What was the primary cause of the economic downturn known as the Great Recession? 🔊
The primary cause of the Great Recession, beginning in 2007, was the collapse of the housing market due to the widespread issuance of subprime mortgages. Financial institutions had engaged in risky lending practices, leading to a housing bubble that eventually burst. This triggered a financial crisis, resulting in bank failures, bailouts, and a significant downturn in the global economy, severely impacting jobs and wealth.
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