It is now fairly established that the recent crisis in US sub-prime housing market is the primary reason behind the global economic melt-down. In order to fully understand the dynamics and depth of current global recession, It is very important to know what led us to this crisis. I have found the illustration below very thought-provoking and useful. It helped me explain the reasons effectively.
The visual guide to the financial crisis:
We all know, Alan Greenspan and Bush said they are sorry for the Global economic crisis. But do you know what Greenspan said in 2003?
“The notion of bubble bursting and the whole price level coming down seems to me as far as a national nationwide phenomenon, is really quite unlikely,” By Alan Greenspan, Federal Reserve Chairman, in 2003.
Via
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Tags: Alan Greenspan, Bush, Chairman, credit crisis, economy, Federal Reserve System, global economic crisis, reasons behind crisis, the reason for economic crisis, united states, us housing bubble
This post was written by:
R. MAK. - who has written 455 posts on Fair Loan Rate!.
He is an IT Consultant turned Blogger, Interested in Technology, Personal Finance, Humans and Life...
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A fantastic depiction of the overall debacle. Thanks for this post…
according to me the global crisis is due to the money and weapons hold by the terorists from small villages to town
The results of economic crisis is more important than the reasons. I hope USA will focus on a new hope and new approach which shapes global economic philosophy including human and its social needs. Forget the what happened and look forward !