The Great Recession officially started five years ago in December. This Washington Post article
looks back at the Great Recession and its continuing aftermath:
That fourth quarter of 2008 the U.S. economy shrank at an 8.9 percent annual rate. Many economists had viewed a collapse like that to be unfathomable. (The post-war record had been a 6.4 percent rate of decline, in 1982).
And we all know what else happened in the fourth quarter of 2008: the Fed set the fed funds rate to near zero. After 4 years, it remains unchanged with no end in sight.