In 2008, two big Wall Street firms, or companies that trade money and investments, collapsed. The U.S. economy plunged into “the Great Recession.” That meant the economy was weak and many people lost money. It was the worst financial downturn since the 1930s. In the U.S. alone, 8 million people lost their jobs. Six million people lost their homes. And trillions of dollars in consumer wealth was lost. The financial crisis spread globally. From 2008 to 2012, economies around the world slowed. Unemployment rose. Stock markets fell, and international trade declined. But how did all this happen? Michael Lewis, the best-selling author of several books about Wall Street, explains how the financial crisis came about in a book called “The Big Short.” The New York Times calls it “one of the best business books of the past two decades.” In finance, “to short” an investment means to bet that it will go down in value. There is a person on the other side of the trade who bets that the investment will go up in value. “The Big Short” tells the story of four outsiders in the world of high finance who predict the credit and housing bubble collapse before anyone else does.
Title: The Big Short' Explains the Global Financial Crisis
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/big_audio.m4a' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='The Big Short' Explains the Global Financial Crisis' data-article-id='1134'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='7750'>In 2008, two big Wall Street firms, or companies that trade money and investments, collapsed. </span> <span data-start-time='7750' data-end-time='12417'>The U.S. economy plunged into “the Great Recession.” </span> <span data-start-time='12417' data-end-time='17479'>That meant the economy was weak and many people lost money. </span> <span data-start-time='17479' data-end-time='22854'>It was the worst financial downturn since the 1930s.</span> <span data-start-time='22854' data-end-time='27875'>In the U.S. alone, 8 million people lost their jobs. </span> <span data-start-time='27875' data-end-time='31396'>Six million people lost their homes. </span> <span data-start-time='31396' data-end-time='35938'>And trillions of dollars in consumer wealth was lost.</span> <span data-start-time='35938' data-end-time='39583'>The financial crisis spread globally. </span> <span data-start-time='39583' data-end-time='45917'>From 2008 to 2012, economies around the world slowed. </span> <span data-start-time='45917' data-end-time='48000'>Unemployment rose. </span> <span data-start-time='48000' data-end-time='49646'>Stock markets fell, and international trade declined.</span> <span data-start-time='49646' data-end-time='55083'>But how did all this happen?</span> <span data-start-time='55083' data-end-time='67542'>Michael Lewis, the best-selling author of several books about Wall Street, explains how the financial crisis came about in a book called “The Big Short.” </span> <span data-start-time='67542' data-end-time='74313'>The New York Times calls it “one of the best business books of the past two decades.”</span> <span data-start-time='74313' data-end-time='82000'>In finance, “to short” an investment means to bet that it will go down in value. </span> <span data-start-time='82000' data-end-time='89021'>There is a person on the other side of the trade who bets that the investment will go up in value.</span> <span data-start-time='89021' data-end-time='103417'>“The Big Short” tells the story of four outsiders in the world of high finance who predict the credit and housing bubble collapse before anyone else does. </span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/744/big_image.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=4978 data-hint-location='17479' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/what_does_downturn_mean.m4a'>What does downturn mean?</div><div class='choices' data-correct-choice='a situation in which something decreases or becomes worse'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/based_on_facts.m4a'><span>based on facts</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/to_argue.m4a'><span>to argue</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/a_situation_in_which_something_decreases_or_becomes_worse.m4a'><span>a situation in which something decreases or becomes worse</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/a_person_who_does_not_belong.m4a'><span>a person who does not belong</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=4979 data-hint-location='7750' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/what_happened_to_the_us_economy.m4a'>What happened to the U.S. economy?</div><div class='choices' data-correct-choice='the Great Recession'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/black_friday.m4a'><span>Black Friday</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/the_great_recession.m4a'><span>the Great Recession</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/the_great_gain.m4a'><span>the Great Gain</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/black_monday.m4a'><span>Black Monday</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=4980 data-hint-location='74313' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/to_short_an_investment_means_to__blank__that_it_will_go_down_in_value.m4a'>To short an investment means to <span class='blank'>bet</span> that it will go down in value.</div><div class='choices' data-correct-choice='bet'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/bet.m4a'><span>bet</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/hope.m4a'><span>hope</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/jinx.m4a'><span>jinx</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/744/help.m4a'><span>help</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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