Two writing assignments on the Great Recession and the Federal Reserve. Write a maximum of 2 pages (minimum of a page) on each topic by answering the specific questions. 1. The Great Recession (Refer your text book and/or any other source) Briefly discuss the causes of the Great Recession. When did the recession occur? Mention some of the banks that failed. What does ‘bailing out the banks’ mean? What is the difference between the financial crisis and the recession? What policy did the US government use to combat the recession? What policy did the Federal Reserve use to combat the recession? Why is it termed as a recession, and not a depression? 2. The Federal Reserve (Refer your text book, federalreserve.gov and/or other sources) When was the Federal Reserve created and why? Federal Reserve is considered as the ‘lender of the last resort’. Why? Who owns the Federal reserve? OR is the Fed an independent body? What is the duty of the Federal Open Market Committee? Mention the last three Chairpersons of the Federal Reserve including the current CHAIR.