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<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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