Question: The great recession of 2008-09 was the steepest U.S. recession since the great depression of the 1930's. Which of these factors did not play a role in causing the great recession? The housing price bubble burst in 2006 Individuals began defaulting in record numbers on their home mortgages The U.S. Treasury purchased billions of dollars of toxic assets held by banks Stock prices fell in 2008 - 2009