...Another major world event in 2008 was the financial crisis in the US, which led to a world wide recession that parts of Europe are still recovering from.
Bascially, what I can gather from the long and detailed Wikipedia entry, is that private banks in the US decided that it would be a good idea to hand out mortgages to people who couldn't afford them, meaning that the loans could be repaid. Then on top of that people panicked and started saving or paying off debts instead of buying things so other people began to lose their income - known as 'The Paradox of Thrift'.
In fact, you could sum up the whole Wikipedia entry as 'they fucked it'.
Personally, all I know is that I lost a huge amount of money that year which was invested in low risk shares. When my financial advisor who helped me invest my mums money told me the news tears came to my eyes - it was that bad.
Now, we are still left with a huge gap between wages and house prices. The average house price in London is £450,000. The AVERAGE! There really can't be that many lawyers, or investment bankers around to buy up all those houses.
A crash has got to happen soon.
Maybe it will be next year...
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