30. low

Review Lessons 31-3 and 32-1 in your study guide and pages 845, 853-855 in your textbook.

Read the "Great Recession" information and answer questions 28-30.

Between 2008 and 2010, the United States experienced its worst economic crisis since the

Great Depression. Dubbed "The Great Recession," this crisis was largely a result of a financial

meltdown that took place in 2007 and 2008. Although economists disagree about the exact

source of the meltdown, many believe that it was first caused by the 2006 bursting of the

housing bubble. The effects of the housing bubble spread quickly throughout the financial sector,

leading to a credit crunch that hurt businesses and consumers alike and resulted in widespread

unemployment. During the mid-2000s, the American economy was growing rapidly. Mortgages

and housing prices were central to this economic boom. Because people were making so much

money by selling their home