The government must now _________ its seriousness by moving away from the _________ policies of the past.
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The government must now demonstrate its seriousness by moving away from the flawed policies of the past.
- The mid-2007 to early-2009 era of high stress in the world's banking institutions and financial markets is referred to as the global financial crisis (GFC). A decline in the US home market during the GFC served as the impetus for a worldwide financial crisis that expanded from the US through connections in the global financial system. Many banks experienced significant losses and needed assistance from the government to stay afloat.
- As the major industrialised economies went through their biggest recessions since the Great Depression in the 1930s, millions of people lost their employment. Additionally, compared to other recessions that were not accompanied by a financial crisis, the recovery from the crisis was much slower.
- Economic conditions in the US and other nations were favourable in the years before to the GFC. Strong and consistent economic growth was accompanied by low rates of unemployment, inflation, and interest. In this setting, home values climbed rapidly.
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