After the Great Depression of the 1930s, America thought it would never encounter an economic scare again, until 80 years later, when the next big one hit economic disaster. The economic collapse of 2008 would be triggered and felt not only by America, but also by the entire globe. You would think that the United States would have a security plan to defend itself from another economic collapse, but it did not and was weak. The economic collapse of 2008 is usually referred to as the global financial crisis or great recession. With large financial institutions reporting collapse and the government bailing out banks, the second great depression began. Many believe that we are still stuck in this recession and that we have not completed anything to get out of this situation affecting our nation. I believe the economic collapse of 2008 was the final element towards a more structural society, political system, and government in the United States of America. There are numerous causes listed that led to the economic collapse of 2008, but only a few actually caused the damage. The problems came in a time period from 1995 to 2008. The first and main problem that led to the economic collapse was subprime mortgages. The subprime mortgage is a certain type of loan made to people with a bad credit history, who would not normally qualify for conventional mortgages (Investopedia). These sup-prime mortgages would backfire on banks across the nation, causing huge financial losses. According to USA Today, “The housing crisis worsens. Banks and hedge funds that invested heavily in subprime mortgages find themselves with worthless assets as foreclosures mount. Damage reaches the highest level... middle of the card... eats wealth (GovermentStatSheet). Since then, the American political economy has grown, strengthened, and strengthened the future since the learning period of 2008. It is proven that the great recession was a time when financial funds did not exist, but the government of United States has analyzed and can now predict identical causes and destroy them before they arise again. Works Cited “How to Fix the U.S. Financial Crisis.” Scientific American Global RSS. Np, nd Web. May 15, 2014."Work." The White House. The White House and the Web. May 16, 2014. "Real solutions to the financial crisis." Name. Np, nd Web. May 16, 2014."Recovery.gov." What is it? Np, nd Web. May 15, 2014."A solution to our financial crisis." Fabio Massimo. Np, nd Web. May 16, 2014. Usatoday. “Timeline: Key Events in the Financial Crisis.” United States today. Gannett, September 9, 2013. Web. May 16 2014.