Economics which deals with economic problems related to past,present or future is called
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This is a momentous time. During the past two and a half years, our nation has endured the worst global financial crisis since the Great Depression, a crisis that in turn helped cause a deep recession both here and abroad. During some of the worst phases of the crisis, a new depression seemed a real possibility.
Fortunately, today the financial crisis looks to be mostly behind us, and the economy seems to have stabilized and is beginning to grow again. But we are far from being out of the woods. Many Americans are still grappling with unemployment or foreclosure, or both. Cities and states are struggling to maintain essential services. And, although much of the financial system is functioning more or less normally, bank lending remains very weak, threatening the ability of small businesses to finance expansion and new hiring.
In my comments today, I will briefly describe the origins of the financial crisis and economic downturn, with a particular focus on the policy response of my institution, the Federal Reserve. I will then turn to some near-term and longer-term challenges facing our country.