From the subprime to the great earthquake crisis in Japan

The historical character of any economic crisis is always determined by the nature of the preceding economic boom. The worldwide economic boom preceding the subprime crisis was led mainly by the U.S. economic recovery and growth from 2002 onward. As about 40 percent of U.S. economic growth in this period is estimated to have depended on the housing sector, the housing boom and the associated financial expansion to mobilize idle global funds into U.S. consumer credit obviously formed the major source of prosperity. ²