Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economic Relations Since 1945

Authors: Catherine R Schenk

2nd Edition

1351183567, 9781351183567

More Books

Students also viewed these Economics questions

Question

The background knowledge of the interpreter

Answered: 1 week ago

Question

How easy the information is to remember

Answered: 1 week ago