Due to the internationalization of capital markets, all of the following are important influences in the development of the global financial crisis beginning in 2008 except

Select one:

a.

real estate prices collapsed when the US housing bubble popped.

b.

too many subprime loans were repackaged and sold as securities.

c.

consumers, especially US homeowners, took on too much debt.

d.

the U.S. government promised to buy unlimited amounts of debt from FHLB.