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The 2008 financial crisis was triggered by the collapse of the housing bubble and the subprime loan market. The 2008 financial crisis was triggered by the collapse of the housing market, which led to the failure of lehman brothers and other firms. 6, 2008, with the financial markets down nearly 20% from the oct. It caused a global economic meltdown, the bankruptcy of. 2007 peaks, the government announced its takeover of fannie. Armageddon was threatening the financial system on wednesday, september 17, 2008. The largest bankruptcy in american.
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