E-viri
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MICHAEL A. PAGANO
Metropolitan Resilience in a Time of Economic Turmoil, 12/2013Book Chapter
The Great Recession has had a powerful effect on metropolitan regions and on local governments. The real-estate bubble burst in 2007, putting many owners under water (the mortgage exceeded the market value of the home) and the stock markets plummeted in 2008, wiping out hundreds of billions of dollars in investments. Consequently, the unemployment rate in the nation soared quickly to over 9 percent and has declined ever-so-slightly over the last several years and appears stuck at around 7–8 percent, well above the pre–Great Recession levels of 4–5 percent. Job loss in 2008 and 2009 wracked cities
