Thank you for watching! I hope you found this video informative. Please like, share, and subscribe to my channel for more videos on economics and finance. The 2008 recession was the worst economic downturn in the United States since the Great Depression. It began in December 2007 and ended in June 2009. The recession was caused by a number of factors, including the collapse of the housing market, the subprime mortgage crisis, and the financial crisis of 2008. The collapse of the housing market was a major factor in the recession. In the years leading up to the recession, there was a boom in the housing market. Home prices were rising rapidly, and many people were taking out subprime mortgages, which are loans that are given to people with poor credit histories. When the housing market collapsed, many people lost their homes and were unable to pay their mortgages. This led to a wave of foreclosures, which further depressed the housing market. The subprime mortgage crisis was another major factor in the recession. Subprime mortgages are loans that are given to people with poor credit histories. These loans often have high interest rates and fees, which can make it difficult for borrowers to repay them. When the housing market collapsed, many people who had taken out subprime mortgages were unable to pay their loans. This led to a wave of foreclosures, which further depressed the housing market. The financial crisis of 2008 was the third major factor in the recession. The financial crisis was caused by a number of factors, including the collapse of the housing market, the subprime mortgage crisis, and the excessive risk-taking by banks and other financial institutions. The financial crisis led to a severe tightening of credit, which made it difficult for businesses to borrow money and invest. This led to a decline in economic activity, which further deepened the recession. The recession had a devastating impact on the United States economy. The unemployment rate rose from 5% in December 2007 to 10% in October 2009. Millions of people lost their jobs, and many businesses closed. The recession also led to a decline in consumer spending, which further depressed the economy. The recession had a profound impact on the lives of millions of Americans. Many people lost their homes, their jobs, and their savings. The recession also led to an increase in poverty and homelessness. The recession has led to a great deal of anger and frustration among Americans. Many people blame the banks and financial institutions for the recession. They argue that these institutions took excessive risks and that they should be held accountable for the damage they have caused. The recession has had a profound impact on the United States economy and society. It has led to a great deal of anger, frustration, and uncertainty. In conclusion, the 2008 recession was a major economic downturn that had a devastating impact on the United States. The recession was caused by a number of factors, including the collapse of the housing market, the subprime mortgage crisis, and the financial crisis of 2008. The recession had a profound impact on the lives of millions of Americans, leading to job losses, home foreclosures, and an increase in poverty. Additional tags: 2008 recession causes, great recession dates, great recession facts, great recession vs great depression, great recession timeline, when did the great recession end, great recession documentary, great recession causes, great recession recovery, great depression documentary, the great depression of 1929, mortgage backed securities documentary, mortgage backed securities, the great depression, effects of the great recession, what caused the great recession, great recession