The 2007–2008 financial crisis, or Global Financial Crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers,[1] excessive greed and risk-taking by global financial institutions,[2] a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
en.wikipedia.org/wiki/2007%E2%80%932008_financial_crisis
The president of Rosenberg Research said household financial strain had hit a critical level, estimating the household debt-to-income ratio to be over 170 per cent. Such high ratios, according to Rosenberg, are unsustainable given the Bank of Canada’s current overnight rate of five per cent.
financialpost.com/news/economy/bank-of-canada-must-slash-rate-household-debt-crisis-rosenberg
