The 2008 Financial Crisis: What Went Wrong?

This time period is among the most disastrous in the history of the American financial markets. Those who experienced these things are likely to never forget the chaos

Between mid-2007 and early-2009, the world's financial markets and banking systems experienced extreme stress. A decline in the US housing market during the Global Financial Crisis served as a catalyst for a financial crisis that spread from the US to the rest of the world through linkages in the global financial system. Many banks experienced significant losses and needed assistance from the government to stay afloat. As the major advanced economies went through their deepest recessions since the Great Depression in the 1930s, millions of people lost their jobs. Additionally, compared to prior recessions that were not accompanied by a financial crisis, the recovery from the crisis was much slower

So what exactly happened, and why? Watch the video to find out how the explosive growth of the subprime mortgage market, which started in 1999, significantly contributed to laying the groundwork for the chaos that would take place just nine years later in the 2008 housing market crash and the 2008 stock market crash

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