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Cheap credit and loose lending rules, which created a housing bubble, were the root causes of the financial crisis of 2008-2009. The banks were left

Cheap credit and loose lending rules, which created a housing bubble, were the root causes of the financial crisis of 2008-2009. The banks were left with trillions of dollars' worth of worthless investments in subprime mortgages after the bubble crashed. Following the Great Recession, many people lost their homes, savings, and jobs.

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