The Recession of 2007 - 2009 Moved Through Three Stages

The recession of 2007 - 2009 moved through three stages in the following order:

A) 1. The failure of specific mortgage-backed securities, 2. the crisis spread to the very foundations of the organizations at the core of the global financial system, the commercial and investment banks on all continents and 3. led to a credit-induced global recession of potential depression-like depths.
B) 1. The failure of specific mortgage-backed securities, 2 a credit-induced global recession of potential depression-like depths, and 3. the crisis spread to the very foundations of the organizations at the core of the global financial system, the commercial and investment banks on all continents.
C) 1. The crisis started with the very foundations of the organizations at the core of the global financial system, the commercial and investment banks on all continents, 2. spread to the failure of specific mortgage-backed securities, and 3. caused a credit-induced global recession of potential depression-like depths.
D) 1. A credit-induced global recession of potential depression-like depths caused 2. failure among the very foundations of the organizations at the core of the global financial system, the commercial and investment banks on all continent and finally, 3. the failure of specific mortgage-backed securities.