Recent crisis begun in the USA early fall of 2008, but the first warning we got when Lehman Brothers declared bankruptcy. In the fall of 2008 most of big financial institution experienced huge financial problems. Many small banks bankrupted, but large institutions like Bank of America, or City Bank needed help in from of bailouts. All these problems were caused by too loose credit policy. Banks were giving credits very easily to people who weren’t able to pay them of.
I’m attaching a link to a website with several articles about crisis where you can also find a short movie which in a interesting way illustrates the reasons of crisis.
http://www.globalissues.org/article/768/global-financial-crisis
Although it’s gotten a little better we still see people struggling with the consequences of the whole economic situation. I hope people take this lesson and we will never have to experience anything like this again.
Nobody will forget 2008 downfall in economy. It was unbelieveable for the people. I remember when Lehman and other companies fall, I was working in the bank, customers reaction towards was the economy and downfall.
I agree with this post. Nobody will forget this 2008 economic problems. I remember how all the customers reacted in the bank I was working. It was unbelieveable scenorio for the whole nation.