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In the late 1990s, when unemployment tumbled, poverty fell, real wages rose and more people with limited education and skills found jobs.
In that recession, wages fell, real estate prices dropped and banks worked through the painful process of improving their financial condition.
"Once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed.
Similar(57)
As inflation falls, real interest rates rise.
Highlights falling real wages, rising personal debt.
And overwhelmingly, the reason was falling real share prices rather than rising real dividends.
This creates unstable financial situations, neighborhood tensions and falling real estate values.
Prolonged labor market slack has meant falling real wages for most workers.
But Labour thinks its message about falling real wages and living standards will resonate strongly.
High inflation and minimal wage growth led to falling real incomes and a slower recovery.
A decade of falling real prices is not something to relish.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com