Understanding the 2008 Financial Crisis: Causes, Impacts, and Policy Responses

The video explains the causes and impacts of the 2008 financial crisis, focusing on the US subprime mortgage market and its global repercussions. It discusses the UK policy responses, including the lender of last resort, monetary policy adjustments like QE, and fiscal measures such as austerity. The crisis led to a global economic downturn, affecting consumption, unemployment, and government debt.

Explain the role of subprime mortgages in the financial crisis.

What were the long-term effects of the financial crisis on global economies?