The 2008 Financial Crisis in America was reported to be the worst economic disaster since the Great Depression in 1930’s. Signs of economic failure occurred in 2006, where the housing prices started to fall (Amadeo). The first institution to fail was the Countrywide Financial crop in January 2008. The next victim of this financial crisis was the Wall Street Investment House Bear Sterns during March. However, it was later rescued by JPMorgan Chace, which they dealt to buy it for a bargain price of $10 per share. Overall, an average of 33.8% of banks and businesses lost its value. The financial crisis was caused mainly by deregulation in the financial industry (The Balance). Housing prices started failing as supply outpaced demand (The Balance).
