In the blogosphere, writers may consider a recession or a financial crisis synonymous with an economic crisis. The economic crisis of 2007 to 2010 occurred with the bursting of a "housing bubble" in the real estate market. This economic crisis coincided with a recession and a global financial crisis that threatened to push the United States economy into a depression.
The economic crisis of the early 1980's, on the other hand, occurred due to the tightening of the money supply by the Federal Reserve system in order to take inflation out of the economy. It was accompanied by high interest rates and an unemployment rate that exceeded 10%.