for the Tea Party forerunner, Ross Perot, to give Bill Clinton the White House with less than 50% of the popular vote. At one time Perot threw his support to Clinton because he claimed Bush Sr. ruined his daughter's wedding.

[mendeleev 67]

It was one of 10 or 14 recessions in the past 80 years in the USA that started during Republican presidencies. The key causes arose from imbalances in the financial sector. There was a brief stock market crash in 1987. While the market recovered, there were lingering consequences. The years immediately prior to and during the recession corresponded to the S&L crisis -- a financial crisis amongst Savings and Loans banks centered in Texas and Louisiana but which had national scope. The S&L crisis arose due to risky loans made by those banks that were deregulated under President Reagan.

A crash in real estate assets occurred, concentrated most severely in the southwest. In the mid-1990s Texas and Oklahoma were only beginning to recover. National recovery was led by robust growth in California and the northeast.

There are actually interesting parallels between that recession and the current one. The biggest different is that the recent financial crisis was much, much more severe and global in scope, while the late 80s financial crisis was a more regional affair with more limited national impact. Consequently, extreme measures, involving huge stimulus and central bank intervention were not needed in 1990 or 1991. But, like most recessions caused by financial crises, the economy recovered very slowly, just as we are right now recovering very slowly.

Edited June 5, 2010 by novotul

[peejay 327]

It was one of 10 or 14 recessions in the past 80 years in the USA that started during Republican presidencies. The key causes arose from imbalances in the financial sector. There was a brief stock market crash in 1987. While the market recovered, there were lingering consequences. The years immediately prior to and during the recession corresponded to the S&L crisis -- a financial crisis amongst Savings and Loans banks centered in Texas and Louisiana but which had national scope. The S&L crisis arose due to risky loans made by those banks that were deregulated under President Reagan.

A crash in real estate assets occurred, concentrated most severely in the southwest. In the mid-1990s Texas and Oklahoma were only beginning to recover. National recovery was led by robust growth in California and the northeast.

There are actually interesting parallels between that recession and the current one. The biggest different is that the recent financial crisis was much, much more severe and global in scope, while the late 80s financial crisis was a more regional affair with more limited national impact. Consequently, extreme measures, involving huge stimulus and central bank intervention were not needed in 1990 or 1991. But, like most recessions caused by financial crises, the economy recovered very slowly, just as we are right now recovering very slowly.

This nugget has been brought to you by...the D.N.C.

[NigeriaorBust 4,087]

It was the pre death of several major defense companies. A lot of layoffs and mergers. You had Phds applying for entry level jobs by the thousands.

[mendeleev 67]

This nugget has been brought to you by...the D.N.C.

Oh, please, peejay, do tell the real causes and effects of that recessions -- and do point out any facts in my post that are incorrect (you won't be able to -- so you resort to your not so witty repartee).

It was the pre death of several major defense companies. A lot of layoffs and mergers. You had Phds applying for entry level jobs by the thousands.

Yeah -- I got my first *real* job after my postdoc in 1989 -- and counted myself really lucky to be able to choose between offers at strong industrial firms.

[웃 910]

Finally came across something I was looking for (starting on page CRS-12):

http://www.google.com/url?sa=t&source=web&cd=1&ved=0CBcQFjAA&url=http%3A%2F%2Ffpc.state.gov%2Fdocuments%2Forganization%2F7962.pdf&rct=j&q=how+long+was+the+1991+recession&ei=_-AKTIvoBJPENLG0ybUE&usg=AFQjCNHWokptLHvyu3AA2wVgOk8yxC5TTw&sig2=22a9FJ7hNZGWfbqesdDW9g

Thanks for any comments though.