11 Years 2 Crises’s
Now the financial crises of 2008 wrecked havoc on the world economy. The crises was viewed by economists to be the worst since The Great Depression. Now we know that it was due to the sub-prime mortgages. Banks were giving out loans left right and center to people who clearly could not afford the monthly payments for very short term profits.
Now when everything came crashing down it was due to a fundamental financial flaw in the system. This being that people were defaulting on their payments back to the bank. This time around however is a completely different ball game. Before the sudden…