Financial Global Crisis (GFC)
Global Financial Crisis (GFC) is also known as late- 2000s financial downturn or “Great Recession”. However, it is pondered by various economists as the worst fiscal crisis that has ever been experienced since 1930s’ Great Depression. This shortcoming emanated from collapse of large financial organizations, national governments failing to assist their businessmen financially, and decline in stock market all over the world. As a result, housing market was cumbered with numerous evictions, prolonged employment, and foreclosures. Evidently, this scenario contributed to failure of major business, decrease in consumer wealth as compared to trillions of U.S. dollars, and significantly depreciated economic activities thus bearing severe worldwide economic retreat of year 2008 (Shiller, 14, 2008).
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