What is Financial crisis of 2007–2008?
The '''financial crisis of 2007–2008''' was a major [[Finance|financial crisis]], the worst of its kind since the [[Great Depression]] in the 1930s. Until the [[COVID-19 recession]], the financial crisis of 2007-2008 was considered the worst financial crisis during the 21st century. In September 2008 many large financial firms in the [[United States]] [[bankruptcy|collapsed]], [[mergers and acquisitions|merged]], or went under conservatorship (a person is assigned to manage a company when it cannot manage itself). The factors that led to the crisis were reported in business journals many months before September 2008.<ref name = 'Telegraph-Evans-Pritchard-2007-07-25'>{{cite news | first= Ambrose | last= Evans-Pritchard| title= Dollar tumbles as huge credit crunch looms | date= 2007-07-25 | publisher= Telegraph Media Group Limited | url = https://www.telegraph.co.uk/finance/economics/2812880/Dollar-tumbles-as-huge-credit-crunch-looms.html | work = The Telegraph | access-date = 2018-03-01 }}</ref><ref name='Global Research-Torbat-2008-10-13'>{{cite news | first= Akbar E. | last= Torbat | title= Global Financial Meltdown and the Demise of Neoliberalism | date= 2008-10-13 | publisher= Center for Research on Globalization | url = https://www.globalresearch.ca/global-financial-meltdown-and-the-demise-of-neoliberalism/10549 | work = Global Research | access-date = 2018-03-01 }}</ref><ref name='Economist-House Prices-2008-05-22'>{{cite news | title= Structural Cracks: Trouble ahead for global house prices | date= 2008-05-22 | url = https://www.economist.com/node/11412394 | newspaper = The Economist | access-date = 2018-03-01 }}</ref><ref name='Economist-House Prices-2008-05-15'>{{cite news | title= Tightrope artists: Managers of banks face a tricky balancing-act | date= 2008-05-15 | url = https://www.economist.com/node/11325408 | newspaper = The Economist | access-date = 2008-03-01 }}</ref> ==Background and causes== There are many reasons why the crisis happened. Most economists believe that it started in the [[Unite