What does the reccession mean how will it affect the public?

Answer 1

Lack of growth in the economy. I'm sorry to tell you the effect is that we all become effectively poorer. Things cost more, we have less spare cash. People lose their jobs and banks repossess peoples homes. Continual economic growth is a very laudable idea, but it's a bit like perpetual motion: It cannot really exist. The chickens of lending people money they cannot afford to borrow, unbridled credit, sadly, have come home to roost. Irrespective of that it is the banks own fault & guess who they expect to bail them out..... yes, you've guessed it, the taxpayer. Here's a good idea: Make the bankers homeless & see how they like it !