The correct answer is - Financial Crisis.
In 2007 - 2008, the financial crisis occurred in the United States of America basically because of the fall of the housing market which affected the entire global financial market of the world.
Financial Crisis of 2007 - 08
- It is also said to be known as the subprime mortgage crisis.
- It led to the contraction of the liquidity in the financial market which was said to have begun from the United States and went on affecting the global financial market.
- It led to the failure of various commercial banks, insurance companies etc and also led to it being called the worst financial crisis after the Great Depression.
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