[PDF] 2008 recession cause and effects

The 2008 financial crisis began with cheap credit and lax lending standards that fueled a housing bubble. When the bubble burst, the banks were left holding trillions of dollars of worthless investments in subprime mortgages. The Great Recession that followed cost many their jobs, their savings, and their homes.
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  • What caused the 2008 recession?

    Banks stopped lending to each other in fear of being stuck with subprime mortgages as collateral. Foreclosures rose, & the housing bust caused the market to dive and eventually crash in September 2008, ultimately losing more than half its value.9 mai 2023

  • What were the effects of the 2008 recession?

    The most severe economic downturn since World War II occurred between December 2007 and June 2009. During this period, hundreds of banks failed, millions of homes went into foreclosure, and Americans lost over $14 trillion in net worth. Unemployment levels swelled from 5% in 2007 to 10% in 2009.

  • How did the 2008 recession affect consumers?

    Consumer spending experienced the most severe decline since World War II. Households cut spending, shed outstanding debt, and increased their rate of personal savings in response to reductions in income, wealth, confidence, and credit access.
  • This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl.
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