What caused the u. s economic downturn in 2008? how did it affect the rest of the world

The burst of the housing bubble

Explanation:

The housing market crashed in 2008 mostly due to people being able to take out loans without having to prove that they could pay them back to the banks. The most commonly referenced culprit was Lehman Brothers, a large financial firm who was unable to cover their liabilities because their assets were not selling as they expected them to. Falsified cash flow statements and other financial documents eventually led to Lehman Bros declaring bankruptcy, among other large banking services. Other banks were bailed out by the government at huge costs, but not Lehman Bros.

The effect this had on the world was also substantial, as currencies devalued and vital avid to struggling economies was not able to continue. The amount of mortagage forclosures around the world exploded, causing many people to lose life savings, jobs, homes and more.

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