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What important lesson can be learned from the 2008 recession?
A lesson that has been re-learned often, even in times of prosperity, is that diversification is essential in managing your wealth. Extreme wealth can be created from concentrated positions, but more often than not, wealth can be destroyed in the same manner.
What are the lessons learned from the financial crisis of 2007 2009?
Stackhouse concluded with three main lessons learned from this crisis: High levels of debt, uncertain ability of borrowers to repay debt and an expectation that housing prices will always increase (among other factors) created a comfort level that was misguided.
Why is GFC important?
During the GFC, a downturn in the US housing market was a catalyst for a financial crisis that spread from the United States to the rest of the world through linkages in the global financial system. Many banks around the world incurred large losses and relied on government support to avoid bankruptcy.
What is global financial crisis Upsc?
A financial crisis is a situation that happens when there is an unprecedented fall in the value of the currency of a certain country.