ACCT_280_2008_Economic_Crisis - When the 2008 economic crisis occurred I was only twelve years old There\u2019s very little of it that I remember so it was

ACCT_280_2008_Economic_Crisis - When the 2008 economic...

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When the 2008 economic crisis occurred, I was only twelve years old. There’s very little of it that I remember, so it was interesting to watch the PBS documentary on what it entailed. The financial crisis was a huge deal. It put our economy in the worst state it has ever been in since the Great Depression. So what exactly happened? Essentially the housing mortgage market crashed. People were buying houses that they couldn’t afford in the long run. Every person and corporation that invested in the housing market was in trouble. This all led to the stock market crash and the downfall of major Wall Street corporations. Eventually the government stepped in and everything was smoothed out. A huge factor to the crisis and how I think it could have been prevented is if housing loans weren’t given to
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