What was the result of the housing industry crash in 2007?
A) It affected only some reckless speculators but worried American voters.
B) It destroyed the American economy but benefited the economies of most other countries.
C) It sent bank profits soaring, given all the homes they were able to acquire through foreclosure.
D) It froze credit, provoked the Great Recession, and helped shatter support for Bush.
E) It had long been predicted by the Bush administration and helped it regain the public's trust.

Question

Quizplus · Accepted Answer

The housing industry crash in 2007 froze credit, provoked the Great Recession, and helped shatter support for Bush. It led to widespread foreclosures, plummeting housing prices, and a collapse in the banking industry. It also had ripple effects throughout the economy, causing high unemployment and a stock market crash. It was a major contributor to the Great Recession, which lasted from 2007-2009 and was the worst economic downturn since the Great Depression.

What Was the Result of the Housing Industry Crash in 2007