by Rhoda Wilson, Expose News:

The 2008 financial crisis, also known as the Global Financial Crisis, was a severe economic downturn that was triggered by a housing market bubble burst in the United States. The crisis began in 2007 and lasted for several years, affecting many countries around the world.

Widely referred to as ‘The Great Recession’, ordinary citizens worldwide felt the impact.  Millions of jobs were lost worldwide, with the global unemployment rate rising to over 8%. Millions of homes were foreclosed, leading to a surge in homelessness and a decline in housing values. Governments around the world accumulated significant debt to finance their commercial bank bailouts and stimulus packages, which much of the public interpreted as bankers being rewarded for recklessly tanking economies.