Economists have described the global financial crisis that spanned two years (from 2007 to 2008) as the worst economic crisis second only to the great depression that prevailed in the 1930s.The crisis had started in the developed countries before it infiltrated the economies of the developing countries. It threatened the collapse of major global financial institutions and were it not for the aid of the national governments most would have collapsed. Economists trace the exact cause of the crisis to the bursting of the United States housing bubble that peaked in 2005-2006 (Scott, 2014).Default rates on adjustable-rate mortgages ( Continue reading...