How did recession start?

I was wondering how this recession actuall started. I dont understand that a single company (Lehman brothers) can influence the global economy. According to the reports this is the worst economic crisis in 60 years. Can a single company change the world economics so much. If America is having economic problem then how can India effect. And how does it affect the rest of the world. If a few companies have the control over world economics then it is very very dangerous

Asked By: - 3/27/2009
Best Answer - Chosen by Asker
You can view various videos from 60 minutes online, they have some good explanations for how this all started. Glen Beck on TV also has some good shows and explanations... More
Answered By: JeffKan1 - 3/27/2009
Additional Answers (4)
To many people bought homes with creative financing.
Answered By: Scott - 3/27/2009
The banks began giving out large loans to people who couldn't pay them back. The people thought that if the value of the house went up, they could pay back the loan and make a profit. There were a lot of companies invested in mortgages, and when the people couldn't pay them back, the banks started to fail. When the... More
Answered By: Ríkin - 3/27/2009
You're right, there is no 1 cause. It's like blaming a cigarette butt for a forest fire. Large destruction can occure when the conditions are unstable enough... More
Answered By: I'm dah Pahteee Poopah - 3/27/2009
1. Your government is printing money that isn't 100 percent backed by gold, and hasn't been since 1933 (no gold in since 1974). The dollar is losing its power as a global common exchange. China last week called for a new standard... More
Answered By: Your Uncle Dodge! - 3/27/2009
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