Key outcomes:
- The cause for the financial crisis in 08' was the peeking of the United States Housing Bubble. Because of this, people starting buying homes because they foresaw that prices where going up. This peek began in 05' - 06'. As banks began giving out loans for future home buyers.
- Soon after people started buying houses all around the U.S. the government told the banks that they could keep on giving out loans whether or not they had money.
- Banks started giving out money they did not have, and thus, they began taking advantage of the people because they did not have any money to give out.
- $20 trillion where lost during this faze in 08'. 9% of all the money on earth was lost.
- Lobbying became a massive "thing" during the "Great Recession".
- Furthermore, no one really foresaw this tragedy ending up in the biggest financial catastrophe in history.
- Soon after people started buying houses all around the U.S. the government told the banks that they could keep on giving out loans whether or not they had money.
- Banks started giving out money they did not have, and thus, they began taking advantage of the people because they did not have any money to give out.
- $20 trillion where lost during this faze in 08'. 9% of all the money on earth was lost.
- Lobbying became a massive "thing" during the "Great Recession".
- Furthermore, no one really foresaw this tragedy ending up in the biggest financial catastrophe in history.