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Global Market Collapse

2008 saw the greatest economic collapse in American history, triggered by the burst of the housing bubble, which lead to liquidity problems in the banking system. While blame for the mortgage bubble can be largely attributed to US consumers, reduction of Wall Street and corporate regulation was the Bush administration's policy for two full terms. Failure to properly oversee the banking system and trading of junk bonds led to the worst economic climate since the great depression, with a domino-effect circling the globe.