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Banking and Finance
Banking and finance

In today's complex market economy, people often find their lives affected by forces that are difficult to understand. A good example is the financial collapse that rocked the U.S. economy in 2008. Home owners around the country defaulted on their mortgages, leaving boarded-up, abandoned properties behind them. People with private pensions were stunned to see the value of their retirement funds shrink as the value of shares traded on stock exchanges dropped. Firms that almost no one had ever heard about before, such as AIG, were suddenly receiving enormous government bailouts. Small and medium-sized businesses were hurt when credit markets tightened and it suddenly became hard to obtain much-needed credit. As the economy lapsed into recession, millions of Americans lost ...

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