Question: How exactly did the current financial crisis come about?

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Answer #1:

credit is the problem, people are paying for things with credit cads and they cant really afford it.

Answer #2:

We've all been lied to so no one will know the truth to that answer unless our current president accidentally talks in his sleep. It's totally sad and that amongst other things has caused me to consider expatriation.

To answer your question: your guess would be better that mine

Answer #3:

George W. Bush

Answer #4:

Hi There, To answer your question what happened is many banks gave mortgages out to people that really could not afford it. In turn they started defaulting on the loans. This led the banks to tighten up their lending and it was a trickle down effect. No loans to people meant no landscapers, or housepainters or people going out anymore....This is mainly what caused our econopy to crash. I work at a bank so i got a little knowledge on what happened. Alot of banks gave these loans to people that could not afford it yet denied those who could. And these ARM mortgages that reset really hurt people. Hope this helps





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