All of the Following Are True Statements About the Great

All of the following are true statements about the Great Recession that began in 2008 except

A) Several of the nation's largest banks had overextended themselves and were filing for bankruptcy.
B) One contributing factor was a large number of housing loans made to unqualified buyers, who defaulted in large numbers.
C) Businesses stopped expanding and banks held onto their cash reserves, making new loans difficult to obtain.
D) It had a global effect, as countries such as Spain and Greece watched their economies fail, too.
E) Unemployment reached a high of 14 percent.