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The ripple effect of the financial crash from "summary" of The Big Short: Inside the Doomsday Machine (movie tie-in) by Michael Lewis
The financial crash of 2008 set off a chain reaction of events that reverberated throughout the global economy. It started with the collapse of the housing market, fueled by the subprime mortgage crisis. As homeowners defaulted on their mortgages, banks and financial institutions found themselves holding toxic assets that were rapidly losing value. The ripple effect of the financial crash was felt far and wide. Banks that had invested heavily in mortgage-backed securities were on the brink of insolvency. The failure of major financial institutions like Lehman Brothers sent shockwaves through the market, leading to a credit freeze and a sharp decline in investor confidence. The impact of the financial crash extended beyond Wall Street. Businesses across various industries struggled as access to credit dried up. Unemployment soared as companies laid off workers to cut...
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