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The Global Financial Crisis of the late 2000s, sometimes also called the Great Recession, is considered by many economists to be the worst since the Great Depression of the 1930s. It was triggered by a liquidity shortfall in the United States banking system and resulted in the collapse of many large financial institutions. This, in turn, resulted in the bailout of banks by national governments, and downturns in the stock markets around the world. The collapse of the housing market, which peaked in 2006, resulted in numerous foreclosures, evictions and home vacancies. The values of securities tied to the U.S. real estate pricing plummeted, damaging financial institutions globally. Key businesses failed and declines in consumer wealth estimated in the trillions of U.S. dollars, leading to a severe global economical recession in 2008 and 2009. The government and central banks responded to this global disaster with unprecedented institutional bailouts, fiscal stimulus, and monetary policies.

 


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