Where did the 2008 and 2009 global recession originate?

Question: Where did the 2008 and 2009 global recession originate?

The 2008 and 2009 global recession originated primarily in the United States, particularly in the housing and financial sectors. In the early 2000s, there was a boom in the US housing market, with low interest rates and easy access to credit leading to a surge in home buying and construction. However, many of these mortgages were risky and given to borrowers who could not afford them.

As the number of delinquent and defaulted mortgages increased, the value of mortgage-backed securities and other financial products based on these mortgages plummeted, leading to massive losses for banks and financial institutions. This in turn led to a credit crunch, as banks became reluctant to lend to one another or to consumers and businesses.

The crisis soon spread to other countries and regions, as many banks and financial institutions had invested heavily in US mortgage-backed securities and other risky assets. The crisis also exposed underlying weaknesses in the global financial system, including inadequate regulation and oversight of financial institutions and products.

The global recession resulted in widespread job losses, declines in economic activity, and increased government intervention in the economy. While the crisis was eventually stabilized through government interventions and policy measures, its effects continue to be felt in many parts of the world today.